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Old 04-19-2007, 09:21 AM
 
Location: Helena, MT
373 posts, read 1,753,191 times
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I forgot to say that CitiFinancial is not a bank. CitiFinancial is a finance company, and they only offer lending products. They assume higher risk loans and charge higher interest rates. They serve primarily customers who cannot get the services they desire at a regular banks due to credit limitations or higher loan-to-value ratios on their homes.

Banks are depository institutions that may offer lending products in addition to a core portfolio of savings, checking, etc.
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Old 04-19-2007, 10:59 AM
 
Location: WA
5,538 posts, read 22,623,809 times
Reputation: 6293
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Originally Posted by lorelei2873 View Post
I forgot to say that CitiFinancial is not a bank.
...
They are a bank just not a leader in retail banking. Keep in mind that there are still regulations that make it expensive to move into new areas. Here is a recent quote regarding retail reach:

'U.S. commercial banks built about 4,600 branches in the last three years, a 6 percent increase that took the total number to 81,319, according to the Federal Deposit Insurance Corp., a U.S. agency that guarantees bank deposits.

Citigroup grew faster, increasing its branch network 25 percent over two years and tripling it over five years. But its 972 branches are dwarfed by Bank of America's 5,747, and even by the 1,156 branches at Fifth Third Bancorp, whose asset base is barely one-twentieth as big.

Citigroup's U.S. deposit base is also much smaller. The bank had about $233.6 billion in domestic interest- and non-interest-bearing deposits at the end of 2006, compared with $470.6 billion at JPMorgan Chase and $598.3 billion at Bank of America.'
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