CitiFinancial Reorganizes its US Franchise,
Announces Plans to Unveil New Brand Name
June 01, 2010 03:49 PM Eastern Daylight Time
BALTIMORE--(EON: Enhanced Online News)--CitiFinancial, the consumer finance arm of Citigroup, today
unveiled plans to reorganize its North American business to better serve its customers and announced plans to re-
name its franchise. As part of the plan, CitiFinancial is separating its US business into two segments: CitiFinancial’s
Full Service Branches and CitiFinancial Servicing.
Each segment will leverage the local, community based approach that has long been the foundation of CitiFinancial’s
unique business model. CitiFinancial will retain a presence in each of the 48 states it serves today. The strategy is
expected to enable CitiFinancial to expand lending in line with consumer demand and preserve its ability to help
future borrowers.
The Full Service Branches will continue to focus on originations and servicing of Personal, Refinance, and Home
Equity loans through a streamlined branch network that provides the breadth of service CitiFinancial customers have
come to expect.
CitiFinancial Servicing will focus on providing specialized service to customers who would benefit from expanded
support including loan modifications or restructurings. The CitiFinancial Servicing model will include larger offices
with extended hours of operation and expanded management support and will be located in the communities they
currently serve.
Vikram Pandit, Chief Executive Officer of Citi, said, “CitiFinancial is an important business and a great franchise with
a long history of keeping credit flowing in America. We believe this segmentation will allow the community-based
lender to better serve its customers across the United States.”
Mary McDowell, Chief Executive Officer of CitiFinancial, said, “This reorganization will enable CitiFinancial to
continue lending to US consumers while better serving its customers in need. In addition, through CitiFinancial
Servicing