Citi unit to serve only retail customers in face of merger
TMCnet - World's Largest Communications and Technology Community
New Coverage :  Asterisk  |  Call Recording  |  SIP Trunking  |  Fax Software  |  Load Balancer  |  PBX  |  SIP Phones  |  Small Cells
Webinars
Channels by Topic
Share
 
| More
RSS-XML alerts
Print this page
E-mail this page to a friend
TMCnews
[October 31, 2007]

Citi unit to serve only retail customers in face of merger

(BNamericas.com Via Thomson Dialog NewsEdge) The Chilean unit of Citi (NYSE: C) will focus only on serving retail customers through its branches due to the upcoming merger with Banco de Chile (NYSE: BCH), the latter's CFO Arturo Tagle said in a conference call.


Last July, Banco de Chile and Citibank Chile agreed to merge in a US$2bn-deal. The merger - due to be completed by January 1, 2008 - will leave Banco de Chile and Citi with 89.56% and 10.44% stakes in the new bank, respectively.

Tagle also said Banco de Chile's systems and processes will be maintained in the merged bank's main commercial areas.


"This will involve the migration of Citibank's retail and corporate clients to Banco de Chile's operations and risk management systems," Tagle said.

"The exception to this procedure will concern the lower-end consumer business of Atlas and Credichile, in which case both of these divisions' systems will continue running in parallel during the first half of 2008, managed under one single division," he said.

Banco de Chile and Citibank recently appointed the management team that will run the new bank. Of the 21 top executives, 15 come from the former and the remaining six from Citi's unit.

The merged bank will lift its loan market share by some 200 basis points to 20.1%, narrowing the gap with archrival Santander Santiago (NYSE: SAN).

Copyright 2006 BNamericas.com

[ Back To TMCnet.com's Homepage ]

Bookmark mobile.TMCnet.com on your mobile phone now to stay on top of the latest tech news.
Featured White Papers
Featured White Paper RSS feed
Human Capital Asset Management and Workforce Optimization
Mobile Bill Shock: Leveraging FCCRegulations to Enhance the Subscriber Experience and Create Stronger Subscriber Loyalty
WiMAX Business Deployment Guide: Portability, not mobility, may be what makes WiMAX an attractive option for your current business broadband needs
view all white papers…
Top Stories
Today's TMCnet Top Stories and News Articles
VoIPdito & VoIP Innovations Bring E911 Emergency Service to the …
Too Much Information is Overwhelming Doctors, Hospitals
Twelect App Keeps Users Updated on 2012 Presidential Election
Speech Analytics Provide Speedy Way to Search Recorded Calls
In SEPA 2011 Ratings, PG&E Has the Number-…
more of today's top stories...
Related VoIP News
Latest IP Communitions and VoIP News
TMCnet VoIP Routers Week in Review
TMCnet Next Generation Communications Week in Review
Alcatel's AppGlide Provides Holistic View of the End-user Online Video Experience
Tekelec Adds Ten More DSR Clients
Alcatel-Lucent Goes on Tour
blog comments powered by Disqus

Upcoming Events

ITEXPO West 2012
October 2- 5, 2012
The Austin Convention Center
Austin, Texas
Mobility Tech Conference & Expo
October 3- 5, 2012
The Austin Convention Center
Austin, Texas
MSPAlliance MSPWorld™
October 3- 5, 2012
The Austin Convention Center
Austin, Texas

DevCon5
DevCon5 provides you with the information and tools you need to exploit the capabilities of revolutionary HTML5 technology
View all >>
Subscribe FREE to all of TMC's monthly magazines. Click here now.