US-based commercial lender CIT Group has
launched its online consumer bank to help diversify funding
sources.
CIT has said in a statement that CIT Bank will
offer certificates of deposits through the internet. CIT Bank may
also offer current, savings, online bill pay and mobile banking
options in 2012, according to the statement.
Go deeper with GlobalData
The CEO of CIT, John Thain, had
announced the plans of launching retail operations online while
speaking at the Barclays Capital conference in New York in
September, where Thain had mentioned that he and other CIT
employees were testing the online retail service.
Thain had also added that “you can raise
billions and billions of dollars on the internet relatively
easily.”
Thain mentioned in the recent CIT statement,
“The launch of CIT Bank online is another important step in our
efforts to diversify our funding sources into stable, low-cost
deposit products.”
The development of online deposit-taking is
also a “significant positive” for regulators, Thain said. However,
CIT will likely acquire branches “at some point” to appease
regulators, Thain had mentioned in September.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCIT has more than $35bn in finance and leasing
assets.
