Citi Releases More Details on Consumer Finance Split

CitiFinancial, the Baltimore-based consumer finance subsidiary of Citi Holdings, New York, has provided some details on how it is separating its business into two segments. One unit will include full service branches, focusing on originating and servicing personal, refinance and home equity loans. The other, CitiFinancial Servicing, will provide specialized service to customers who might benefit from expanded support, including a loan modification or restructuring. Once the reorganization is completed, new names will be picked for the divisions, likely by yearend. Over the past decade, Citi has been a major player in residential-based consumer finance, acquiring such brands as Commercial Credit, Associates Financial, and parts of the old Argent and Ameriquest brands.