Word: citibank
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...CitiBank...
Banks such as BayBank Systems Incorporated, CitiBank, Chase Manhattan and Nations Bank also offer incentives to woo college students to open MasterCard and Visa accounts...
FINANCIAL FALLOUT. Already burned once by the B.C.C.I. shutdown, panicky crowds in Hong Kong rushed to withdraw their cash last week from local Citibank branches. The two-day run was triggered by unfounded reports that Citibank was insolvent. Last month Hong Kong's overdue seizure of the local subsidiary of B.C.C.I. froze $1.4 billion in accounts held by 40,000 hapless depositors. The colony's residents were still so shaken by the shutdown that on Friday they staged a second run, on the British-based Standard Chartered Bank after rumors that it had lost either its banking license...
...loaning those funds out on plastic at as much as 22%. For banks stuck with Third World loans and rancid real estate, that spells salvation. At the 10 largest banks in the business, which hold 48% of all outstanding card debt, credit cards account for 25% of profits. Citibank, the largest issuer, cleared $610 million in profits on its Visa and MasterCard operations last year, according to Spencer Nilson, editor of The Nilson Report, an industry newsletter. Even though some 6,000 financial institutions issue cards, the business had nearly been impervious to price competition. Consumers who will shop around...
Financial wizards usually credited with ample common sense bought it all. Whatever Donald wanted, Donald got. Citibank loaned him $1.1 billion; Bank of America some $400 million; Bankers Trust about $164 million, much of it undersecured. Says a knowledgeable source close to Trump's bankers: "They ought to be shot. They didn't ask questions...