Word: citibanker
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Conrad's Comrade. The "Citibank," as moneymen call it, last week dealt into another fast-growing business: credit cards. For $12 million, it will buy control of Hilton Hotels' profitable Carte Blanche, which bills $90 million a year. In a complex pact, Hilton and Citibank each will own half of Carte Blanche, but the bank will hold all the voting stock. Hilton figures that Citi bank's worldwide outlets will help Carte Blanche trump the two leaders in the field, American Express and Diners' Club. Moreover, Citibank is strong in the eastern U.S., and Carte Blanche...
...Citibank's strategy is to emulate the success of American Express by marketing its traveler's checks to holders of its credit cards, and vice versa. In addition, it will try to sell its banking services to many of the 450,000 Carte Blanche cardholders, and to introduce the credit card to its own 566,000 checking-account customers. It is even talking about a companion "Carte Bleue" that New Yorkers might use In neighborhood stores. What the bank aims for is a fully rounded financial service, in which a customer can save, borrow and charge everything from...
First-place Citibank-as Manhattan's First National City likes to call itself-this year will lift the number of its foreign branches from 113 to 132, and the Chase Manhattan will open six foreign branches in 1965, bringing its total to 37. Bank of America so far this year has opened in Singapore, Taipei and Nicaragua, plans in the next few months to move into Vienna, Antwerp, Madrid and Barcelona. In recent months, Manhattan's Marine Midland entered Europe for the first time, Manhattan's Chemical Bank went into Asia, and Chicago's Continental Illinois...