Word: citicorps
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...York's Citicorp, which already has 20% of the traveler's check market, plans to sell its Citibank checks through Carte Blanche. Citicorp bought Carte Blanche in the early 1960s, but was forced to spin it off when the Justice Department objected on antitrust grounds. A federal judge has approved Citicorp's plan to buy back Carte Blanche, and the trustbusters are not likely to block the reunion. Partly because of rising competition from bank-issued cards, Carte Blanche has fared poorly and could well use Citicorp's muscle...
...develop." Yet many industry analysts believe American Express is facing some tough problems: while there is less and less room for it to grow in the lucrative travel-and-entertainment market that it pioneered, it is confronted by rising competition there and in other fields from many companies, notably Citicorp...
...rush into traveler's checks has inspired some odd alliances and rivalries. Although Citibank issues Master Charge cards and is a member of the consortium that licenses the Master Charge system, its parent Citicorp has gone to court to try to block Master Charge's entry into traveler's checks, charging unfair competition. Citibank's argument: Master Charge, through the banks that issue the card, would be able to control which traveler's checks the customer bought, thus shutting Citibank out of the business...
...competition will further blur the marketing lines between the older travel-and-entertainment cards like American Express, which grew up specializing in hotels, airlines, rental cars and restaurants, and the bank cards that originally focused on local retail purchases. Citicorp and other big banks that have been moving into cards and checks on a nationwide scale argue that they have been forced to do so in self-defense, claiming they have lost a lot of consumer credit business since World War II to other loan suppliers, including not only the card firms but department-store charge accounts and the auto...
...banks--with the total lending from U.S. banks since the coup in 1973 surpassing $900 million. The report identifies the major U.S. banks who have "buoyed" the Chilean government. They are the Bankers Trust of New York, the Chemical Bank of New York, Wells Fargo Bank of San Fransisco, Citicorp of New York, First Chicago Bank, and Morgan Guarantee Trust...