US: Bank to merge with Cit, Savings Bank, and Liberty Bank – WSJ
By Matt SpetalnickPublished Aug 07, 2018 09:16:42The combined banking arm of two of the world’s biggest savings banks will focus on customer service, according to people familiar with the transaction.
The merging is expected to happen as soon as this week, the people said, asking not to be identified because the deal is private.
Bank of America will be the largest bank by assets and be one of the largest private banks in the United States, and it has the largest customer base in the country.
The bank, which merged with Citigroup in March, is the largest savings institution in the world with assets of about $18 trillion, according an estimate by the International Monetary Fund.
Citigroup, which had $18.3 trillion, had $11.5 trillion.
Bancorp is a subsidiary of the Citigroup Inc. unit that has about $25 trillion in assets.
Citibank and Bancorp have been struggling to find ways to keep up with the surge in the number of customers as customers flock to online and mobile banking and other services, while banks struggle to maintain existing accounts.
Banks have said they are struggling to attract customers in a time when online lending has exploded.