For Immediate Release
Citigroup Inc. (NYSE: C)
December 8, 2010
Citi's Consumer Finance Unit Announces New Name, OneMain Financial
CitiFinancial to Re-Brand U.S. Full Service Network Stores by Summer 2011
Baltimore, MD - CitiFinancial, the consumer lending arm of Citigroup, today revealed a new identity for its U.S. Full Service Network business. In the summer of 2011, the business will begin operating under the new name OneMain Financial.
CitiFinancial, the largest consumer loan company in the U.S., is changing its name to distinguish itself with an identity that better fits who the company is and what it does. CitiFinancial's Chief Executive Officer Mary McDowell said, "We have a long history of helping consumers. The past couple of years have been difficult for a lot of people. Many lenders, in fact, have closed their doors altogether. But CitiFinancial has remained steadfast in support of our customers in more than 1300 communities across the country. As OneMain Financial, we'll continue our proud heritage of providing personal and home equity loans, and working face-to-face with our customers to provide straightforward, customized solutions that meet their needs."
Customers will receive information about the re-brand in their next monthly statement. When the name officially changes to OneMain Financial in the summer of 2011, customer loan payments and loan terms will remain the same and customers will continue to receive service in their local branch. Branch signs will change in the summer of 2011 to reflect the OneMain Financial name.
As the company enters its 100th year, CitiFinancial sees this as the perfect time to rename its U.S. Full Service Network. "The OneMain name reflects and reinforces our localized business model and commitment to our customers. It represents the communities in which we operate, both large and small. OneMain Financial will continue to focus on taking care of our customers and as always, we'll work one-on-one with them at every stage of the loan process; recommend the right solution for each person's unique needs; and remain just a phone call or short drive away when they need us," says Executive Vice President of Marketing, Jim Ryan.
CitiFinancial is part of Citi Holdings, formed in 2009, which includes businesses and assets that are non-core to the future of Citi. Earlier this year, CitiFinancial announced plans to reorganize its U.S. franchise into a full service network and financial servicing centers and to re-name the business. The Full Service Network continues to originate and service Personal, Refinance, and Home Equity loans through a streamlined branch network, and CitiFinancial Servicing is focused on providing specialized service to existing customers who would benefit from expanded support including loan modifications or restructurings.
"CitiFinancial's Full Service Network is an excellent business with a long tradition of serving its customers well. While it is not core to the future of Citi, we believe it has incredible value. As OneMain Financial, we are confident it will remain a strong franchise, critical to serving the credit needs of Middle America," said Michael Corbat, chief executive officer of Citi Holdings.
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CitiFinancial is the premier community lender in North America. With more than 1,800 locations across the US, Canada, and Puerto Rico, CitiFinancial has been serving communities since 1912. Additional information may be found at www.citifinancial.com.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
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