Citigroup on Wednesday said it would revamp its consumer-lending unit CitiFinancial as part of an effort to serve its customers better.
Under the reorganisation process, Citi would separate CitiFinancial business in the U.S. into two segments — Full Service Branches and CitiFinancial Servicing, and plans to rename it later this year, it said in a statement.
The full-service branches would continue to originate and service personal loans, refinancing and home equity loans, while the servicing centres would provide specialised service to customers who would benefit from expanded support, including loan modifications or restructuring.
“This reorganisation will enable CitiFinancial to continue lending to American consumers while better serving its customers in need. In addition, through CitiFinancial Servicing, we’ll be better equipped to help customers stay current on their loans and achieve their financial goals in today’s challenging economic environment,” CitiFinancial chief executive Mary McDowell said.
CitiFinancial plans to re-name its business after the segmentation is complete. The new brand name is expected to be unveiled by the end of this year.
