Taking a different route to commercial
lending, USA-based CIT Group, that has limited presence in retail
banking in the country, plans to begin offering online banking to
consumers by year-end.
The move is part of CIT’s initiative to
increase its assets through deposits.
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CEO of CIT, John Thain, said – speaking at the
Barclays Capital conference in New York – that he and other CIT
employees have made deposits to test the service already.
“You can raise billions and billions of
dollars on the internet relatively easily,” Thain added.
According to Thain, physical branches are not
needed to reach the asset growth that CIT wants through consumer
deposits, but the company will likely acquire “some number of
brick-and-mortar assets” at some point to appease regulators.
CIT has more than $35 billion in finance and
leasing assets.
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