Business banks are universal banks, which offer the best of retail banking as well as investment banking. For example, Citigroup, a very large American bank, is involved in commercial and retail lending. It owns a merchant bank (Citicorp Merchant Bank Limited) and an investment bank (Salomon Smith Barney), operates a private bank (Citigroup Private Bank), and its subsidiaries in tax-havens offer offshore banking services to customers in other countries. The majority of all large financial institutions are diversified and involved in multiple activities. Big banks in Europe and Asia are very diversified groups and also distribute insurance as a service. In spite of the small market share held by the large American banks, they are listed as some of the most profitable corporations. For example, the largest bank, Citigroup, has only a 5 percent market share even though, for the past 3 years, it has been more profitable than any other company in the world.
The objective of the Business Bank is to provide its target market customers a full range of financial products and banking services, giving the customer a one-stop window for all his/her banking requirements, including savings, fixed deposits, current and demat accounts, auto loans, loans against marketable securities, personal loans and loans for vehicles plus a free ATM Card, Interbranch banking, NetBanking, BillPay, 24 hour PhoneBanking and ATM banking, debit card and mobile banking, among others. The bank also offers a wide choice of mutual funds to suit individual needs, and expert advice on choosing the right funds based on in-depth market analysis. Also, the banks offer services like foreign currency exchanges, traveler's checks, and foreign exchange demand drafts, to meet your travel needs. Banks also now offer life insurance and pension solutions to complete the entire range of offerings.
