
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, March 29, 1994                   TAG: 9403290173
SECTION: BUSINESS                    PAGE: C-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

SIGNET SEEKS APPROVAL FOR CREDIT-CARD BANK

Signet Banking Corp., Richmond-based parent of Signet Bank, said Monday it will apply for regulatory approval to establish a separately chartered credit-card bank to provide greater flexibility.

It said the subsidiary, which it hopes to have in operation by the second half of 1994, will enable Signet to compete more effectively nationally with other credit-card companies.

Signet also reported Monday that its bank-card division had income last year of $113 million, up from $17 million in 1992. Its managed-loan credit-card portfolio grew from $2.3 billion at the end of 1992 to $5.2 billion at the end of last year.

Signet said it was among industry leaders last year in percentage growth and dollar growth of managed loans. The bank said it participated in such innovations as introductory rate pricing, balance transfer programs and secured credit cards.

- Staff report

by CNB