Some Good news
Wednesday April 26, 5:04 am Eastern Time
Company Press Release
Bank One Takes Banking Center
Investment Sales to New Heights
Licensed representatives in banking centers meet
growing demand for investment products
DALLAS--(BUSINESS WIRE)--April 26, 2000-- Sales of mutual funds, fixed annuities and
variable annuities through the BANK ONE CORPORATION (NYSE:ONE - news) network of
196 banking centers in Texas increased 32 percent during the first quarter of 2000 over the same
period for 1999, Bank One announced today.
Bank One investment sales through the company's Texas banking centers totaled $171 million
through March of this year, compared to $130 million from January through March 1999.
Bank One offers securities through its broker-dealer subsidiary, Banc One Securities Corp., and
annuities through Banc One Insurance Agency Inc.
Texas' first-quarter investment sales increase was among the highest for any state in the Bank
One network. During the period, investment sales through all banking centers increased 29
percent.
``One of our goals is to help more people retire than any other bank,'' said Kenneth T. Stevens,
chairman and chief executive officer, Bank One Retail Group. ``The continued growth of Bank
One investment sales in Texas means we're making progress toward that goal.''
Bank One's investment sales success is in contrast to surveys that show most consumers don't
associate investment products with banks.
In a 1999 consumer survey by the American Bankers Association, 83 percent of respondents said
they had purchased CDs through banks, while only 16 percent said they had purchased mutual
funds through banks.
One barrier to investment sales through banking centers has been lack of public awareness,
according to Randy Grossman, retail customer information manager, Bank One. ``Most
consumers tell us they would prefer to make investments with a company they know and trust,''
said Grossman.
In response, Bank One has focused on making investments offered through Banc One Securities
Corp. an integral part of the company's offerings through banking centers.
To increase customer access to investment products, Bank One Corp. developed one of the
financial industry's largest sales forces of banking center-based investment representatives. By
the end of 1999, about 3,000 Bank One banking center representatives were licensed through
Banc One Securities Corp. and trained to sell mutual funds, annuities and variable life annuities
in the company's 1,800-plus banking centers.
``Customers are choosing to invest at Bank One banking centers because we're in a great position
to be their guide,'' said Retail Group Chairman Stevens.
``We have one of the largest networks of banking centers, and the licensed investment
representatives are trained to listen to customer needs and aspirations.''
Consequently, across Bank One, banking center investment sales totaled $4.1 billion in 1999,
with $583 million generated in Texas.
``We're especially pleased with Texas' results,'' said Stevens. ``We offer quality products, such
as the ONE GROUP Mutual Funds, one of the 25 largest mutual fund families in the country, and
customers are responding.''
Regards
Neil |
