Allstate Goes into Banking

May 4, 2001 ( - Insurance giant Allstate Corp is going into the banking business with plans to launch Allstate Bank nationwide.

The company’s banking arm will offer products such as certificates of deposit and money-market accounts that help customers plan for retirement, but won’t be a full service bank. Services will be available through Allstate insurance agents or on the Internet.

These banking services will fall under the Allstate Financial Division, which Allstate formed last year to combine its life-insurance business with other financial services, including mutual funds and annuities.

The timetable for the launch will be finalized once the company’s application for regulatory approval has been granted.

– Camilla Klein