Hunt: Banks must diversify lending, compete with nonbanks

01/15/2013 | (subscription required)

As the wave of mortgage refinancing subsides this year, banks will need to find other ways to grow their loan portfolios, says CBA President and CEO Richard Hunt. He also said banks are competing with nonbank entities offering more services. "I don't believe a bank's competitor is another bank. I believe it is the prepaid cards or these new 21st-century entities that we are coming across," he said.

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