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Report: Ameriprise Financial's retail bank likely to include mortgages

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Report: Ameriprise Financial's retail bank likely to include mortgages

Ameriprise Financial Inc.'s proposed retail bank will likely include mortgages as one of its offered products, Investment News reported, citing an Ameriprise Financial adviser.

The company's entry into the retail banking market could happen as early as this summer, the adviser told the publication.

Ameriprise Financial in April 2018 said it was considering applying for a bank charter, more than five years after de-registering as a savings and loans holding company. Chairman and CEO James Cracchiolo said a potential return to banking might not involve acquiring an existing bank.

In its fourth-quarter 2018 earnings call, Ameriprise Financial said it expects its federal savings bank to be open by the second quarter, if it secures regulatory approval.