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New York-based Emigrant Savings Bank, owners of the online bank Emigrant Direct, has launched BancoFortuna.com, which it says is the first Spanish-language direct savings bank in the US. The new internet bank will target US customers and offer a savings account with a high interest rate of 5.05 percent. The bank plans to expand its product range to include credit cards.
Family-owned Emigrant Savings Bank, founded in 1850, set up its online Emigrant Direct offshoot in 2005, taking on banking heavyweights such as ING Direct and HSBC Direct. Within one year of its launch it had attracted $8 billion of deposits.
"We believe that the Hispanic community has been underserved in banking options, and we want to bring this population a secure, convenient and rewarding way to grow their money, especially for those who prefer to transact their banking in Spanish," said Howard Milstein, the bank's chairman.
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Copyright Lafferty Ltd. May 31, 2007