Travelers Group has asked the Office of Thrift Supervision for permission to convert its state-chartered commercial bank to a federal savings bank.
Travelers' general counsel, A. Keith McClung Jr., said in an April 30 letter to the OTS that the insurance giant wants to use the thrift to conduct trust activities.
Most of the application is confidential, but the OTS on Monday released the cover letter and a brief description of the activities the newly created Travelers Bank and Trust Federal Savings Bank would engage in.
Travelers states in the public part of the application that it would compete against other providers of trust services in New York, offering several types of services including trusts for employee benefit plans.
Travelers intends to market the products through affiliated broker- dealers.