Citibank Australia
 | |
| Company type | Division |
|---|---|
| Industry | Banking |
| Founded | 1985 |
| Fate | Acquired by National Australia Bank |
| Headquarters | Sydney, Australia |
Area served | Australia |
Key people | Mark Woodruff (CEO) |
| Parent | Citigroup |
Citibank Australia was the division of Citigroup that operated in Australia. In June 2022, the division was sold to National Australia Bank.[1]
History
[edit]In 1916, National City Bank (now Citibank) applied to open an office in Australia.
In 1977, Citicorp Australia Holdings was formed and acquired 100% of Industrial Acceptance Corporation.[2]
In 1985, Citibank was one of a group of 16 foreign banks to be granted the first foreign banking licences in Australia. It came after decades of mistrust between the Australian labour movement and large banks.[3]
In 1999, Diners Club Australia was acquired by Citibank.[4]
In 2001, Citigroup Centre, Sydney was completed, 50% owned by GPT Group.[5]
On 1 June 2022, Citigroup sold its Australian consumer banking division to the National Australia Bank (NAB), for A$1.2 billion (US$882 million).[1][6][7]
NAB advised Citibank Australia account holders that they can continue using their accounts as usual after 1 June 2022 and that accounts will be progressively transitioned to NAB over the next two to three years.[8]
On 14 April 2023, holders of Citibank Global Currency and Multi Currency Accounts were emailed a letter (using Citi letterhead but NAB legal terms) advising that NAB is unable to offer an account with similar features and that accounts will be closed from 18 May 2023.[9]
Deposit, home loan and investment accounts were closed and the balance transferred to an NAB branded account on 24 February 2024.[10]
Citi branded Credit Cards and Citi Ready Credit accounts will move to a new "MyCard" brand effective 24 November 2025.[11]
See also
[edit]
References
[edit]- ^ a b "NAB completes acquisition of Citigroup's Australian consumer business" (Press release). National Australia Bank. 1 June 2022.
- ^ Knowles, Harry; Patmore, Greg; Shields, John (20 November 2008). "From hire purchase to property development: the rise and demise of the Industrial Acceptance Corporation in Australia, 1926–77". Accounting, Business & Financial History. 18 (3): 283–302. doi:10.1080/09585200802383273 – via Taylor & Francis.
- ^ Knowles, Harry; Patmore, Greg; Shields, John (May 2010). "A Marriage of Convenience: Citibank, Hawke-Keating Labor and Foreign Bank Entry into Australia". Labour History (98). Liverpool University Press: 97–119. doi:10.5263/labourhistory.98.1.97. JSTOR 10.5263/labourhistory.98.1.97.
- ^ "Citibank Set to Purchase 78% Stake In Diners Club Australia Next Week". The Wall Street Journal. 31 December 1998.
- ^ "Citigroup Centre". GPT Group.
- ^ Duran, Paulina (9 August 2021). "Australia's NAB to buy Citi's local consumer business in $882 mln deal". Reuters. Archived from the original on 2 January 2022.
- ^ Smyth, Jamie; Kinder, Tabby (9 August 2021). "Citigroup sells Australian consumer business to NAB for $882m". Financial Times. Archived from the original on 2 January 2022.
- ^ "NAB's purchase of Citi's personal banking business". www.nab.com.au. Retrieved 27 October 2025.
- ^ "Letter from NAB to Global Currency Account and Multi Currency Account holders 2023-04-14". Wikimedia Commons (Primary Source). 14 April 2023. Retrieved 27 October 2025.
- ^ "Moving to NAB branded products". www.nab.com.au. Retrieved 27 October 2025.
- ^ Citibank. "The move to NAB | Citi". www1.citibank.com.au. Retrieved 27 October 2025.
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