Citibank_Australia
Citibank Australia
Australian subsidiary of Citigroup
Citibank Australia was the division of Citigroup that operated in Australia. In June 2022, the division was sold to National Australia Bank.[1]
| Company type | Defunct |
|---|---|
| Industry | Banking |
| Founded | 1985; 39 years ago (1985) |
| Fate | Acquired by National Australia Bank |
| Headquarters | Sydney, Australia |
Area served | Australia |
Key people | Marc Luet (CEO) |
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]
In 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 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" – 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". Liverpool University Press – via JSTOR.
- 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.