Citibank Australia

Citibank Australia
Company typeDivision
IndustryBanking
Founded1985; 40 years ago (1985)
FateAcquired by National Australia Bank
HeadquartersSydney, Australia
Area served
Australia
Key people
Marc Luet (CEO)
ParentCitigroup

Citibank Australia was the division of Citigroup that operated in Australia. In June 2022, the division was sold to National Australia Bank.[1]

History

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]

See also

References

  1. ^ a b "NAB completes acquisition of Citigroup's Australian consumer business" (Press release). National Australia Bank. 1 June 2022.
  2. ^ 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.
  3. ^ 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.
  4. ^ "Citibank Set to Purchase 78% Stake In Diners Club Australia Next Week". The Wall Street Journal. 31 December 1998.
  5. ^ "Citigroup Centre". GPT Group.
  6. ^ 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.
  7. ^ 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.