Citibank Australia Explained

Citibank Australia
Type:	Defunct
Fate:	Acquired by National Australia Bank
Area Served:	Australia
Key People:	Marc Luet (CEO)
Industry:	Banking
Location:	Sydney, Australia

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

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.^[1]

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.^[2]

In 1999, Diners Club Australia was acquired by Citibank.^[3]

In 2001, Citigroup Centre, Sydney was completed, 50% owned by GPT Group.^[4]

In June 2022, Citigroup sold its Australian consumer banking division to the National Australia Bank (NAB), for A$1.2 billion (US$882 million).^{[5] [6] [7]}

See also

• Banking in Australia
• List of banks
• List of banks in Australia
• List of banks in Oceania

Notes and References

1. Web site: From hire purchase to property development: the rise and demise of the Industrial Acceptance Corporation in Australia, 1926–77 . Harry . Knowles . Greg . Patmore . John . Shields . . 20 November 2008.
2. Web site: A Marriage of Convenience: Citibank, Hawke-Keating Labor and Foreign Bank Entry into Australia . Harry . Knowles . Greg . Patmore . John . Shields . . . May 2010.
3. News: Citibank Set to Purchase 78% Stake In Diners Club Australia Next Week . . December 31, 1998 . subscription.
4. Web site: Citigroup Centre . GPT Group.
5. NAB completes acquisition of Citigroup’s Australian consumer business . . 1 June 2022.
6. News: Australia's NAB to buy Citi's local consumer business in $882 mln deal . Duran . Paulina . . 9 August 2021 . https://web.archive.org/web/20220102150402/https://www.reuters.com/business/finance/australias-nab-buy-citis-local-credit-card-business-882-mln-deal-2021-08-09/ . 2 January 2022 . live.
7. News: Citigroup sells Australian consumer business to NAB for $882m . Smyth . Jamie . Kinder . Tabby . . 9 August 2021 . 2 January 2022 . https://web.archive.org/web/20220102150401/https://www.ft.com/content/7fd2c59d-6258-4b2f-b583-cb20cbf2de1d. live.