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{{Short description|Australian subsidiary of Citigroup}}
{{more citations needed|date=October 2013}}
{{Use dmy dates|date=November 2019}}
{{Use Australian English|date=August 2015}}
{{Use Australian English|date=August 2015}}
{{Infobox company
{{Infobox company
|name = Citigroup Pty Limited
| name = Citibank Australia
| type = Defunct
| trading_name = Citibank Australia
| fate = Acquired by [[National Australia Bank]]
|logo = Citibank.svg
| logo = [[File:Citi.svg|100px]]
|type = Subsidiary of [[Citigroup]]
| area_served =Australia
| area_served = Australia
|key_people = David Livingstone (CEO)
| key_people = Marc Luet (CEO)
| industry = Banking
| industry = Banking
⚫
| foundation = {{Start date and age|1985}}
| products = Savings account, term deposits, credit cards, cash management accounts, loans, wealth management
⚫
| location = [[Sydney]], [[Australia]]
| services = Financial Services
| num_employees = 1200
| parent = [[Citigroup]]
| website = {{URL|https://www.citibank.com.au/}}
|caption =
⚫
|foundation = 1985
⚫
|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]].<ref name=completes/>
'''[[Citibank]] Australia''' was opened in 1985 and was one of the first foreign [[bank]]s to be granted a [[banking license|banking licence]] in [[Australia]],<ref>http://findarticles.com/p/articles/mi_hb4849/is_12_17/ai_n28567440 Australian Banking and Finance</ref> besides being one of the largest international banks in the country.<ref>http://findarticles.com/p/articles/mi_m0EIN/is_1999_Sept_7/ai_55675006 Business Wire</ref> Since 2001, the national headquarters have been located at the [[Citigroup Centre, Sydney]].

[[Citibank]] currently has major centres in [[Melbourne]], [[Perth, Western Australia|Perth]], and [[Brisbane]] and employs a total of about 1,200 Australians.<ref>http://www.citibank.com.au/AUGCB/APPS/portal/loadPage.do?path=/info/det/AboutUs.htm About Citibank Australia</ref> The parent company, [[Citigroup]], has around a million customers in [[Australasia|Australia and New Zealand]], along with about 900 local corporate and institutional clients.<ref>http://www.citi.com.au/citigroup/ourbusiness.html Citibank Australia</ref> David Livingstone is the [[Chief executive officer|Chief Executive Officer]].<ref>http://www.citi.com.au/citigroup/executives.html Citibank Australia Executives</ref>


==History==
==History==
In 1916, National City Bank (now [[Citibank]]) applied to open an office in Australia.
In 1985, Citibank was granted a banking licence in Australia. In 1999, [[Diners Club]] Australia was acquired by Citibank. [[Citigroup Centre, Sydney|Citigroup Centre]] was opened in 2001 in Sydney. In 2002, [[Citigold|CitiGold]] [[Wealth management|Wealth Management]] Banking was launched. The next year, [[Citigroup|Salomon Smith Barney]] joined up with Citibank Corporate Bank to form the Citigroup Global Corporate and [[Investment banking|Investment Banking]] Group. In 2009, following a massive [[bailout]] of its parent Citigroup Inc by the [[US Government]] in 2008, Citigroup announced in January 2009 that the parent would be separated into "bad bank" Citi Holdings (comprising the bank's brokerage, consumer finance and troubled assets) and Citicorp. Citicorp, the "good bank," will consist of [[retail banking]], business banking and credit cards. Citigroup announced on 27 January 2009 that [[Michael Corbat]], former head of Citigroup's brokerage business, will head Citi Holdings.<ref>http://uk.reuters.com/article/marketsNewsUS/idUKN2746521920090127 Reuters Report re formation of good bank/bad bank</ref>


In 1977, Citicorp Australia Holdings was formed and acquired 100% of Industrial Acceptance Corporation.<ref>{{Cite journal | url=https://www.tandfonline.com/doi/abs/10.1080/09585200802383273 | title=From hire purchase to property development: the rise and demise of the Industrial Acceptance Corporation in Australia, 1926–77 | first1=Harry | last1=Knowles | first2=Greg | last2=Patmore | first3=John | last3=Shields | journal=Accounting, Business & Financial History | via=[[Taylor & Francis]] | date=20 November 2008| volume=18 | issue=3 | pages=283–302 | doi=10.1080/09585200802383273 }}</ref>
==Divisions==
{{more citations needed|date=September 2014}}
Citibank Australia comprises the consumer group division of its parent company, Citi Australia. The other two divisions of Citi are markets and banking, and wealth management.<ref>http://www.citibank.com.au/AUGCB/APPS/portal/loadPage.do?tabId=home&path=/info/det/aboutus_aboutcitigroup.htm About Citi Group</ref>


In 1985, Citibank was one of a group of 16 foreign banks to be granted the first foreign [[banking licence]]s in Australia. It came after decades of mistrust between the [[Australian labour movement]] and large banks.<ref>{{Cite journal | url=https://www.jstor.org/stable/10.5263/labourhistory.98.1.97 | title=A Marriage of Convenience: Citibank, Hawke-Keating Labor and Foreign Bank Entry into Australia | first1=Harry | last1=Knowles | first2=Greg | last2=Patmore | first3=John | last3=Shields | journal=Labour History | publisher=[[Liverpool University Press]] | via=[[JSTOR]] | date=May 2010| issue=98 | pages=97–119 | doi=10.5263/labourhistory.98.1.97 | jstor=10.5263/labourhistory.98.1.97 }}</ref>
*Citi Global Consumer Group: Under this division fall Citibank and Diners Club. The Diners Club Card is a [[charge card]] started in 1950, the first of its kind.
*Citi Markets and Banking: This division of Citi performs a multitude of functions, including underwriting equity and debt, providing advice about [[mergers and acquisitions]] and providing services in [[cash management]], custodial, [[foreign exchange market|foreign exchange]], trade and treasury.
*Citi Global Wealth Management: This division of Citi includes Citi [[Private bank|Private Bank]], Citi [[Smith Barney]] and Citi Investment Research.
*Retail banking. Citibank rapidly expanded its retail banking in May 2011, opening new branches in most major shopping centres such as [[Castle Towers]], and the [[QVB]]. These branches do not offer Telling services, instead these are looked after by 3rd parties such as the [[National Australia Bank|NAB]], and [[Australia Post]]'s Bank@Post, there older retail branches such as the one located in the citigroup centre also offer telling services.


In 1999, [[Diners Club]] Australia was acquired by Citibank.<ref>{{Cite news | url=https://www.wsj.com/articles/SB915084138404046500 | title=Citibank Set to Purchase 78% Stake In Diners Club Australia Next Week | work=[[The Wall Street Journal]] | date=December 31, 1998 | url-access=subscription}}</ref>
Citibank Australia offers its customers home loans and personal loans, [[Savings deposit|savings accounts]], [[credit card]]s and insurance. It is also one of the biggest providers of superannuation funds in Australia.


In 2001, [[Citigroup Centre, Sydney]] was completed, 50% owned by [[GPT Group]].<ref>{{Cite web | url=https://www.gpt.com.au/property/citigroup-centre | title=Citigroup Centre | publisher=[[GPT Group]]}}</ref>
== Sponsorship and Corporate Social Responsibility ==
Citibank Australia has various [[Financial literacy|financial education]] and environmental programs to serve local communities in Australia. Its program Making Cents<ref>{{cite web|url=http://www.financefirst.net.au/index.htm |title=Archived copy |accessdate=2008-12-09 |deadurl=yes |archiveurl=https://web.archive.org/web/20090328151626/http://www.financefirst.net.au/index.htm |archivedate=2009-03-28 |df= }} Finance First</ref> is geared towards helping parents and teachers instruct children about the basics of [[money management]]. Another program funded by Citibank in Australia is Hip Pocket,<ref>{{cite web|url=http://www.ywcansw.com.au/youth_programs/hip_pocket.php |title=Archived copy |accessdate=2008-12-09 |deadurl=yes |archiveurl=https://web.archive.org/web/20080719213333/http://www.ywcansw.com.au/youth_programs/hip_pocket.php |archivedate=2008-07-19 |df= }} YWCA NSW</ref> a workshop for teenagers in Year 10 and 11 which helps them to understand finances and be educated consumers. Finally, Citibank Australia has provided funding for an organisation called Learning Links with a program called Counting for Life, which helps children with difficulties in learning math.<ref>{{cite web|url=http://www.readingforlife.net.au/html/counting_for_life.html |title=Archived copy |accessdate=2008-12-09 |deadurl=yes |archiveurl=https://web.archive.org/web/20081121075626/http://www.readingforlife.net.au/html/counting_for_life.html |archivedate=2008-11-21 |df= }} Reading for Life</ref>


In June 2022, Citigroup sold its Australian consumer banking division to the [[National Australia Bank]] (NAB), for [[Australian dollar|A$]]1.2 billion ([[United States dollar|US$]]882 million).<ref name=completes>{{Cite press release | url=https://news.nab.com.au/news/nab-citigroup-acquisition/ | title=NAB completes acquisition of Citigroup's Australian consumer business | publisher=[[National Australia Bank]] | date=1 June 2022}}</ref><ref>{{Cite news | url=https://www.reuters.com/business/finance/australias-nab-buy-citis-local-credit-card-business-882-mln-deal-2021-08-09/ | title=Australia's NAB to buy Citi's local consumer business in $882 mln deal | last=Duran | first=Paulina | work=[[Reuters]] | date=9 August 2021 | archive-url=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/ | archive-date=2 January 2022 | url-status=live}}</ref><ref>{{Cite news | url=https://www.ft.com/content/7fd2c59d-6258-4b2f-b583-cb20cbf2de1d | title=Citigroup sells Australian consumer business to NAB for $882m | last1=Smyth | first1=Jamie | last2=Kinder | first2=Tabby | work=[[Financial Times]] | date=9 August 2021 | archive-date=2 January 2022 | archive-url=https://web.archive.org/web/20220102150401/https://www.ft.com/content/7fd2c59d-6258-4b2f-b583-cb20cbf2de1d|url-status=live}}</ref>
As part of its [[Corporate social responsibility]] (CSR) Citibank Australia has engaged in various initiatives such as reducing its [[Energy|energy use]] and paper use; supporting companies that use [[Renewable energy|alternative energy]], and undertaking research on the impact of [[climate change]] on trade and industry.<ref>http://www.citi.com.au/citigroup/community/environment.html Climate Change</ref> It has become an “Action for Climate Change” partner with [[Conservation Volunteers Australia]], which involves having events for Citibank employees in which they are educated about climate change, opening up opportunities for employees to take part in conservation efforts, and providing funding for tree planting.<ref>http://www.actionforclimatechange.org.au {{Webarchive|url=https://web.archive.org/web/20081216052509/http://www.actionforclimatechange.org.au/ |date=2008-12-16 }} Action for Climate Change</ref>


⚫
==See also==
Citibank Australia also supports a children’s hospice in [[New South Wales]] called Bear Cottage, as well as [[The Shepherd]] Centre, a centre for [[Hearing impairment|hearing impaired]] children. It is part of the Australian Business Community Network, which helps [[Public school (government funded)|public school]]s through initiatives such as mentoring programs and career fairs.<ref>http://www.citi.com.au/citigroup/community/overview.html<br /> Citigroup Community</ref>

Citibank Australia is a major sponsor of the [[Sydney Swans]] [[Australian Football League|AFL]] club.

⚫
== See also ==
* [[Banking in Australia]]
* [[Banking in Australia]]
* [[List of banks]]
* [[List of banks]]
* [[List of banks in Australia]]
* [[List of banks in Australia]]
* [[List of banks in Oceania]]
* [[List of banks in Oceania]]
{{Portal|Banks}}


==References==
==References==
{{Reflist|30em}}
{{Reflist}}

==External links==
* [http://www.citibank.com.au/portal/citiau_home.htm Home page]


{{Banking Industry in Australia}}
{{Banking Industry in Australia}}
{{Citigroup}}
{{Citigroup}}
{{Authority control}}


[[Category:Citigroup]]
[[Category:Citigroup]]
[[Category:1985 establishments in Australia]]
⚫
[[Category:Australian companies established in 1985]]
[[Category:Australian subsidiaries of foreign companies]]
[[Category:Australian subsidiaries of foreign companies]]
[[Category:Banks established in 1985]]
[[Category:Banks established in 1985]]
⚫
[[Category:Australian companies established in 1985]]
[[Category:Financial services companies based in Sydney]]
[[Category:Financial services companies based in Sydney]]

Latest revision as of 00:55, 22 September 2024

Citibank Australia
Company typeDefunct
IndustryBanking
Founded1985; 39 years ago (1985)
FateAcquired by National Australia Bank
HeadquartersSydney, Australia
Area served
Australia
Key people
Marc Luet (CEO)

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]

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

[edit]

References

[edit]
  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 – via JSTOR.
  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.
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