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“Citi’s consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members. Citi is committed to securing the best possible outcome for our employees and our customers,” Mr Luet said in a statement. It has 1.8 million customers and has carved out a strong position in credit cards, where it has 12 per of the market and is the fifth-largest player behind the Commonwealth Bank, Westpac, ANZ Bank and National Australia Bank.
The sale comes amid a period of consolidation and change in the local banking industry, with Bank of Queensland earlier this year announcing it would buy ME Bank, and there has also been speculation that AMP’s banking unit could be sold.
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