Citibank Australia was the division of
Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...
that operated in Australia. In June 2022, the division was sold to
National Australia Bank
National Australia Bank Limited (abbreviated NAB, branded and stylised as nab) is one of the four largest Banking in Australia, financial institutions in Australia (colloquially referred to as "Big Four (banking), The Big Four") in terms of mar ...
.
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History
In 1916, National City Bank (now Citibank
Citibank, N.A. ("N. A." stands for "National bank (United States), National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation, multinational corporation. Ci ...
) applied to open an office in Australia.
In 1977, Citicorp Australia Holdings was formed and acquired 100% of Industrial Acceptance Corporation.
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
The Australian labour movement began in the early 19th century and since the late 19th century has included industrial (Australian unions) and political wings (Australian Labor Party). Trade unions in Australia may be formed on the basis of cra ...
and large banks.
In 1999, Diners Club Australia was acquired by Citibank.
In 2001, Citigroup Centre, Sydney was completed, 50% owned by GPT Group.
In June 2022, Citigroup sold its Australian consumer banking division to the National Australia Bank
National Australia Bank Limited (abbreviated NAB, branded and stylised as nab) is one of the four largest Banking in Australia, financial institutions in Australia (colloquially referred to as "Big Four (banking), The Big Four") in terms of mar ...
(NAB), for A$1.2 billion (US$
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...
882 million).
See also
* Banking in Australia
* List of banks
Lists of banks are contained in the following articles:
By continent
* List of banks in Africa – Each country in Africa has a list of banks operating in that country
* List of banks in Asia – Each country in Asia has a list of banks oper ...
* List of banks in Australia
* List of banks in Oceania
This is a list of banks in Oceania
Australia
Central bank
*Reserve Bank of Australia
Major banks
*Australia & New Zealand Banking Group, ANZ Bank
**Suncorp Bank, Suncorp
*Commonwealth Bank
**Bankwest
*Macquarie Group, Macquarie Bank
*National ...
References
{{Authority control
Citigroup
1985 establishments in Australia
Australian companies established in 1985
Australian subsidiaries of foreign companies
Banks established in 1985
Financial services companies based in Sydney