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Citi puts Australian retail bank up for sale – Sydney Morning Herald

Citi, which is the fifth-largest issuer of credit cards in the country, will remain in Australia but will focus on areas including investment banking and commercial…



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Latest figures from the Australian Prudential Regulation Authority say Citigroup has a domestic credit card portfolio worth $3.5 billion and about $6.5 billion in mortgages.
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 AMPs banking unit could be sold.
Mr Luet said Citi saw growth opportunities in financing Australian companies move towards…

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