Citibank Australia Grows with New Credit Card Portfolio: Signs Credit Card Deal with Suncorp
Sydney – Citibank has entered into a long-term credit card partnership with Suncorp. As part of the transaction, Citibank will add to its rapidly expanding Australian credit cards business with the acquisition of Suncorp’s $225 million credit card portfolio.
The latest arrangement will bolster Citibank’s portfolio significantly, adding around 100,000 cards to its existing customer portfolio.
As the world’s largest issuer of credit cards, the partnership supports Citibank’s vision for expansion and follows existing white label agreements with Credit Union Services Corporation’s (CUSCAL), Bank of Queensland, and a co-brand arrangement with BP.
Citibank Australia Chief Executive Les Matheson said the agreement signaled Citibank’s continued commitment and determination to stake out an even bigger slice of Australia’s highly competitive credit card market.
“Citibank’s growth in the credit card space is the result of market-leading credit card technology platforms, leading edge products and marketing capabilities,” Mr. Matheson said. "Our global expertise in issuance means we can offer our partners unique skills and capabilities that others can’t.
“We are taking steps through organic and inorganic growth to be a leader in the Australian credit card market and this latest partnership with Suncorp is another critical milestone in achieving our vision.”
Under the sale agreement, all cards will be branded Suncorp with Citibank responsible for operational and credit risk, technology platforms, issuance and back office processing, customer service and portfolio management.
Mr. Matheson continued: “Historically, credit card partnerships have been an area of strength for Citibank globally. Citibank Australia is taking a lead and gaining a reputation for best practice not only in the Australian market, but also at an international level within our own company.”
Globally, Citibank has partnerships with some of the largest and most prestigious retailers. In the United States Citibank has partnerships with The Home Depot, Sears Holdings and Federated Department Stores. In the Asia Pacific region, Citibank has partnerships with Tangs Department Stores and Paragon in Singapore, The Mall Group in Thailand, Shinsegae Department Stores in Korea and I.T. in Hong Kong, among others.
Outside the big retailers Citibank also has partnerships with some of the largest companies in the world including Dell Computer, ExxonMobil, Shell Oil, Thai Airways, EVA Air, Northwest Airlines, Jet Airways, Japan Airlines and American Airlines. Citibank also has co-brand partnerships with a variety of telecommunications providers including Vodaphone in India, M1 in Singapore, Telekomsel in Indonesia and Celcom in Malaysia.
“Credit card partnerships are an area of strength for Citibank and we will continue to look for new partnership opportunities,” Mr. Matheson said.
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