Citibank Australia
Encyclopedia
Citibank
Australia was opened in 1985 and was one of the first foreign bank
s to be granted a banking license
in Australia
, besides being one of the largest international banks in the country. With its head office in Sydney
, Citibank
currently has major centers in Melbourne
, Perth
, Booragoon and Brisbane
and employs a total of about 1,200 Australians. The parent company, Citigroup
, has around a million customers in Australia and New Zealand
, along with about 900 local corporate and institutional clients. Stephen Roberts is the Chief Executive Officer
.
Australia was acquired by Citibank. Citigroup Centre
was opened in 2001 in Sydney. In 2002, CitiGold
Wealth Management
Banking was launched. The next year, Salomon Smith Barney
joined up with Citibank Corporate Bank to form the Citigroup Global Corporate and 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. The US Government is reported to be applying considerable pressure on Citigroup Inc to raise capital and this has led to speculation that smaller foreign units such as Citibank Australia will be sold.
Citibank Australia offers its customers home loans and personal loans, savings accounts, credit card
s and insurance. It is also one of the biggest providers of superannuation funds in Australia.
and environmental programs to serve local communities in Australia. Its program Making Cents 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, 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 organization called Learning Links with a program called Counting for Life, which helps children with difficulties in learning math.
As part of its CSR Citibank Australia has engaged in various initiatives such as reducing its energy use
and paper use; supporting companies that use alternative energy
, and undertaking research on the impact of climate change
on trade and industry. 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.
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 impaired
children. It is part of the Australian Business Community Network, which helps public schools through initiatives such as mentoring programs and career fairs.
Citibank Australia is a major sponsor of the Sydney Swans
AFL
club.
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
Australia was opened in 1985 and was one of the first foreign bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s to be granted a banking license
Banking license
Under most jurisdictions, a banking license is a prerequisite for a financial institution that wants to provide banking services, such as taking deposits from the general public....
in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, besides being one of the largest international banks in the country. With its head office in Sydney
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
, Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
currently has major centers in Melbourne
Melbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
, Perth
Perth, Western Australia
Perth is the capital and largest city of the Australian state of Western Australia and the fourth most populous city in Australia. The Perth metropolitan area has an estimated population of almost 1,700,000....
, Booragoon and Brisbane
Brisbane
Brisbane is the capital and most populous city in the Australian state of Queensland and the third most populous city in Australia. Brisbane's metropolitan area has a population of over 2 million, and the South East Queensland urban conurbation, centred around Brisbane, encompasses a population of...
and employs a total of about 1,200 Australians. The parent company, Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
, has around a million customers in Australia and New Zealand
Australasia
Australasia is a region of Oceania comprising Australia, New Zealand, the island of New Guinea, and neighbouring islands in the Pacific Ocean. The term was coined by Charles de Brosses in Histoire des navigations aux terres australes...
, along with about 900 local corporate and institutional clients. Stephen Roberts is the Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
.
History
In 1985, Citibank was granted a banking licence in Australia. In 1999, Diners ClubDiners Club
Diners Club International, founded as Diners Club, is a charge card company formed in 1950 by Frank X. McNamara, Ralph Schneider and Matty Simmons...
Australia was acquired by Citibank. Citigroup Centre
Citigroup Centre, Sydney
Citigroup Centre is a skyscraper located in Sydney, New South Wales, Australia. The building is currently the 10th tallest building in Australia but upon completion in 2000 was the 8th tallest. Citigroup Centre is also the tallest building in the city....
was opened in 2001 in Sydney. In 2002, CitiGold
Citigold
Citigold is the mass affluent service of Citibank, part of Citigroup. Citigold is a service aimed primarily at individuals who have the ability to invest in their products, with a minimum portfolio value no less than $50,000 or a similar value in the local currency...
Wealth Management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...
Banking was launched. The next year, Salomon Smith Barney
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
joined up with Citibank Corporate Bank to form the Citigroup Global Corporate and Investment Banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
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
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
, 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. The US Government is reported to be applying considerable pressure on Citigroup Inc to raise capital and this has led to speculation that smaller foreign units such as Citibank Australia will be sold.
Divisions
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.- Citi Global Consumer Group: Under this division fall Citibank and Diners Club. The Diners Club Card is a charge cardCharge cardA charge card is a card that provides an alternative payment to cash when making purchases in which the issuer and the cardholder enter into an agreement that the debt incurred on the charge account will be paid in full and by due date or be subject to severe late fees and restrictions on 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 acquisitionsMergers and acquisitionsMergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
and providing services in cash managementCash managementIn United States banking, cash management, or treasury management, is a marketing term for certain services offered primarily to larger business customers...
, custodial, foreign exchangeForeign exchange marketThe foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
, trade and treasury. - Citi Global Wealth Management: This division of Citi includes Citi Private BankPrivate bankPrivate banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...
, Citi Smith BarneySmith BarneyMorgan Stanley Smith Barney is a retail brokerage joint venture between Morgan Stanley and Citigroup.On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of...
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 TowersCastle TowersCastle Towers Shopping Centre, or known locally, simply as "Towers", is a large shopping centre in Castle Hill, New South Wales, Australia...
, and the QVB. These branches do not offer Telling services, instead these are looked after by 3rd parties such as the NABNational Australia BankNational Australia Bank is one of the four largest financial institutions in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation...
, and Australia PostAustralia PostAustralia Post is the trading name of the Australian Government-owned Australian Postal Corporation .-History:...
's Bank@Post, there older retail branches such as the one located in the citigroup centre also offer telling services.
Citibank Australia offers its customers home loans and personal loans, savings accounts, credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
s and insurance. It is also one of the biggest providers of superannuation funds in Australia.
Sponsorship and CSR
Citibank Australia has various financial educationFinancial literacy
Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of finances...
and environmental programs to serve local communities in Australia. Its program Making Cents is geared towards helping parents and teachers instruct children about the basics of money management
Money management
Money management is the process of managing money which includes investment, budgeting, banking and taxes. It is also called investment management....
. Another program funded by Citibank in Australia is Hip Pocket, 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 organization called Learning Links with a program called Counting for Life, which helps children with difficulties in learning math.
As part of its CSR Citibank Australia has engaged in various initiatives such as reducing its energy use
Energy
In physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
and paper use; supporting companies that use alternative energy
Renewable energy
Renewable energy is energy which comes from natural resources such as sunlight, wind, rain, tides, and geothermal heat, which are renewable . About 16% of global final energy consumption comes from renewables, with 10% coming from traditional biomass, which is mainly used for heating, and 3.4% from...
, and undertaking research on the impact of climate change
Climate change
Climate change is a significant and lasting change in the statistical distribution of weather patterns over periods ranging from decades to millions of years. It may be a change in average weather conditions or the distribution of events around that average...
on trade and industry. It has become an “Action for Climate Change” partner with Conservation Volunteers Australia
Conservation Volunteers Australia
Conservation Volunteers Australia is an Australian not-for-profit conservation organisation that attracts and coordinates volunteers for environmental restoration projects.- History :...
, 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.
Citibank Australia also supports a children’s hospice in New South Wales
New South Wales
New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales...
called Bear Cottage, as well as The Shepherd
The Shepherd
The Shepherd is a 1976 novella by Frederick Forsyth.The Shepherd relates the story of a De Havilland Vampire pilot, going home on Christmas Eve 1957, whose aircraft suffers a complete electrical failure en route from RAF Celle in northern Germany to RAF Lakenheath in Suffolk...
Centre, a centre for hearing impaired
Hearing impairment
-Definition:Deafness is the inability for the ear to interpret certain or all frequencies of sound.-Environmental Situations:Deafness can be caused by environmental situations such as noise, trauma, or other ear defections...
children. It is part of the Australian Business Community Network, which helps public schools through initiatives such as mentoring programs and career fairs.
Citibank Australia is a major sponsor of the Sydney Swans
Sydney Swans
The Sydney Swans Football Club is an Australian rules football club which plays in the Australian Football League . The club is based in Sydney, New South Wales. The club, founded in 1874, was known as the South Melbourne Football Club until it relocated to Sydney in 1982 to become the Sydney...
AFL
Australian Football League
The Australian Football League is both the governing body and the major professional competition in the sport of Australian rules football...
club.