Citibank and Suncorp sign off on credit card agreement

13 February 2008

Citibank has this week entered into a long-term credit card partnership with Queensland based bank Suncorp. As part of the agreement between the two financial institutions, Citibank will add to its rapidly expanding Australian credit cards business with the acquisition of Suncorp's $225 million credit card portfolio.

This agreement between the two banks will see Citibank's portfolio increase significantly, adding approximately 100,000 credit cards to its existing customer portfolio.

As the world's largest issuer of credit cards, the partnership supports Citibank's vision for expansion.
Citibank already has credit card agreements with other Australian financial institutions including, Credit Union Services Corporation's (CUSCAL) and the Bank of Queensland.

Citibank Australia Chief Executive Les Matheson said the agreement signalled 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"

"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"

"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"

"Credit card partnerships are an area of strength for Citibank and we will continue to look for new partnership opportunities"

Under the terms of the agreement between the two parties, all the credit 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.

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