Citi Leaving Australia?

[albyd]

Saw this in the AFR today - apparently Cards business is up for sale. Shame as much as it has its own issues, will be sad to have one less player in the sector in Australia. Wonder what a new owner will do with Diners.

Plastic fantastic: Citi’s bankers shop Citigroup credit cards unit

There’s nothing like working directly for head office to fire up an investment banking team.

www.afr.com

 

[Supersonic Swinger]

It is part of a possible broader rationalisation of Citi's international consumer divisions announced a few days ago, which could also see them rationalise in South Korea, Thailand and Philippines, as well as possibly Mexico - having already sold off consumer divisions in Brazil, Argentina and Chile.

I wonder whether the email sent this afternoon to Citi Premier holders that online purchases were eligible for 2 points per dollar is part of reducing churn to make the numbers look better before sale...

Citi Is Considering Divesting Some Foreign Consumer Units

Citigroup Inc. is studying options for slimming down the firm’s sprawling international consumer operations as part of incoming Chief Executive Officer Jane Fraser’s efforts to simplify the bank.

www.bloomberg.com