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| Home>Newsroom > December 2003 |
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| Media Release - 18-12-2003 |
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| Newsroom |
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| Citibank and CUSCAL announce transfer of credit card portfolio |
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| Sydney, 18 December 2003: Citibank and the Credit Union Services Corporation's (CUSCAL) today announced they have entered into an agreement to transfer the ownership of CUSCAL's MyCard credit card portfolio from CUSCAL to Citibank over the next few months. |
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| CUSCAL's credit card portfolio services 117 participating credit unions around Australia. |
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| John Gilbert, CUSCAL Chief Executive said "The decision to sell our credit card portfolio followed an extensive review of our business structure. |
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| "The critical decision was to work with an organisation that could provide not only expertise in credit card portfolio management, but one that could also continue to deliver on the credit union ethos for our customers. |
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| "Citibank brings us the best of both worlds - they are the world's largest issuer of credit cards and they also have experience through their alliances business in providing seamless customer service for another brand," he said. |
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| Citibank already has several partnerships with financial institutions including RAMS Home Loans and regional building societies including IMB, Wide Bay Capricorn, Maitland Mutual and Mackay Permanent Building Society to issue Gold and Silver MasterCards under the partner's brand. |
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| Citibank Director of Payment Products, Julian Potter said: "This deal is part of our ongoing strategy to further expand our credit card portfolio through strategic acquisitions and we will continue to investigate other options within the market. |
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| "Our dedicated alliances business has demonstrated expertise in credit card portfolio management and the purchase of CUSCAL's credit card portfolio provides us with an opportunity to expand our business. |
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| "Under the sale agreement customers will continue to see the MyCard branding and we will maintain the high levels of service that the customers expect from their current credit card. Customers will not experience any disruptions to the servicing or management of their credit card throughout this process. |
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| "Citibank is pleased that this partnership with CUSCAL and the credit unions will mean that customers will benefit from enhanced products and services over time," he said. |
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| For media enquiries: |
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| Please E-mail: newsroom.australia@citigroup.com |
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| Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com |
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