- Partnerships and Alliances
Citibank - Partnerships and Alliances
Citibank is proud to partner with other financial institutions and organisations to provide a range of financial services products to Australian consumers.
Citibank has global expertise in product issuance across a broad range of sectors. It is able to leverage its international presence and experiences to provide potential co-brand companies with portfolio management capabilities, technology platforms, marketing and is an extension of its international distribution channel.
In Australia, Citibank issues credit cards through agreements with Credit Union Services Corporations (CUSCAL), Bank of Queensland and Suncorp Bank. It also holds co-brand arrangements with BP and Emirates Airlines.
Most recently, Citi entered into a strategic alliance agreement to issue financial services products to Virgin Money Australia.
Partnership and Co-brand arrangements
Citibank Australia works with its partners through different types of arrangements including white label agreements, co-brand partnership arrangements and Jointly-branded agreements.
Citibank provides "white labelled" distribution arrangements where it issues the credit cards under Partner's brand.
Through its "white labelled" arrangements, Citibank provides its credit card technology platform, as well as portfolio management capabilities.
Citibank operates co-brand partnerships to provide customers with unique products and services with benefits provided by both partnering companies. Through the arrangement the products bear the joint branding.
Citibank operates some arrangements whereby the partnering company is the lead brand, but Citi's branding is visible for some marketing and promotional purposes.
In 2000, Citibank entered into a 'white labelled' agreement with Wide Bay Australia Building Society. From a strong support base in Central and South-East Queensland, the group has expanded interstate to become a national organisation. Under this agreement, Citibank provides Wide Bay branded cards to customers.
In 2000, Citibank entered into a 'white labelled' agreement with IMB Building Society. IMB is one of Australia's largest Building Societies which recently celebrated its 130th anniversary. Under this agreement, Citibank provides IMB branded cards to members.
In 2004, Citibank entered into a 'white labelled' agreement with the Credit Union Services Corporation's (CUSCAL) to transfer the ownership of CUSCAL's credit card portfolio to Citibank.
CUSCAL's credit card portfolio services 51 participating credit unions around Australia. Under this agreement, Citibank provides MyCard branded and other Credit Union branded cards to members.
In 2006 Citibank partnered with BP to launch Australia's first fuel discount credit card, the BP-Citibank MasterCard. The partnership offers customers the opportunity to save on fuel and everyday items at nearly 1,400 BP service stations across the country.
In June 2007, Citibank acquired Bank of Queensland's $260 million credit card portfolio. Under the terms of the agreement, Citibank provides Bank of Queensland with the product, back office and marketing support.
In February 2008, Citibank acquired Suncorp Bank's $230 million credit card portfolio under a white label agreement. Similar to its arrangement with Bank of Queensland, Citibank is responsible for operational and credit risk, technology platforms, issuance, back office management and portfolio management.
Launched in 2008, the Emirates Citi Platinum Card was only the second global airline co-brand card to be launched in the Australian market.
The card was developed through a co-brand partnership arrangement with Emirates.
Virgin Money is the financial services arm of Sir Richard Branson's Virgin Group. With businesses in UK, South Africa, Unites States and Australia it is a highly recognisable brand in the financial services sector.
In June 2009, Virgin Money Australia and Citibank Australia joined to form a new strategic alliance to bring a full range of jointly branded financial services to the Australian market, with Virgin Money holding prominent brand placement. Under this arrangement Virgin Money branded products are jointly supplied using Citibank's Australian banking license.
This arrangement represents the most significant strategic alliance for Citibank in Australia, as it provides scope to jointly provide a full suite of financial services products.