Citibank battles for fourth
(18 March 2010 – Australia) Citibank plans to organically grow its retail operations, setting its sights on overtaking National Australia Bank as the fourth largest issuer of credit cards in Australia.
Citibank, currently fifth in the market with a 9.8 percent share, plans to break the big four’s monopoly of the consumer credit card market by becoming the first ever bank to impede on the big four’s rankings pushing NAB, currently with an overall share of 12.1 percent, into fifth place.
Citibank's head of consumer banking and cards for Asia-Pacific, Jonathan Larsen, told The Australian newspaper, that there were strong opportunities for growth across the retail banking market in Australia.
The bank sees Australia as a sophisticated and very competitive market, it's dominated by the four major banks here, Mr Larsen said.
There are continuing opportunities for the company as Citibank is a significant player in the credit cards market and has experienced success with a number of the partnerships it currently has in place, Mr Larsen added.
Mr Larsen also highlighted that the bank has its own branded durable credit cards business, The Australian reported.
The top market share in the Australian market goes to CBA with a dominating 19.7 percent share, with ANZ following closely behind sitting on 18.2 percent share and Westpac at 17.6 percent.
Citibank thinks it offers value for the business that it is competing for. It offers value and transparency, and if Citibank can continue to do that there's no reason the bank can't gain the additional market share to take it to number four, Mr Larsen said in an interview with The Australian.
The bank’s head also added that they plan to continue to grow organically across Australia and Asia-Pacific, rather than making large scale acquisitions, but will continue to build alliances.
Citibank's head of consumer banking and cards for Asia-Pacific, Jonathan Larsen, told The Australian newspaper, that there were strong opportunities for growth across the retail banking market in Australia.
The bank sees Australia as a sophisticated and very competitive market, it's dominated by the four major banks here, Mr Larsen said.
There are continuing opportunities for the company as Citibank is a significant player in the credit cards market and has experienced success with a number of the partnerships it currently has in place, Mr Larsen added.
Mr Larsen also highlighted that the bank has its own branded durable credit cards business, The Australian reported.
The top market share in the Australian market goes to CBA with a dominating 19.7 percent share, with ANZ following closely behind sitting on 18.2 percent share and Westpac at 17.6 percent.
Citibank thinks it offers value for the business that it is competing for. It offers value and transparency, and if Citibank can continue to do that there's no reason the bank can't gain the additional market share to take it to number four, Mr Larsen said in an interview with The Australian.
The bank’s head also added that they plan to continue to grow organically across Australia and Asia-Pacific, rather than making large scale acquisitions, but will continue to build alliances.
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