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Market opportunities open for Citi

by Staff Reporter7 minute read
The Adviser

Citigroup may be poised to capitalise on market opportunities buoyed by substantial access to consumer deposit bases in Australia as well as across Asia.

Speaking with The Australian Financial Review, Citibank’s retail head for Australia and New Zealand Roy Gori, said the bank’s position regarding deposits and its capabilities as a major bank gave it some crucial advantages over Australia’s big four banks.

While the bank suffered heavy losses globally during the financial crisis, the Australian operation has performed well turning a $274.5 million before tax profit in 2008, according to The Australian Financial Review.

Back in March the bank tightened its mortgage lending to ensure that “Citi continues to operate profitably in the future,” according to Peter Hayward, Citibank head of distribution and marketing.

Mr Hayward also stressed that the bank “remained committed to the broker market and always will be committed”.

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