the adviser logo

Citibank looks to boost retail presence

by Staff Reporter8 minute read
The Adviser

Jessica Darnbrough

Citibank has announced plans to grow its retail mortgage distribution.

In a bid to increase its mortgage footprint, the lender aims to increase its retail distribution by 300 per cent over the coming 12 to 18 months.

Speaking to The Adviser, Citibank’s director of mortgages said the bank would first attempt to sell mortgage products to its existing savings account and credit card customer base.

In addition, the lender will also be selling directly to market through its various branches.

“We opened two branches earlier this year and we are currently working on opening more in the near future,” Mr Ramage said.

But while the lender is keen to ramp up its retail presence, Mr Ramage was quick to reassure brokers that it remained “100 per cent committed” to its third party distribution channel.

“We are still 100 per cent committed and focused with what we do with our brokers and that is not going to change whatsoever. In fact, we expect to write twice as much next year from that channel as we have this year,” he said.

Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more