Citibank has reported that the latest arrangement will add around 100,000 cards to its existing customer portfolio. The partnership supports Citibank’s vision for expansion and follows existing white label agreements with Credit Union Services Corporation’s, Bank of Queensland, and a co-brand arrangement with BP.
Under the sale agreement, all cards will be branded Suncorp with Citibank responsible for operational and credit risk, technology platforms, issuance and back office processing, customer service and portfolio management.
Les Matheson, CEO of Citibank Australia, said: Citibank’s growth in the credit card space is the result of market-leading credit card technology platforms, leading edge products and marketing capabilities. We are taking steps through organic and inorganic growth to be a leader in the Australian credit card market and this latest partnership with Suncorp is another critical milestone in achieving our vision.
