Business
Citi’s credit card business shrinking ahead of sale – The Australian Financial Review
Citi Australia will encounter some difficulty finding a buyer for its retail division because its credit card book is shrinking as consumers chop up their plastic….
Citis accounts show that revenues in its credit card business fell over the prior year due to continued deleveraging across the industry and a fall in spending on credit cards due to the impact of COVID-19.
More than 1 million Australians cancelled their credit cards last year. As of February, there were 12.7 million cards in the market, the lowest number since 2007 and a fall of 8 per cent over the year.
In the consumer banking division, Citi Australia last year deferred payments for 2349 home…
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