The move sees the transfer of a $230 million credit card portfolio, with the company’s cards in future being branded Suncorp, albeit that Citibank will be responsible for operational and credit risk, technology platforms, issuance and back-office processing.
Explaining the move, Suncorp group executive, retail banking, David Foster said it allowed Suncorp to concentrate on the products and services “we believe are best suited to our unique skills and capabilities”.
“For Suncorp, this means we will retain our existing customers and earn revenue from credit card commissions,” Foster said.