Citibank hopes to be number one in cards

Citibank said it wanted to be number one in the credit card business in Australia. “We are number one in credit cards in the world, number one in the US and half the countries in Asia, and in the longer term we intend to be number one here,” Citibank’s Australian retail banking chief executive Les Matheson said. He said regulatory changes forced by the Reserve Bank would put pressure on lenders who don't have a large portfolio or a low cost base. Citibank bought the small portfolio of MasterCards from credit unions associated with Cuscal last year.