Fixed mortgage rates win business for Citibank

A big turnaround in its mortgage business was one of the highlights for Citibank in Australia in 2011.

The bank settled $1.4 billion of mortgages in 2011 compared with $500 million in 2010. Citibank Australia chief executive Roy Gori said the mortgage book grew by three per cent last year.

The turnaround came from aggressive pricing of fixed-rate loans (which made up 30 per cent of Citibank’s mortgage sales) and investment in marketing and distribution.

Source: Banking Day