BANK of Queensland says it will transfer its credit card business to
Citibank, resulting in a $26 million profit.*
The bank said the deal with Citibank builds on its strategic agreement
with the financial services firm to provide BoQ-branded cards to its
“The agreement will result in net profit after tax of approximately $26
million for Bank of Queensland,” the bank said.
“The arrangement between BoQ and Citibank will provide the bank with the
product, back office and marketing support to ensure its card portfolio
grows in line with the rest of the bank’s rapid expansion.”
The transfer will be settled at the end of May, when BoQ’s approximately
$260 million credit card portfolio will transfer to Citibank.
All cards will still be branded BoQ, and all customer contact regarding
the cards business will be through BoQ branches and offices, or
Australian-based contact centers.