Citibank NA, a unit of Citicorp, has received approval to establish a branch in Australia. Citibank now conducts consumer and corporate banking in Australia through a local unit named Citibank Ltd.

Australia's central bank changed its policy over recent years to allow foreign banks to operate some business in Australia through branches of their parent banks. Previously, foreign banks had to operate through Australian units with their own capital bases.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.