Australia Letting Citicorp Unit Open Branch

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.

"Branch status will enable Citibank's corporate bank to more actively participate in large syndicated loans and other capital markets," the bank said. "Previously, these transactions were backed by the much smaller capital base of the local subsidiary."