Citigroup Bans Key Asian Currencies from Buying Australian Real Estate
Citigroup now has a blacklist of foreign currencies it will no longer accept as payment for Australian real estate from overseas borrowers. Matt Wood, head of the bank’s mortgage distribution has written to mortgage brokers with a list of 12 currencies that it will accept and warned that all others are not negotiable.
“Citigroup now has a blacklist of foreign currencies it will no longer accept as payment for Australian real estate from overseas borrowers.”
~ Australian Financial Review
The only foreign currencies it will now accept from overseas borrowers are the Canadian dollar, Danish kroner, European Union euro, Hong Kong dollar, Japanese yen, New Zealand dollar, Swedish kroner, Singaporean dollar, South Korean won, Swiss franc, UK sterling and US dollar. Major Asian currencies, such as the Chinese yuan and Thai baht, are excluded. Other exclusions include the Indian rupee, Indonesian rupiah, Malaysian ringit and Taiwan dollar.
Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool
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