In April 2004, ownership of MyCard credit card portfolio was transferred to Citibank from CUSCAL (Credit Union Services Corporation of Australia Limited), the organisation that provides support and services to individual credit unions in Australia. A long-term agreement for the future issuance of credit cards to participating CUSCAL credit unions was also part of this transaction. At the time of the transaction, CUSCAL issued cards for over 100 credit unions (over 85% of all Australian credit unions).

Citibank retained Kessler on this transaction to optimise the structure and provide guidance throughout the process. Important considerations of the transaction were: immediate and long-term value; the product offering; and customer service. The portfolio provided a significant lift to Citibank's card business in Australia and added a strong source of new cards across a variety of acquisition channels.