Citi completes sale of Australian consumer banking unit to NAB

The transaction is the latest in Citi’s plans to divest from its consumer businesses in Asia and EMEA.

Citi has completed the sale of its consumer business franchise in Australia, the bank announced in a media note last week.

Exiting the consumer banking segment in 13 markets across Asia and EMEA is part of a wider strategy change for the bank, as it shifts focus to its Institutional Clients Group ICG business and a streamlined wealth management offering. Citi will retain consumer banking services in four hubs, namely Singapore, Hong Kong, London and the UAE.

The agreement to sell its Australia consumer banking business to NAB was first announced in August. A spokesperson for Citi confirmed with FinanceAsia that NAB paid approximately...

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