NAB to acquire Citi’s Australian consumer banking business

Citi withdraws consumer franchises from 13 markets as it refocusses its effort on institutional clients and the wealth business. NAB acquires the bank's Australian division and 800 staff members.

Citi announced in a release yesterday 09 August, that it has entered an agreement with National Australia Bank Limited NAB for the sale of its Australia-based consumer banking business.

The transaction is expected to close in March 2022 following approval by the Commonwealth Treasurer, as well as market regulators, the Australian Prudential Regulation Authority APRA and the Australian Competition and Consumer Commission ACCC.

Following completion, Citi will transfer to NAB its full Australian consumer banking business, which includes residential mortgages, deposits and unsecured lending, along with 800 employees.

The move is part of an ongoing strategic review announced by the bank in...

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