Original article by James Eyers
The Australian Financial Review – Page: 18 : 14-Jul-21
National Australia Bank has emerged as a potential buyer of Citigroup’s local consumer banking business. NAB has advised that it is holding talks with Citigroup but stresses that a deal may not eventuate. Citigroup has an 11 per cent share of Australia’s credit card market, making it the fifth-biggest player in the sector, while it holds $5.5bn worth of household deposits and some $6.6bn worth of home loans. Australian Competition & Consumer Commission chairman Rod Sims recently indicated that it would closely scrutinise any bid for the Citigroup assets by one of the nation’s major banks.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CITIGROUP PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION