Original article by Cliona O’Dowd, John Durie
The Australian – Page: 17 : 11-Aug-21
National Australia Bank CEO Ross McEwan says the deal to buy Citigroup’s Australian consumer banking division will provide NAB with scale and expertise in unsecured lending, particularly in the credit card market. However, Morgan Stanley has questioned the merits of NAB’s push to expand in the consumer unsecured lending market, which is occurring at a time when younger Australians in particular are shunning credit cards in favour of ‘buy now, pay later’ services. Ord Minnett has in turn warned of the material risk that the transaction will be blocked by the Australian Competition & Consumer Commission.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CITIGROUP PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, ORD MINNETT GROUP LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION