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NAB's play for Citigroup's Australian consumer business cleared by competition regulator

By Laurel Henning and James Panichi ( November 24, 2021, 23:12 GMT | Insight) -- National Australia Bank's $860 million acquisition of Citigroup's Australian consumer business appears set to proceed, after the country’s competition regulator announced it wouldn’t oppose the deal. In a statement published today, the Australian Competition & Consumer Commission said that although credit cards continued to be an important product for consumers, Citi’s credit card offering faced strong competition and the NAB would have no incentive to restrict the supply of Citi’s “white” credit cards, issued through commercial agreements with companies such as Qantas, PayPal, Kogan and Virgin Money.National Australia Bank's acquisition of Citigroup's Australian consumer business appears set to proceed, after the country’s competition regulator announced it wouldn’t oppose the deal....

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