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National Australia Bank to acquire Citigroup's Australian consumer business

( August 9, 2021, 07:01 GMT | Official Statement) -- MLex Summary: One of Australia's four major banks, National Australia Bank, today announced its plans to acquire Citigroup's Australian consumer business, in a proposed A$1.2 billion acquisition that would see NAB pay Citigroup cash for the net assets of the consumer business plus a premium of A$250 million. In an announcement to the Australian Securities Exchange, NAB said that as at June 20, Citigroup Consumer Business had lending assets of approximately A$12.2 billion. The deal requires approval from Australia's Treasurer, the Australian Prudential Regulation Authority, and the country's competition regulator, which has already said it is monitoring the planned acquisition. National Australia Bank's full statement is attached; the investor presentation is also attached. ...

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