NAB in Talks to Buy Citi’s Australia Consumer Unit
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The National Bank of Australia is the latest to join the hunt for Citi’s retail assets after it announced plans for a major consumer downsizing earlier this year.
NAB is in talks to potentially but Citi’s consumer business in Australia, according to an exchange filing.
Discussions are ongoing and no deal has been concluded.
Numerous banks are eyeing opportunities to purchase consumer businesses from Citi’s 13-market exit.
In Australia, NAB joins the likes of ANZ, ING Bank, Macquarie, Bank of Queensland and local insurer Suncorp. which have also reportedly expressed interest.
Questions & Answers
Q.Which banks have reportedly shown interest in acquiring Citi's consumer business in Australia?
Which banks have reportedly shown interest in acquiring Citi's consumer business in Australia?
Besides NAB, other banks reportedly interested in Citi's consumer business in Australia include ANZ, ING Bank, Macquarie, Bank of Queensland and local insurer Suncorp. Several institutions are eyeing the opportunities presented by Citi's exit.
Q.Has a deal been finalised for NAB to purchase Citi's consumer unit in Australia?
Has a deal been finalised for NAB to purchase Citi's consumer unit in Australia?
No, a deal has not yet been concluded for NAB to purchase Citi's consumer unit. Discussions are currently ongoing between the two parties. NAB is the latest bank to join the hunt for these retail assets.
Q.Why is Citi looking to sell its consumer business in Australia?
Why is Citi looking to sell its consumer business in Australia?
Citi announced plans for a major consumer downsizing earlier this year, which includes exiting 13 markets globally. This strategic move explains why its consumer unit in Australia is now available for purchase by other financial institutions.
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