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InvestmentsAustralian watchdog approves NAB's acquisition of Citi's local consumer business By Reuters

Australian watchdog approves NAB’s acquisition of Citi’s local consumer business By Reuters


© Reuters. FILE PHOTO: The emblem of the National Australia Bank is displayed exterior their headquarters constructing in central Sydney, Australia August 4, 2017. REUTERS/David Gray

(Reuters) -The Australian Competition and Consumer Commission (ACCC) on Thursday mentioned it might not oppose National Australia Bank (OTC:)’s proposed acquisition of Citigroup (NYSE:)’s local consumer banking business.

The watchdog’s assessment, which targeted totally on NAB’s bank card business, discovered that the deal wouldn’t restrict competitors within the sector, ACCC mentioned in a press release https://www.accc.gov.au/media-release/nabs-proposed-acquisition-of-citis-australian-consumer-business-not-opposed.

“NAB today is smaller in credit cards than its major bank rivals, and we don’t consider adding Citi’s card operations to NAB will materially change the level of competition,” ACCC Chair Rod Sims mentioned.

NAB, Australia’s second-biggest financial institution, mentioned in August https://www.reuters.com/business/finance/australias-nab-buy-citis-local-credit-card-business-882-mln-deal-2021-08-09/#:~:text=SYDNEY%2C%20Aug%209%20(Reuters),old%20credit%20card%20business%20model it might purchase Citigroup Australia Pty Ltd for about $882.24 million, because the American financial institution prepares to exit the area within the face of robust challenges to the previous bank card business mannequin from buy-now, pay-later corporations.

NAB couldn’t be instantly reached for remark.

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