Home Stock Market Australia's NAB questioned Citi's ability to buy the local consumer unit

Australia’s NAB questioned Citi’s ability to buy the local consumer unit


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© Reuters. FILE PHOTO: The National Bank of Australia logo is displayed outside the company’s headquarters in central Sydney

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By Paulina Duran

SYDNEY (Reuters) – The National Bank of Australia (OTC 🙂 (NAB) on Friday refused to rule out purchases of local consumer finance and credit card operations by Citigroup Inc (NYSE :), has revealed plans to withdraw from a number of businesses in Asia and Europe for one night.

Citi, Australia’s fifth-largest credit card provider after NAB and its three other major lenders, said Thursday it would withdraw from retail banking in Australia, South Korea and 11 markets. other schools across Asia and Europe.

In response to questions at the parliamentary committee about the high degree of concentration of Australia’s banking system and whether the NAB would be interested in a deal with Citi, NAB CEO Ross McEwan declined to exclude or comment on any particular transaction.

“Our strategy today is to grow through our own operations, but you know, every business, whether it’s a bank or anyone else, will look at areas that could add to translation. customer service and make it more efficient, “he said.

The interview follows NAB’s deal in January to buy Australia’s largest digital-only retail lender, 86 400, for AU $ 220 million ($ 170.1 million). .

NAB is Australia’s third largest asset lender, among the so-called Big Four banks dominating most commercial banking products including home loans, credit cards and business finance. .

NAB, Commonwealth Bank, Westpac Bank (NYSE 🙂 Corp and the Australian and New Zealand Banking Group account for more than 75% of the county’s total A $ 2.85 trillion bank assets, official data show.

Accounting for 3.5% of its global consumer finance business, Citi has $ 9.3 billion in loans in Australia, a figure that has fallen 12% over the past year, it said Thursday.

Citi said the US lender has received approaches from several anonymous parties to buy the Australian unit, the credit card operator, mortgage and manage assets.

($ 1 = AU $ 1.2942)

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