RTTNews | Aug 9, 2021 06:06AM EDT

06:05 Monday, August 9, 2021 (RTTNews.com) - National Australia Bank Limited (NABZY.PK, NAUBF.PK) has agreed to buy Citigroup's Australian consumer business. The required equity of the deal is approximately A$1.2 billion. NAB said the proposed acquisition brings scale and deep expertise in unsecured lending, particularly credit cards. Senior management and approximately 800 Citigroup employees are anticipated to join NAB as part of the deal.

As at 30 June 2021, the Citigroup Consumer Business had lending assets of approximately A$12.2 billion, and deposits of approximately A$9.0 billion.

NAB will enter into a Transitional Services Agreement with Citigroup to assist with the integration of the Citigroup business into NAB.

Read the original article on RTTNews ( https://www.rttnews.com/3217225/nab-to-acquire-citigroup-s-australian-consumer-business-quick-facts.aspx)

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