SYDNEY--National Australia Bank Ltd. has agreed to buy Citigroup's Australian consumer business, paying cash for the price of its net assets plus a 250 million Australian dollar (US$183.84 million) premium. The Australian lender's Chief Executive Ross McEwan said the proposed acquisition supports NAB's growth ambitions for its personal banking business. Citigroup consumer business had lending assets of around A$12.2 billion and deposits of around A$9.0 billion at the end of June. Citigroup's consumer business had lending assets of around A$12.2 billion and deposits of around A$9.0 billion at the end of June. "NAB Agrees to Buy Citigroup's Australian Consumer Business," at 0443 GMT, incorrectly had the currency values in $ rather than A$.

Source: Wall Street Journal August 09, 2021 04:41 UTC