In a statement released this week, NAB said it “regularly assesses opportunities to acquire business that supports its growth strategy in core banking markets”.
It added that there is “no certainty” the discussions will lead to a transaction.
A Citi spokesperson also confirmed discussions about “the potential sale of its consumer bank in Australia” to InvestorDaily, adding that the completion of any potential transaction would be subject to various regulatory approvals.
The news comes after the US-based chiefs of Citigroup confirmed it would be shutting the Australian business following a review of its Asian retail operations.
“We don’t have the scale to compete,” global chief executive Jane Fraser said in April.
“We simply aren’t the best owners of [the Australian consumer business] over the long term. Our capital and resources are best deployed elsewhere.”
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
