SYDNEY: National Australia Bank said on Monday it will buy Citigroup's local consumer unit in a deal valued at about A$1.2 billion ($882.24 million), creating the second-largest credit card provider in Australia.
The deal, which includes a A$250 million premium, will elevate NAB's personal banking business as the lender vies for a bigger share among Australia's "Big Four" banks that control more than 80% of the market.
Already a subscriber? Log in
The Star Festive Promo: Get 35% OFF Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
