Citi has announced it had successfully completed the sale of its Australian consumer business to National Australia Bank (NAB). Citi’s Australian consumer business, which includes unsecured lending, residential mortgages, deposits and wealth, is being transferred to NAB with approximately 800 Citi employees.
NAB was selected to acquire Citi’s consumer business, which includes credit cards, loans, retail banking, mortgages and wealth management solutions for high-net-worth individuals. The bank is also a credit card provider for some of Australia’s leading brands including BOQ, Coles, Kogan, Qantas, Suncorp and Virgin Money.
Citi Australia CEO Marc Luet said, “We are delighted on the transaction which is a very positive outcome for our customers and our consumer bank colleagues. Citi Australia will now focus its resources on the businesses where we have scale in order to deliver growth and improved returns. Our goal is to be Australia and New Zealand’s preeminent banking partner for corporate, investor and public sector clients with cross-border needs.”
The completed sale of Citi’s Australian consumer business is the first divestiture among the 14 consumer markets in Asia, Europe, Middle East and Mexico that Citi intended to exit as part of its strategy review.
