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Finance

NAB to buy Citi's Australia consumer business in $882m deal

Move comes after US lender said it would exit its 13 overseas consumer operations

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.   © Reuters

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.

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