National Australia Bank (NAB) has completed its acquisition of Citigroup Consumer Business, Citigroup’s Australian consumer business.
Ross McEwan, NAB CEO, said the move supports NAB’s ambition to become a leading personal bank with a simpler, more digital experience.
“We have good momentum in our personal banking division, driven by our aim to be simpler and more digital for customers and colleagues,” McEwan said. “The purchase of the Citigroup Consumer Business gives us greater scale to support investment in new technology to deliver market-leading digital capabilities and product innovation.”
The deal will also see all new Citigroup colleagues joining NAB, bringing with them deep banking expertise and insights into how customers’ needs continue to change.
“This will enable us to create more innovative, simple, and digital products and services for customers, particularly in unsecured lending and supporting business partners with white-label products,” McEwan said.
NAB has set up a dedicated integration team to manage the transition of the Citigroup Consumer Business into NAB’s personal banking division and subsequent integration of both businesses. Integration of the Citigroup Consumer Business will occur progressively over the next two to three years.
