Citi has closed the sale of its Australian consumer unit to NAB, completing the first of 14 exits from retail markets where it lacks scale.
Citi has successfully completed the sale with National Australia Bank today, according to a statement, which includes the transferal of unsecured lending, residential mortgages, deposits and wealth.
Also part of the deal is around 800 Citi employees that will join the Australian lender.
The two banks first entered into the deal in August last year when the transaction was valued at around A$1.2 billion ($860 million).
Institutional Focus
Following Citi’s exit from Australia’s consumer market, it will increase its focus on the institutional business where it provides service to approximately 1,500 corporates, banks, governments and institutional investors in Australia, as well as clients offshore.
Its offering covers capital markets and corporate advisory, markets and securities services, commercial banking and treasury and trade solutions.
«Our goal is to be Australia and New Zealand’s preeminent banking partner for corporate, investor and public sector clients with cross-border needs,» said Citi Australia CEO Marc Luet.
The Australian deal marks the first divestiture among 14 consumer markets Citi has planned to exit worldwide. Nine deals have been signed while the U.S. bank is in the process of exiting the Korean market.
