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The Proposed Acquisition includes a home lending portfolio, unsecured lending business (operating under the Citigroup brand as well as white label partner brands), retail deposits business, and private wealth management business. This expertise, together with our commitment to deliver market leading products and services, provides an opportunity to grow with existing partners and add new partners.вЂќ вЂњCitigroupвЂ™s management team has also built strong white label partnerships with household names in the airline, retail and financial services sectors over many years. вЂњThe cards and payments sector is rapidly evolving and access to a greater share of payments and transaction data will help drive product and service innovation across our Personal Banking business and deliver market leading customer experiences.

вЂњThe proposed acquisition of the Citigroup Consumer Business brings scale and deep expertise in unsecured lending, particularly credit cards, which continue to be an important way for customers to make payments and manage their cashflows,вЂќ he said. NAB CEO, Ross McEwan, said the proposed acquisition supported NABвЂ™s strategic growth ambition for its Personal Banking business.

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The Proposed Acquisition, which remains subject to regulatory approvals, is structured primarily as an asset and liability transfer, with NAB to pay Citigroup cash for the net assets of the Citigroup Consumer Business plus a premium of $250 million.

National Australia Bank Limited (NAB) today announced it has entered into a Sale and Purchase Agreement with Citigroup Pty Limited ( Citigroup) to purchase CitigroupвЂ™s Australian consumer business ( Citigroup Consumer Business) (the Proposed Acquisition).