ACCC Approves $1.2b NAB-Citi takeover
- The Australian competition watchdog greenlights National Australian Bank’s (NAB) proposed buyout of Citi Australia’s retail consumer business
- The buyout would see NAB become the second-largest credit card provider in the country, controlling 21 per cent of the credit card market
- However, the Australian Competition and Consumer Commission (ACCC) says a review into the market found that the NAB-Citi transaction would not substantially impact comptetion
- Other big banks control conisderable amounts of the credit card market, and the sector in general faces pressure from unsecure loans such a buy now, pay later services
- Shares in NAB are down 0.32 per cent on the ASX at 2:30 pm AEDT, trading at $28.36 each
