Tuesday, November 30, 2021

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ACCC: Approves $1.2b NAB-Citi takeover

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
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