National Australia Bank Limited - Citigroup Pty Limited’s Australian consumer business (Citigroup Consumer Business)

Acquirer(s)

  • National Australia Bank Limited

Target(s)

  • Citigroup Pty Limited’s Australian consumer business (Citigroup Consumer Business)

Summary

National Australia Bank Limited (NAB) proposes to acquire Citigroup Pty Limited’s Australian consumer business (Citigroup’s Consumer Business).

Broadly, NAB and Citigroup’s Consumer Business overlap in the supply of Australian consumer banking products and services, including credit cards, low interest credit cards, personal loans, wealth management and investment products, transaction and savings accounts and home loans.

Market inquiries

Submissions are invited from interested parties regarding NAB’s proposed acquisition of Citigroup’s Consumer Business.

The closing date for submissions is 13 September 2021. Submissions should be forwarded electronically (preferably in PDF format) to mergers@accc.gov.au with the title “Submission re: NAB/Citigroup - attention Will Sommers/Olivia King".

Following the closing date, queries regarding the ACCC’s review may be addressed to Will Sommers/Olivia King at mergers@accc.gov.au. For more details, please refer to the attached market inquiries letter.

Market inquiries

Document title Date

Timeline

DateEvent
23/08/2021ACCC commenced informal review under the Informal Merger Review Process Guidelines.
08/09/2021ACCC is awaiting information from the parties. Former provisional date for announcement of ACCC's findings (18 November) is delayed. ACCC will announce a proposed decision date in due course.
13/09/2021Closing date for submissions.

Project staff

  • Will Sommers
  • Olivia King

Contact email