Banking & finance

NAB's proposed acquisition of Citi's Australian consumer business not opposed

The ACCC will not oppose the proposed acquisition of Citigroup Australia Pty Limited’s Australian consumer business (Citi) by National Australia Bank Limited (ASX: NAB) after a review found the transaction would not substantially lessen competition.

NAB and Citi overlap in the supply of consumer banking products and services, including credit cards, personal loans, wealth management and investment products, transaction and savings accounts and home loans in Australia.

CDR Participant Test Strategy

The ACCC has released the Consumer Data Right Participant Test Strategy for the banking sector. A critical element of the Consumer Data Right is the successful operation of participants’ technology solutions. This Test Strategy outlines the ACCC’s testing approach for new participants prior to on-boarding, and for existing participants to prepare for future releases and ensure continuous integrity and operation of the ecosystem.

Home loan borrowers missing out on significant savings by not switching

Many Australians with older home loans continue to pay significantly higher interest rates than borrowers with newer home loans, potentially costing them many thousands of dollars over time, the ACCC has found in a report published today.

The final report of the ACCC’s Home loan price inquiry highlights that many borrowers could save money by seeking a lower rate from their existing lender or switching to a new lender.