National Australia Bank (ASX:NAB) has completed the acquisition of Citigroup’s Australian consumer business.
The major bank says it has set up an integration team to manage the transition of Citigroup’s consumer business into NAB’s personal banking division and subsequent integration of both businesses.
This comes after NAB reached an agreement to purchase the consumer business in August last year, including its home lending portfolio, unsecured lending business, retail deposits business, and private wealth management business which was subject to conditions at the time.
NAB says it will communicate with customers regarding any changes to available products and the NAB service offering, while integration of the consumer business will occur progressively over the next 2 to 3 years.
“The purchase of the Citigroup Consumer Business gives us greater scale in unsecured lending and supports investment in new technology,” said chief executive officer Ross McEwan.
“This will enable us to create more innovative, simple and digital products and services for customers, particularly in unsecured lending and supporting business partners with white label products.”
Shares in National Australia Bank (AS:NAB) last traded at $31.26.