The great Citi Asia consumer sale has its first buyer: National Australia Bank, which is acquiring Citi’s Australia business for A$1.2 billion (US$0.88 billion) of equity. One down, 12 to go; but if they’re all this clean, Citi will be pleased.
NAB is buying the whole Australian business and taking all 800 staff. It is paying a A$250 million premium for a business that has A$12.2 billion of loans and A$9 billion of deposits, including a million credit card customers.
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