Citi announces sale of its consumer banking arm to NAB

Citi has today announced an agreement for NAB to acquire its consumer bank in Australia.

This arm of the multinational group comprises $7.9 billion in residential mortgages, deposits worth $9 billion and unsecured lending amounting to $4.3 billion.

“We are focusing our resources on businesses where we have scale and competitive advantages in order to deliver growth and improved returns over time,” Citi chief executive Jane Fraser said.

The bank will also continue to provide investment and banking services to its 1,500 corporates, banks, governments and institutional investors in Australia, as well as clients offshore.

For everyday Citi customers the move doesn’t mean much right now, as services will continue as normal until the agreement is finalised by March 2022 when accounts will be transferred to NAB.

That means there’s ample time for Citi customers to consider their options. Loan customers who are thinking about refinancing with a different lender can start their research using Mozo’s dedicated personal loans comparison page.

If you hold your savings in a Citi account and want to compare NAB’s offerings with other options ahead of the handover next year, check out some of the savings accounts below.