local consumer unit for about $882.24 million, the companies said Monday, as the American bank exits the region while buy-now, pay-later rivals challenge the old credit card business model.
"Access to a greater share of payments and transaction data will help drive product and service innovation across our personal banking business." "The market is likely to initially question the strategic rationale of the transaction given a mostly unsecured lending business in a segment of the market that has been in recent decline even though NAB is highlighting the increased scale from payments data," Credit Suisse analyst Jarrod Martin said.The deal comes after U.S. lending giant Citi in April said it would exit its 13 overseas consumer operations under an overhaul by new boss Jane Fraser to boost profitability.
They bought mortgages also, I am a holder of one. Citibank have sold their Australian consumer lending business to a bunch of lazy slobs. I am negotiating with them currently to at least act & behave like a global bank, not holding out much hope. Feeling abandoned.
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