Dear customers
I am writing to let you know that Citi has reached an agreement with NAB for the acquisition of our Australian consumer business.
This is an exciting announcement for us. We opened our first consumer banking office in Australia in 1985, and after a long and rich history, it is with both nostalgia and confidence that I share with you this next evolution of our business.
NAB is one of Australia’s leading financial institutions, and it is a testament to the strength of Citi’s Australian business that they have purchased our consumer operations. I am confident this will be positive for you, our customers, as our business will benefit from the scale, technical expertise, and breadth of offering NAB can provide.
You will understandably have questions about how this impacts the products and services you currently receive from Citi.
There will be no immediate impact to your accounts, deposits, investments, mortgages, credit cards or any other products you may hold with us. Subject to the timing of regulatory approvals, completion is expected to occur by March 2022.
Until this time, our banking operations, including our call centres, Citi Online and Citi Mobile® app services will continue as usual.
As we progress through the transaction, I want to reassure you that we will keep you informed to ensure a seamless banking experience for you throughout this process.
We remain committed to delivering a high quality of service and I look forward to sharing further updates with you in the near future.
Regards
Alan Machet
CEO Consumer Banking, Citi Australia