Australia’s NAB to buy Citi’s local credit card business in $882 million deal

National Australia Bank will buy Citigroup’s 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. The deal consolidates 90% of the country’s credit cards industry into the hands of Australia’s Big Four banks, with NAB adding a million customers through the deal to become the nation’s second-largest credit card provider. “The proposed acquisition … brings scale and deep expertise in unsecured lending, particularly credit cards, which continue to be an important way for customers to make payments,” said NAB Chief Executive Officer Ross McEwan.