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    NAB   AU000000NAB4

NATIONAL AUSTRALIA BANK LIMITED

(NAB)
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Australian watchdog approves NAB's acquisition of Citi's local consumer business

11/24/2021 | 05:51pm EST
FILE PHOTO: The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney

(Reuters) - The Australian Competition and Consumer Commission (ACCC) on Thursday said it would not oppose National Australia Bank's proposed acquisition of Citigroup's local consumer banking business.

The watchdog's review, which focused mostly on NAB's credit card business, found that the deal would not limit competition in the sector, ACCC said in a statement.

"NAB today is smaller in credit cards than its major bank rivals, and we don't consider adding Citi's card operations to NAB will materially change the level of competition," ACCC Chair Rod Sims said.

NAB, Australia's second-biggest bank, said in August it would buy Citigroup Australia Pty Ltd for about $882.24 million, as the American bank prepares to exit the region in the face of strong challenges to the old credit card business model from buy-now, pay-later companies.

NAB could not be immediately reached for comment.

(Reporting by Sameer Manekar in Bengaluru; Editing by Anil D'Silva)


ę Reuters 2021
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Financials
Sales 2022 17 578 M 12 615 M 12 615 M
Net income 2022 6 368 M 4 570 M 4 570 M
Net Debt 2022 - - -
P/E ratio 2022 15,0x
Yield 2022 4,82%
Capitalization 93 374 M 66 940 M 67 012 M
Capi. / Sales 2022 5,31x
Capi. / Sales 2023 5,11x
Nbr of Employees 32 741
Free-Float 99,2%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 28,63 AUD
Average target price 30,19 AUD
Spread / Average Target 5,45%
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Managers and Directors
Ross Maxwell McEwan Group CEO, Managing Director & Director
Gary A. Lennon Group Chief Financial Officer
Philip Wayne Chronican Chairman
Patrick C. Wright Group Executive-Technology & Enterprise Operations
Leslie Durno Matheson Group Chief Operating Officer
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