“As this transaction shows, we are moving forward with urgency as we refresh our strategy and execute the decisions we have already made as part of that effort,” Fraser said in a separate statement.
Citigroup Inc has sold the first of 13 markets Chief Executive Officer Jane Fraser put on the block, agreeing a deal to offload its Australian consumer unit to National Australia Bank.
The Australian lender will pay the US bank cash for the net assets of the Citigroup Consumer Business plus a premium of A$250 million ($184 million), according to a statement from National Australia Monday, Aug 9. The bank said its net assets totalled A$3.2 billion, taking the implied valuation as of June to A$3.45 billion. The required equity is approximately A$1.2 billion, National Australia said in the statement.
