News: NAB Australia's ACCC Not Opposed To NAB'S Acquisition Of Citi's Australian Consumer Business

Nov 25 (Reuters) - National Australia Bank Ltd (NAB) :

• NAB’S PROPOSED ACQUISITION OF CITI’S AUSTRALIAN CONSUMER BUSINESS NOT OPPOSED
• REVIEW FOUND THE TRANSACTION WOULD NOT SUBSTANTIALLY LESSEN COMPETITION
• WILL NOT OPPOSE PROPOSED ACQUISITION OF CITIGROUP AUSTRALIA PTY'S AUSTRALIAN CONSUMER BUSINESS BY NAB
• CONCLUDED THAT, POST PROPOSED ACQUISITION, NAB WOULD CONTINUE TO FACE COMPETITION FROM A RANGE OF SUPPLIERS OF CREDIT CARDS
• REVIEW CONSIDERED WHETHER NAB’S ACQUISITION OF CITI WOULD REDUCE COMPETITION BOTH IN OVERALL MARKET FOR CREDIT CARDS & IN PARTICULAR SEGMENTS
• WAS PARTICULARLY FOCUSSED ON WHETHER POST-ACQUISITION NAB MIGHT OFFER LESS FAVOURABLE TERMS TO WHITE LABEL PARTNERS, SUCH AS SMALLER BANKS
• FOUND THAT POST-ACQUISITION, NAB WOULD BE UNLIKELY TO HAVE INCENTIVE TO ACT IN SUCH WAY
• BANKS MAY ALSO HAVE ABILITY TO INVEST IN THEIR OWN CREDIT CARD ISSUING PLATFORMS WHICH COULD REMOVE RELIANCE ON NAB’S WHITE LABEL CREDIT CARDS

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