Citigroup Inc. will sell its Australian consumer business to National Australia Bank Ltd.

NAB, one of the top four banks in Australia, will pay Citigroup A $ 250 million ($ 184 million) for the portfolio of mortgages, credit cards and deposits, the banks said.

Ms Fraser took over Citigroup in March and quickly announced a restructuring that would cut consumer operations in 13 global markets, trying to streamline the bank to focus on a few global hubs. She intends to further rationalize the sprawling bank, with the aim of increasing profits and yields to close the gap with its rivals.

Analysts applauded Ms Fraser’s promises, but Citigroup shares have lagged against their peers and missed recent rallies as investors waited for concrete action. Prior to Monday, stocks were down 5% in the past three months and only rose 15% this year. The latter is only half of the gain observed by the other large banks in the KBW Nasdaq Bank index. The stock was pretty much flat on Monday morning.

“As this transaction demonstrates, we are moving forward with urgency as we update our strategy and execute the decisions we have already made as part of this effort,” Fraser said in a statement.


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