Business
ACCC boss Rod Sims warns big four not to buy Citi’s retail bank – ABC News
Citi is Australia’s fifth-largest credit card provider, but it is planning to sell up and get out of the consumer market. The ACCC says it does not want one of…
The competition regulator has warned it could block any attempt by Australia’s big four banks to buy Citigroup’s consumer banking business in Australia.
Key points:
- Citi Australia has 1.8 million customers for its consumer banking services
- It is the fifth largest credit card issuer in Australia, with 12 per cent of the market
- ACCC boss Rod Sims has competition concerns over Citi’s plans to sell its consumer bank
The global bank has put its consumer banking business up for sale in Australia and 12…
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