Business

NAB in talks to buy Citi’s Australia consumer unit

National Australia Bank Ltd (NAB.AX), the country’s third-largest lender, said on Tuesday it was in talks with Citigroup Inc (C.N) to potentially buy the U.S. bank’s Australian consumer business.

Citi had said in April it would exit consumer businesses in 13 markets, including Australia, China and India, as part of a turnaround strategy to bring the bank in line with the profitability of its rivals.

NAB confirmed the talks in a brief statement to the stock exchange, adding that there was no certainty the discussions would lead to a deal.