National Australia Bank, one of the four largest financial institutions in Australia, agreed to acquire the Australian consumer banking business of Citigroup, an American multinational investment bank and financial services corporation, for $882m. "This is a positive outcome for our clients, our colleagues and for Citi. 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. We are focusing our resources on businesses where we have scale and competitive advantages in order to deliver growth and improved returns over time," Jane Fraser, Citi CEO. On November 25, 2021, ACCC announced its decision not to oppose the deal.