APRA Announces the Withdrawal of Citigroup Pty Limited's ADI Licence

The Australian Prudential Regulation Authority (APRA) has revoked Citigroup Pty Limited's (CPL's) authorised deposit-taking institution (ADI) licence under the Banking Act 1959. 

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This determination follows the acquisition of CPL's consumer banking business by National Australia Bank Limited (NAB) in June 2022, the subsequent transfer of CPL's banking assets and liabilities to NAB and CPL's request for the revocation.

Let's recall that, in August 2021, National Australia Bank (NAB) has reached an agreement with Citigroup to purchase the latter's consumer bank business in Australia for about $882.24 million.