Business Services Industry
Citi savours NAB credit card buyout.
Australasian Business Intelligence, October, 2006
Byline: Katherine Jimenez
Oct 22, 2006 (The Australian - ABIX via COMTEX) -- Rumour has it the National Australia Bank (NAB) may be about to divest its credit card division. The business is worth some $A4bn. Interest in acquiring it has been voiced by Citibank Australia, which has the Diners Club credit card brand in Australia. Combining its market share of 8, as the number five, with that of NAB, the number four, would result in a combined 24, larger than current leader Commonwealth Bank of Australia's 23 share. Diners Club is especially active in the corporate and government accounts segment, where its share is actually 30. Citibank Australia CEO Les Matheson says it is currently trying to further improve customer satisfaction.
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