NAUBF - National Australia Bank: Staying On The Sidelines Despite Latest Consumer Banking Acquisition
- National Australia Bank will be acquiring Citigroup's Australia Consumer banking business for a A$250 million premium over net assets.
- The deal looks set to be modestly accretive, although realizing much of the longer-term strategic benefits will depend on the execution.
- With regulatory opposition likely in the upcoming months and the valuation at a considerable premium to tangible book, however, I am cautious on the outlook.
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National Australia Bank: Staying On The Sidelines Despite Latest Consumer Banking Acquisition