Australian regulator revokes Citigroup’s banking license

This follows after CPL’s consumer banking business was acquired by NAB.

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

According to the government watchdog, the determination follows the acquisition of Citi’s consumer banking business by the National Australian Bank Limited (NAB) last June, the subsequent transfer of Citi’s banking assets and liabilities to NAB and, Citi’s request for the revocation. 

In June, NAB bought Citi’s consumer business for $882m.