NAB is in talks with Citigroup about acquiring Citi’s Australian consumer banking business.

NAB confirmed the discussions in a statement yesterday, saying it “regularly assesses opportunities to acquire businesses that support its growth strategy in core banking markets”.

Citi announced in April that Australia is one of 13 markets where it plans to exit consumer banking. Following a strategic review, the bank decided to focus on investment banking, capital markets and advisory business.

The planned divestment includes Citi’s white label credit card business. Its A$3.5 billion credit card book makes it the fourth largest player in that market.

According to APRA data, Citi has a $6.7 billion mortgage book and $5.6 billion of household deposits.

But what may appeal most to NAB is Citi’s substantial high net worth client base. NAB chief executive Ross McEwan has said he is keen to revive NAB Private, which he feels has been neglected.

McEwan told investors at last year’s full-year results briefing: “We used to be the best private bank in Australia but when I arrived here you could barely find it. We are growing it again. We have put on 35 to 40 bankers.”

McEwan is not afraid to buy growth. He is also keen to build up the Ubank business and he is acquiring neobank 86 400 to give Ubank a modern digital banking platform.