MELBOURNE, Aug 9 (Reuters Breakingviews) - Citigroup (C.N) Chief Executive Jane Fraser has done a decent job offloading the U.S. megabank’s Australian retail operations. National Australia Bank (NAB.AX)is paying A$1.2 billion($880 million) for the division, thereby generating some standout statistics for the seller. The deal values the unit at more than 8 times trailing earnings in the 12 months to the end of June, compared to the less than 7 times Citi’s own worth currently commands. And it’s a juicy 1.25 times book value, whereas Citi as a whole trades at a lowly 80% of net assets. It’s a small operation for Citi, though, accounting for less than 1% of earnings. NAB won’t do too badly: Expected cost savings alone are enough to cover three-quarters of the purchase price, although Citi’s Australian mortgage book is shrinking, integration costs look high and NAB reckons the deal will only “marginally” improve returns. The bragging rights belong in New York. (By Antony Currie) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Chinese fast-fashion icon gets sunlight treatment read more Meituan’s troubles won’t end after $1 bln fine read more HelloFresh delivers another stomach upset read more India waves tax white flag at opportune time read more Nintendo can take its game up a level read more