National Australia Bank Limited (NAB) is pleased to note the transfer of 86 400’s banking assets and liabilities to NAB is complete. 86 400’s banking business will now operate under NAB’s Authorised Deposit-taking Institution (ADI) licence.

UBank and 86 400 CEO, Philippa Watson said “Today marks the start of a new chapter and the completion of another milestone in bringing 86 400 and UBank together.

“Both teams have been working incredibly hard to get to this point, while also continuing to bring exciting new products and features to market at pace and maintaining the highest levels of customer service.

“We’re fully focused on delivering the best possible banking experience to customers as we head into 2022, with plans to help even more Australians to take control of their money,” Ms Watson said.

86 400 became part of the NAB Group on 19 May 2021 and is joining with NAB’s UBank division to develop a market-leading digital bank. Bringing the businesses together is consistent with NAB’s strategy to accelerate growth by combining UBank’s established name and customer base with 86 400’s technology platform and innovation capability.

Other than operating under NAB’s ADI licence, there will be no change to 86 400’s products and services as a result of this transfer and 86 400 will continue delivering outstanding digital experiences to customers.