30 Mar 2021

NAB and UBank welcome regulatory response to proposed 86 400 acquisition

NAB AND UBANK WELCOME APRA’S APPROVAL OF THE PROPOSED 86 400 ACQUISITION – updated

 

National Australia Bank Limited (NAB) and UBank today welcomed Australian Prudential Regulation Authority’s (APRA) approval of NAB’s acquisition of Australian neobank, 86 400.

UBank CEO Philippa Watson said the approval was another important milestone that would allow the combined business to deliver exceptional banking services and experiences to customers and meet their changing needs.

“We are pleased with APRA’s decision and we continue to work towards progressing the completion of the transaction that will deliver a market-leading digital experience to our customers,” Ms Watson said.

The announcement follows the Australian Competition and Consumer Commission’s (ACCC) decision not to oppose the acquisition in March. Completion of the transaction remains subject to 86 400 shareholder approval and approval by the Federal Court. 86 400 and UBank will continue to operate as separate businesses until the transaction is finalised.

 

NAB and UBank welcome ACCC response to proposed 86 400 acquisition – 30 March

 

National Australia Bank Limited (NAB) and UBank today welcomed the Australian Competition and Consumer Commission’s (ACCC) decision not to oppose NAB’s acquisition of Australian neobank, 86 400.

UBank CEO, Philippa Watson, said the proposed acquisition would allow the combined business to deliver a market-leading digital experience and new product propositions that would benefit Australian customers and meet their changing needs.

“For UBank, the proposed acquisition is part of our commitment to delivering exceptional banking services and experiences to our customers,” said Ms Watson.

“We are pleased with the ACCC’s decision and look forward to our continued engagement with regulators as we progress towards completion of the transaction.”

Completion of the transaction remains subject to certain conditions, including further regulatory approvals and approval of the scheme by the Federal Court. 86 400 and UBank will continue to operate as separate businesses until the transaction is finalised.

More information on NAB’s proposed acquisition can be found here.

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