Business
NAB acquires Aussie bank: What it means for banking – Yahoo Finance Australia
The $220 million deal raises questions around the future of neobanks in Australia.
NAB has been cleared to purchase small lender 86 400 in a move the banks hope will accelerate innovation in the sector.
The Australian Competition and Consumer Commission (ACCC) approved the $220 million deal on Tuesday, meaning NAB can now buy the four year old 86 400 and integrate it into its UBank digital platform. The two banks hope the transaction will be complete by mid-2021.
It will really raise the bar for banking in Australia, it will mean were able to grow quicker and we can innovate faster,…
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