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NAB confirms it will buy neobank 86 400 for $220m – NEWS.com.au – NEWS.com.au
NAB confirms it will buy neobank 86 400 for $220m
National Australia Bank will acquire neobank 86 400 as part of its strategy to grow and modernise its digital-only subsidiary UBank. The major banking group confirmed on Friday it would seek full ownership of 86 400 for $220m, noting the takeover was primarily to grow UBank’s customer base and overhaul its digital banking technology.
UBank chief executive Philippa Watson said the digital incumbent with a customer base of 600,000 needed to modernise and transform for customers who primarily bank…
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