NAB buys digital bank 86 400 in AUD 220 mln deal

Friday 29 January 2021 10:52 CET | News

National Australia Bank (NAB) has revealed it will buy out digital bank 86 400 in a bid to grow its UBank offering.

The acquisition, which has been in the works since late 2020, will see 86 400’s customer base, brand, colleagues and technology platform combined with UBank’s. NAB already had a minority stake in the digital bank, but will now acquire 100% of shares, which will cost the bank around AUD 220 million.

Coming together with UBank gives 86 400 the scale, funding, and capital to accelerate their growth and reach more Australians with their approach to banking. All of 86 400’s independent directors recommended shareholders vote in favour of the scheme, but completion of the transaction is still subject to regulatory approvals.

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Keywords: NAB, 86 400, acquisition, Australia, uBank, digital banking, online bank, merger
Categories: Banking & Fintech
Countries: Australia
This article is part of category

Banking & Fintech