Federal Court approves NAB-86 400 deal

Federal Court approves NAB-86 400 deal

The major bank has announced that it will proceed with the acquisition of 86 400 after receiving court approval, with implementation expected next week.

National Australia Bank (NAB) has announced that the Federal Court of Australia has made orders approving the scheme of arrangement for NAB to acquire the remaining share capital of 86 400 Holdings Ltd, the holding company of digital bank 86 400.

In January this year, NAB announced its intentions to acquire 100 per cent of the two-year-old 86 400 for $220 million, with plans to merge the neobank with its own digital subsidiary UBank.

The major bank said at the time of the announcement that the 86 400 brand will be subsumed into the group, while it is anticipated that the merged entity would see UBank expand its reach into the third-party channel for the first time.

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Source: Federal Court approves NAB-86 400 deal – The Adviser