National Australia Bank Set to Acquire 86 400 to Accelerate UBank Growth
National Australia Bank Limited (NAB) announced on Friday it has entered into a scheme implementation agreement to acquire 100% of the shares in 86 400 Holdings Ltd, the holding company of Australian neobank, 86 400. According to NAB, the acquisition is to help accelerate UBank’s growth.
“In April 2020, NAB announced plans to prioritise UBank to deliver a market-leading digital experience and new product propositions to customers. The acquisition of 86 400 will accelerate UBank’s growth by combining its established customer base, brand and colleagues with 86 400’s experience and technology platform.”