Invest
NAB’s neobank acquisition gets ACCC green light
NAB has been shown the green light to complete its acquisition of Aussie neobank 86 400 in a $220 million deal.
NAB’s neobank acquisition gets ACCC green light
NAB has been shown the green light to complete its acquisition of Aussie neobank 86 400 in a $220 million deal.
The ACCC has confirmed that it will not oppose NAB’s proposed acquisition of 86 400, having deduced that while the neobank is innovative, other competitors continue to bring a similar disruptive influence to the market.
“Innovative fintechs play an increasingly critical role in the market, challenging the established banks, leading to more innovative and cheaper banking for consumers. We therefore examined the proposed acquisition particularly closely, including extensive consultation with industry participants, given the important role of that innovation,” ACCC chair Rod Sims said.
“Supporting our decision is that we have seen several banks and non-bank lenders outside the big four invest heavily in their technology and service offering to improve user experience,” said Mr Sims.
According to a press release issued by NAB in January this year, the acquisition is meant to accelerate its offshoot UBank and deliver a “market-leading digital experience and new product propositions to customers”.
NAB commenced discussions with 86 400 in late 2020. To support 86 400’s growth, NAB subscribed for a minority stake in 86 400 and currently holds an approximate shareholding of 18.3 per cent in 86 400.
In January, 86 400’s independent directors unanimously recommended that its shareholders vote in favour of NAB’s proposed takeaway by way of a scheme of arrangement.
86 400 CEO Robert Bell said at the time: “Over the past 18 months, we’ve challenged the status quo of banking through innovative products, services and technology. 86 400 and its customers will benefit from NAB’s capital and balance sheet strength and investment spend to support accelerated growth and continued innovation, helping even more Australians take control of their money.”
Founded by Cuscal Ltd and led by Mr Bell, 86 400 has built and launched a mobile-led digital bank and was granted an ADI licence in July 2019. As at 15 January 2021, 86 400 had more than 85,000 customers, $375 million of deposits, $270 million in approved residential mortgages and 2,500 accredited brokers.
RELATED ARTICLES
About the author
About the author
Economy
Australia's June quarter GDP growth driven by consumer and government spending
Australia's economy has shown unexpected resilience in the June 2025 quarter, with household and government consumption driving growth despite a significant decline in public investmentRead more
Economy
Australia's GDP surprise is real but operators should heed the growth mix warning light
Australia’s June-quarter growth beat expectations on the strength of household consumption and government spending, even as public investment sagged. The upside surprise signals resilience, but the ...Read more
Economy
Households carried the quarter: what Australia’s upside GDP surprise means for strategy now
Australia’s economy expanded faster than expected in the June 2025 quarter, with GDP up 0.6 per cent quarter-on-quarter and 1.8 per cent year-on-year — the strongest pace in two years. The kicker ...Read more
Economy
Inflation dynamics in Australia: Electricity subsidies and labour market in focus
In a recent economic analysis, experts from State Street have highlighted significant developments in Australia's inflation landscape, attributing the changes primarily to the withdrawal of ...Read more
Economy
Australia's economic growth driven by consumer and government spending: A closer look at the June quarter
Australia's economy has delivered a surprising performance for the June 2025 quarter, surpassing expectations with a growth rate of 0.6% quarter-on-quarter and 1.8% year-on-year. This unexpected ...Read more
Economy
Australian and Korean leaders meet to unlock billions in new trade opportunities
In a significant effort to bolster economic ties and explore new avenues for investment, Australian and Korean leaders, alongside business executives and government officials, are gathering in Seoul ...Read more
Economy
Australia’s growth beat is real — but it’s the wrong kind for capacity
Australia’s economy outpaced forecasts in the June quarter as households opened wallets and government spending did the heavy lifting, even as public investment sagged. The signal for boardrooms: ...Read more
Economy
Australia’s growth is back—but it’s the wrong kind of strong
GDP surprised on the upside in the June quarter, powered by households and government outlays even as public investment slumped. The Reserve Bank stayed hawkish, signalling that sticky services ...Read more
Economy
Australia's June quarter GDP growth driven by consumer and government spending
Australia's economy has shown unexpected resilience in the June 2025 quarter, with household and government consumption driving growth despite a significant decline in public investmentRead more
Economy
Australia's GDP surprise is real but operators should heed the growth mix warning light
Australia’s June-quarter growth beat expectations on the strength of household consumption and government spending, even as public investment sagged. The upside surprise signals resilience, but the ...Read more
Economy
Households carried the quarter: what Australia’s upside GDP surprise means for strategy now
Australia’s economy expanded faster than expected in the June 2025 quarter, with GDP up 0.6 per cent quarter-on-quarter and 1.8 per cent year-on-year — the strongest pace in two years. The kicker ...Read more
Economy
Inflation dynamics in Australia: Electricity subsidies and labour market in focus
In a recent economic analysis, experts from State Street have highlighted significant developments in Australia's inflation landscape, attributing the changes primarily to the withdrawal of ...Read more
Economy
Australia's economic growth driven by consumer and government spending: A closer look at the June quarter
Australia's economy has delivered a surprising performance for the June 2025 quarter, surpassing expectations with a growth rate of 0.6% quarter-on-quarter and 1.8% year-on-year. This unexpected ...Read more
Economy
Australian and Korean leaders meet to unlock billions in new trade opportunities
In a significant effort to bolster economic ties and explore new avenues for investment, Australian and Korean leaders, alongside business executives and government officials, are gathering in Seoul ...Read more
Economy
Australia’s growth beat is real — but it’s the wrong kind for capacity
Australia’s economy outpaced forecasts in the June quarter as households opened wallets and government spending did the heavy lifting, even as public investment sagged. The signal for boardrooms: ...Read more
Economy
Australia’s growth is back—but it’s the wrong kind of strong
GDP surprised on the upside in the June quarter, powered by households and government outlays even as public investment slumped. The Reserve Bank stayed hawkish, signalling that sticky services ...Read more
