Mortgage Business
NAB to acquire 86 400
By Annie Kane
29 January 2021
National Australia Bank is set to acquire 100 per cent of the shares in digital lender 86 400, in a bid to help grow NAB’s digital brand, UBank.
The major bank revealed that it had first commenced discussions with 86 400 in late 2020.
To support 86 400’s growth, it then subscribed for a minority stake in 86 400 and currently holds an approximate shareholding of 18.3 per cent in 86 400.
It now proposes to acquire the remainder of shares in 86 400 by way of a scheme of arrangement in a deal estimated to cost approximately $220 million.
The transaction, which is subject to approval by shareholders and regulators, would see all 120 people in the 86 400 team become part of the NAB group.