National Australia Bank is set to acquire neobank 86 400 in a $220 million deal.
NAB already had a 18.3% stake in 86 400.
It comes at a tough time for the Australian neobank experiment, with vanishingly few independent competitors left.
National Australia Bank has announced it will acquire neobank 86 400 and will fold it into digital offering UBank – leaving Australia’s fledgling neobank experiment looking very feeble indeed.
In an announcement to the ASX on Friday morning, NAB announced it had entered a deal to acquire all of 86 400’s shares for up to $220 million, subject to approval by shareholders and regulators.
NAB already had an 18.3% stake in the neobank, and said it had commenced discussions about a total acquisition in late 2020.