Bank tech war heats up as big four face generational change
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Commonwealth Bank chief executive Matt Comyn has made no secret of his respect for the buy now, pay later juggernaut Afterpay, even as it’s gone about pinching hordes of millennial customers from the big banks.
The CBA chief late last year told a parliamentary inquiry Afterpay’s products had clearly resonated with customers, and the sector’s rapid growth was one reason CBA formed a joint venture with Swedish BNPL firm Klarna, of which CBA owns 5 per cent.
CBA chief executive Matt Comyn says the bank wants is digital offering to be among the best in the world.
National Australia Bank Set to Acquire 86 400 to Accelerate UBank Growth
January 29, 2021 @ 11:41 am By Samantha Hurst
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.”
ASX sinks 2.8pc in worst week since October
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Westpac lifts Australian dollar forecast to US85¢ by mid 2022
Sarah Turner
Westpac lifted its Australian dollar forecast to US82¢ by the end of 2021 and US85¢ by mid-2022. The bank cited a steepening global yield curve, the outlook for commodity prices and likely ongoing solid momentum in China.
âAs usual there are always risks principally related to the global vaccine
rollout; policy in China and the US fiscal stimulus,â chief economist Bill Evans said. âFor Australia we are less uncertain, with fiscal and monetary policy likely to remain supportive of growth throughout 2021.â
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NAB announces agreement to acquire 86 400 to accelerate UBank growth
National Australia Bank Limited (NAB) 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 (“86 400”).
Founded by Cuscal Ltd and led by CEO Robert 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[1] and 2,500 accredited brokers.
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.