NAB Agrees to Acquire Neobank 86 400
28 Enero 2021 - 4:20PM
Noticias Dow Jones
By Alice Uribe
SYDNEY--National Australia Bank Ltd. has agreed to take full
control of Australian neobank 86 400 in a bid to grow its UBank
brand.
The Australian bank on Friday said that it would pay 200 million
Australian dollars (US$153.6 million) to purchase outstanding
shares in 86 400. NAB currently owns around 18.3% in 86 400 and
proposes to acquire the remaining shares by way of a scheme of
arrangement.
"Bringing together UBank and 86 400 is consistent with NAB's
long-term strategy and growth plans and will enable us to develop a
leading digital bank that can attract and retain customers at scale
and pace," said NAB Chief Operating Officer Les Matheson.
Completion of the transaction is subject to regulatory
approvals, and approval of the scheme by the Federal Court.
86 400's independent directors have unanimously recommended that
its shareholders vote in favour of the scheme. 86 400 and UBank
will continue to operate as separate businesses until the
transaction is finalized.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
January 28, 2021 17:05 ET (22:05 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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