NAB Snaps Up 86 400 For $220m
SYDNEY: National Australia Bank (NAB) has agreed to buy out mobile digital bank 86 400 for approximately AU$220 million, and roll it into its own digital-only bank, UBank.
NAB already holds a minority stake of approximately 18.3pc shareholding in 86 400.
“Our priorities over the next three to five years include simplifying processes and policies for home and business lending, creating simpler transactional banking, providing enhanced data and analytics to customers, and colleagues and growing our digital bank UBank,” NAB said.
“We will also continue to enhance our technology resilience via insourcing and migration of IT applications to lower cost, more reliable cloud platforms.”
NAB said that once the acquisition is complete, it would combine UBank’s customer base, brand, and staff with 86 400’s team and technology platform.