ACCC will not oppose the NAB's (ASX:NAB) proposed acquistion of 86 400 Holdings

Company News

by Rachael Jones

The ACCC will not oppose the proposed acquisition of 86 400 Holdings by National Australia Bank (ASX:NAB).

86 400 launched in 2019 and is a digital only bank, delivering its services through a smartphone application.

The ACCC’s consultation included banks, non-bank lenders, fintechs, mortgage brokers, industry and consumer bodies among others.

Most interested parties raised no or limited concerns with the transaction.

ACCC Chair Rod Sims said “The ACCC’s home loan price inquiry reports of 2018 and 2020 show competition between the big four banks has been muted at best. They tend to accommodate each other rather than competing strongly to win market share. Therefore any acquisition of a rival or potential rival by any of the big four needs to be very closely considered.”

Shares in National Australia Bank (ASX:NAB) are trading 0.23 per cent lower at $26.07.