Banking giant NAB (ASX:NAB)
has received the final green light from the Federal Court to proceed with the acquisition of smart bank 86 400.
The takeover bid had to pass three rounds of regulatory approval, as the annexation of any smaller banking institution by one of the big-four is often subject to extensive assessment in the best interests of fair competition and consumer benefits.
National Australia Bank confirmed on Tuesday that it has successfully secured the go-ahead from Australian Prudential Regulation Authority (APRA), Australian Competition and Consumer Commission (ACCC) and the judicial system.
The acquisition is part of the $89.4 billion financial institution’s project to digitise and innovate banking operations and enhance customer experience. The neo lender that claims to provide customers better control over finances and access to banking services for “all eighty-six four hundred” seconds of everyday.
NAB plans to integrate 86 400’s algorithms and internet banking technology into its digital banking division UBank.
Shares in National Australia Bank (ASX:NAB)
are trading 0.5 per cent lower at $26.96