National Australia Bank Limited (NAB) today announces that it will proceed with the acquisition of neo bank 86 400 as the Federal Court of Australia has made orders approving the scheme of arrangement for the deal.

In January 2021, NAB announced its intention to acquire 86 400 to accelerate the growth of its digital bank, UBank, by combining UBank’s established customer base and name with 86 400’s technology and innovation capability.

The acquisition was subject to certain conditions, including approvals from the Treasurer, the Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC), and approval of the Scheme by 86 400 shareholders and the Federal Court. These approvals have now been received.

86 400 CEO Robert Bell said:

“Since day one, our mission has been to help Australians take control of their money. With all of the necessary approvals now received, we’ll soon have the resources to reach many more people with our innovative, easy-to-use and award-winning products and features.

The Scheme is expected to become effective on May 12, 2021 and implementation is expected to occur on May 19, 2021. 86 400 and UBank will continue to operate as separate businesses in the short term with no immediate changes expected for customers of either business.