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APRA revokes ADI license of neo bank 86 400 Ltd

This determination follows the acquisition of 86 400 Ltd by National Australia Bank Limited (NAB) in May 2021.

National Australia Bank Limited (NAB) will proceed with acquisition of neo bank 86 400 following Federal Court approval.

The Australian Prudential Regulation Authority (APRA) granted approval to NAB to hold a 100% stake in neo bank 86 400 Holdings Ltd.

The ACCC will not oppose the proposed acquisition of neo bank 86 400 Holdings Ltd by National Australia Bank Limited.

NAB expects the total cost of acquiring the remaining shares in 86 400 to be up to approximately $220 million.