(Adds details, COO comment)
Jan 29 (Reuters) - National Australia Bank (NAB) said on Friday it would buy the remaining 81.7% stake in online banking platform 86 400 Holdings for up to A$220 million ($168.9 million), as it looks to capitalise on a boom in online banking.
NAB currently owns an 18.3% stake in 86 400 Holdings, which has more than 85,000 customers, A$375 million in deposits, and A$270 million in approved home loans, Australia's No. 2 bank said in a statement.
The deal will give NAB's unit, UBank, access to 86 400's technology and portfolio at a time when the market is shifting towards online banking platforms that provide low interest rates and attractive repayment schemes.
"The combined business will deliver accelerated innovation and an enhanced customer experience to create a stronger and more competitive banking alternative for Australian customers," NAB Chief Operating Officer Les Matheson said.
Independent directors of 86 400 unanimously recommend its shareholders to vote in favour of the scheme, NAB said.
The deal is expected to be closed by mid-2021. ($1 = 1.3028 Australian dollars)
(Adds details, COO comment) Jan 29 (Reuters) - National...
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Last
$38.91 |
Change
-0.210(0.54%) |
Mkt cap ! $119.1B | |||
| Open | High | Low | Value | Volume |
| $39.11 | $39.32 | $38.47 | $417.3M | 11.52M |
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| No. | Vol. | Price($) |
|---|---|---|
| 3 | 77134 | $38.91 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $38.93 | 11416 | 4 |
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