NAB makes neobank acquisition

Value: Undisclosed.

Area: M&A.

Key players: The team advising NAB was led by King & Wood Mallesons M&A partner Diana Nicholson, with assistance from competition advice partner Caroline Coops, banking regulatory advice partners Anne-Marie Neagle and Katherine Forrest, M&A senior associate Rebecca Williams and special counsel Sean Field, who sits within KWM’s tech law team.

Deal significance: According to a statement from KWM, the move by NAB is part of its strategy to accelerate the growth of its UBank digital bank.

“NAB will offer its customers an enhanced experience, by combining UBank’s existing brand and customer base, with the technology platform and experience of 86 400 and NAB’s capital and balance sheet strength,” the statement said. 

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Commenting further on the transaction, lead partner Ms Nicholson said: “We are delighted to have advised NAB on this strategic new combination of 86 400 and UBank, which is in line with NAB’s long-term vision for UBank and its digital strategy.”

“The transaction is also indicative of the value creation we’re seeing in this sector, which is an area of focus and strength for our firm.”