Date Time
NAB announces agreement to acquire 86 400 to accelerate UBank growth
National Australia Bank Limited (NAB) has entered into a scheme implementation agreement to acquire 100% of the shares in 86 400 Holdings Ltd, the holding company of Australian neobank, 86 400 (“86 400”).
Founded by Cuscal Ltd and led by CEO Robert Bell, 86 400 has built and launched a mobile-led digital bank and was granted an ADI licence in July 2019. As at 15 January 2021, 86 400 had more than 85,000 customers, $375 million of deposits, $270 million in approved residential mortgages[1] and 2,500 accredited brokers.
In April 2020, NAB announced plans to prioritise UBank to deliver a market-leading digital experience and new product propositions to customers. The acquisition of 86 400 will accelerate UBank’s growth by combining its established customer base, brand and colleagues with 86 400’s experience and technology platform.
The financial services regulator is working on “alternative arrangements” for submitting credit licence applications, after identifying a cyber “incident” on one of its servers.
Mortgage Business
Loan repayment deferrals phasing out By Sarah Buckley 27 January 2021
As the COVID-19 repayment deferral period concludes at the end of this quarter, some lenders have stopped accepting new applications for deferrals.
Lenders have begun preparing for the looming conclusion of the COVID-19 loan repayment deferrals, which is scheduled to expire on 31 March 2021.
National Australia Bank (NAB) has confirmed that it stopped accepting new mortgage deferral applications last week (20 January 2021) to allow for two-month deferrals finishing at the end of March.
A NAB spokesperson told Mortgage Business: “Home loan deferrals have provided much-needed relief and time to customers affected by the pandemic. Since the start of the pandemic in March, NAB has granted more than 110,000 home loan deferrals to customers who
A credit union and a bank have signed a Memorandum of Understanding to enter merger discussions. Victorian-based Pulse Credit Union Limited and Teachers Mutual Bank Limited (TMBL) have announced the
Xinja returns customer deposits in Australian first
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The prudential regulator has noted that Xinja has made history by becoming the first Australian bank to undertake a return of deposits to its customers.
The Australian Prudential Regulation Authority (APRA) has released a statement following the move by Xinja Bank to relinquish its banking licence and return customer deposits.
APRA outlined that Xinja Bank had transferred the remaining tail of customer deposits to National Australia Bank (NAB).
According to APRA, this is the “first time an Australian authorised deposit-taking institution (ADI) has undertaken a return of deposits to its customers”.