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86 400 shareholders approve NAB deal By Annie Kane 07 May 2021
The shareholders of the neobank have agreed to the scheme of arrangement that would see NAB acquire all the issued share capital in the company.
In January of this year, National Australia Bank Ltd (NAB) announced its intentions to buy the two-year-old neobank for $220 million, with plans to merge the neobank with its own digital subsidiary, UBank.
The Australian Prudential Regulation Authority (APRA) granted approval to NAB to hold a 100 per cent stake in 86 400 Holdings Ltd and 86 400 Ltd last week.
At the 86 400 scheme meeting and general meeting held on Thursday (6 May), it was announced that 86 400 shareholders had now approved the deal.
Date Time
Update on sale of MLC Wealth to IOOF
NAB today welcomed the Australian Prudential Regulation Authority’s (APRA) approval of the acquisition of MLC Wealth by IOOF Holdings Limited. With regulatory approval now provided by APRA, NAB and IOOF are working towards completion of the transaction on 31 May 2021.
The approval by APRA follows the prior decision by the Australian Competition and Consumer Commission in December 2020 to not oppose the transaction.
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Housing market shows hints of slowdown: CoreLogic
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There are signs that the housing market has moved through a peak rate of growth amid a slowdown in demand and rise in stock, even as overall conditions remain strong, CoreLogic has said.
The property research group released its Hedonic Home Value Index, which revealed that housing values lifted by 1.8 per cent in April (according to the national home value index).
CoreLogic noted that the monthly pace of capital gains has eased from a 32-year high in March (2.8 per cent), but said that housing values are still rising at a swift pace, up 6.8 per cent over the past three months to be 10.2 per cent higher than in September last year, during the “COVID low”.