National Australia Bank Set to Acquire 86 400 to Accelerate UBank Growth
January 29, 2021 @ 11:41 am By Samantha Hurst
National Australia Bank Limited (NAB) announced on Friday it 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. According to NAB, the acquisition is to help accelerate UBank’s growth.
“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.”
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.
Australia s national debit operator eftpos joins Hedera Governing Council and will run Aussie Hedera network node
News provided by
Share this article
SYDNEY, Australia and DALLAS, Jan. 27, 2021 /PRNewswire/ Australian payments company
, eftpos, which operates Australia s national debit card processing infrastructure and mobile payments app Beem It, today announced it has joined the Hedera Governing Council and will run the country s first Hedera network node this year.
Designed to be the most decentralized governance model for a public ledger, the Hedera Governing Council includes a group of highly diversified enterprises and organizations overseeing a global network of nodes that aims, among other things, to enable low cost micropayments for a range of use cases such as the Internet of Things (IOT) and access to content streamed over the internet.
Disclaimer - Intended Addressees
Please note that the information contained in this announcement and the Final Terms may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Base Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom this announcement and Final Terms are not addressed. Prior to relying on the information contained in this announcement and the Final Terms, you must ascertain from the Base Prospectus whether or not you are one of the intended addressees of the information contained in this announcement and the Final Terms.
Date Time
Former mortgage broker convicted for falsifying loan applications
Former mortgage broker Jia Ge of Sydney, NSW has been convicted of giving misleading information in five home loan applications.
Mr Ge is a former mortgage broker and former director of Dollars R Us Pty Ltd ACN 165 438 595 (Deregistered) (Dollars R Us). Mr Ge previously held an Australian credit licence and Dollars R Us operated as a credit representative of Mr Ge.
ASIC’s investigation found that between 16 February 2017 and 17 May 2017, four customers engaged Dollars R Us to help secure loans to purchase properties. The scheme involved each of the applicants paying money to Australian Realty Pty Ltd ACN 611 904 208 (Deregistered) (Australian Realty) of which Mr Ge was a former director. Mr Ge periodically transferred money back to the customers to give the false appearance that they were employees of Australian Realty and earning a regular salary.