The National Australia Bank and UBank today welcomed the Australian Competition and Consumer Commission’s (ACCC) decision not to oppose NAB’s acquisition of Australian neobank 86 400.

UBank CEO, Philippa Watson, said the proposed acquisition would allow the combined business to deliver a market-leading digital experience and new product propositions that would benefit Australian customers and meet their changing needs.

“For UBank, the proposed acquisition is part of our commitment to delivering exceptional banking services and experiences to our customers,” said Ms Watson.

“We are pleased with the ACCC’s decision and look forward to our continued engagement with regulators as we progress towards completion of the transaction.”

Completion of the transaction remains subject to certain conditions, including further regulatory approvals and approval of the scheme by the Federal Court. 86 400 and UBank will continue to operate as separate businesses until the transaction is finalised.