The Australian Competition and Consumer Commission has given the go-ahead toNAB’s proposed acquisition of 86 400, saying there are a number of other businesses that provide similar offerings to the neobank.

NAB announced in January that it had entered into a scheme implementation agreement to acquire 100 per cent of 86 4000 Holdings. The neobank has 85,000 customers, A$375 million in deposits and $270 million of home loans.

NAB’s plan is to combine the 86 400 operation with its own digital bank, UBank, to develop “a leading digital bank”.

ACCC chair Rod Sims said in a statement: “Innovative fintechs play an increasingly critical role in the market, challenging the established banks, leading to more innovative and cheaper banking for customers. We therefore examined the proposed acquisition particularly closely.

“Market feedback suggested that while 86 400 is innovative, particularly in reducing the time and effort in completing home loan applications, there are a number of other businesses with similar offerings or the ability to replicate them.

“We found that the removal of 86 400 is unlikely to substantially lessen competition in the markets.”