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NAB given ACCC approval to acquire home loan business

NAB given ACCC approval to acquire home loan business

The ACCC has given the nod to National Australia Bank’s (ASX:NAB) plan to acquire the property mortgage assets of Challenger Financial Group.

The regulator said it would not oppose NAB’s proposed $385 million acquisition of Challenger’s Choice, PLAN and FAST businesses if a deal can be made.

The acquisition will increase NAB’s share of the Australian home loan market by less than 1%, the ACCC determined.

“The ACCC concluded the ability of brokers to switch to rival distribution platforms, and competition from other lenders, would prevent the proposed acquisition from substantially lessening competition in the national [home loan] market,” chairman Graeme Samuel said.

NAB plans to hold a vote on the proposed acquisition at its AGM on November 26.

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Tags ACCC banking NAB

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