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NAB's acquisition of Challenger’s mortgage management business has been given the final go-ahead by the Australian Prudential Regulation Authority (APRA).
The bank regulator confirmed this week that it would not intervene in the acquisition, less than two weeks after the Australian Competition and Consumer Commission (ACCC) gave the deal its seal of approval.
NAB Broker’s head of strategy, marketing and operations Elyse Sainty welcomed APRA’s decision.
“This [was] the last hurdle we have to overcome. We are very happy that the deal has been given the green light by APRA because it means we can push ahead with our plans for the mortgage management business,” Ms Sainty told journalists at the NAB Broker roundtable yesterday.
Those plans involve re-branding the mortgage management business.
According to Ms Sainty, a name for the company has been decided upon and will be announced at the end of the month once the acquisition is formally complete.
The new company, which is currently referred to as the "New Co", includes aggregation groups PLAN Australia, Choice and FAST.
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