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Contrary to recent media reports, the Australian Competition and Consumer Commission (ACCC) has confirmed it will not intervene in NAB’s proposed acquisition of Challenger’s mortgage management business.
NAB’s personal banking group executive, Lisa Gray, said the bank welcomed the ACCC’s decision.
"This acquisition represents an important component of NAB Personal Banking's growth strategy. It increases our presence in the important broker distribution segment and we will have the capacity to grow and support CMM's broker networks well into the future," Ms Gray said.
On 18 August 2009, NAB announced it had reached an agreement to purchase Challenger’s mortgage management business for $385 million.
Under the proposed acquisition, NAB would acquire PLAN, Choice and FAST mortgage aggregation businesses; Challenger's multi-brand white label product capability and a select portfolio of approximately $4 billion of residential mortgages.
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