The Australian Competition and Consumer Commission (ACCC) will not oppose the National Australia Bank’s (NAB’s) acquisition of Challenger’s mortgage business.
The ACCC said the acquisition was not likely to lessen competition in the mortgage market.
The proposed acquisition will only increase NAB’s share of the mortgage market by less than 1 per cent, according to ACCC market enquiries.
The acquisition will also allow NAB to enter into the broker distribution space. The ACCC said the ability of brokers to switch broker distribution platforms would prevent the acquisition from reducing competition.
