ACCC will not oppose NAB acquisition of Challenger's mortgage business
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.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
