National Australia Bank (NAB) will buy start-up neobank “86 400” for $220 million, but the deal will need to clear scrutiny from the competition watchdog. NAB moved to acquire 86 400 to bolster its own neobank UBank. “Bringing together UBank and 86 400 is consistent with NAB’s long-term strategy and growth plans and will enable us to develop a leading digital bank that can attract and retain customers at scale and pace,” NAB Chief Operating Officer Les Matheson said in an investor statement (pdf). UBank CEO Philippa Watson said, “UBank has a proud 12-year history of innovation as a pioneering digital bank and today serves more than 600,000 customers to help achieve their financial goals.” Neobanks, or challenger banks, are a newer breed of banking institution focusing on digital innovation. Usually, the firms forgo physical branches and on-the-ground staff, maintaining an online presence only. Instead, they are geared towards younger …