The Australian Competition and Consumer Commission (ACCC) has said in a letter that it would not intervene in the proposed acquisition of Challenger's mortgage management business, Melbourne-based NAB reported.
In August, NAB said it had agreed to buy Challenger's PLAN, Choice and FAST mortgage-aggregating businesses, Challenger's multi-branded mortgage origination business and $4 billion of residential mortgages, for $360 million.
NAB would pay a further $25 million for 41 per cent of listed mortgage origination company Homeloans Ltd, if Homeloans' shareholders approved.
"This acquisition represents an important component of NAB Personal Banking's growth strategy," NAB personal banking group executive Lisa Gray said.
NAB said it expected the acquisition to be completed by the end of the year.
The acquired businesses will be rebranded and run was a separate entity within NAB Personal Banking's division.
Shares in NAB gained 99 cents, or 3.4 per cent, to $30.09 by 3.49pm (AEDT).
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