NAB snaps up Challenger unit

National Australia Bank, the top lender in Australia, said yesterday it has agreed to buy Challenger Financial Services’ mortgage unit for A$385m (£192m) to up its market share. NAB said the deal would give it an additional A$4bn worth of residential mortgages. The acquisition follows its purchase of Aviva’s Australian businesses in June for A$825m, and its A$99m purchase of an 80 per cent stake in Goldman Sachs JBWere’s private wealth management business.