Lending

A new report has emphasised the BNPL sector's key contribution to the Australian economy.

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Adding to further competition in the challenger bank space, a new digital bank has been granted its provisional licence by the prudential regulator.

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The non-bank lender is set to list on the ASX, having launched an IPO at an offer price of $2.89 per share to raise $500.1 million.

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The chief of the big four bank has denied the 86 400 takeover will kill industry competition, insisting the deal will inspire others in the marketplace to step up their game.

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