(7 October 2008 – Australia) National Australia Bank has announced the launch of a new direct retail channel and brand, UBank.The new brand, UBank, will create new distribution channels, products and services, and will be largely focused on savings products.
The UBank brand is NAB’s Star Direct & Marketing division’s first brand. It will be launched with term deposits and over time, will add a range of additional savings, transaction and investment products.
Greg Sutherland, executive general manager, Star Direct & Marketing, said that UBank is designed to allow NAB to compete for the self serve banking customer segment.
Sutherland added that the intent is to attract a new set of retail customers while operating independently to NAB’s other retail brands.
Customers will be offered a new website and a 24-hour ‘person-to-person’ Australian based direct banking centre.
UBank will operate under NAB’s banking licence, offering the same depositor protection as that provided to existing NAB customers.