(17 March 2010 – Australia) Westpac Banking Corporation is rumoured to be in the process of setting up its own online bank, in an effort to compete with NAB’s recently launched UBank brand, Mumbrella, a specialist media and marketing website, reported.Mumbrella also reported that Sapient Nitro has been appointed to handle the marketing campaign for what is currently code named ‘Project Red Bank’.
In October last year rival big four bank NAB launched UBank, an online bank focusing on savings products, the move came after the success of the HSBC owned First Direct brand.
Westpac and Sapient Nitro were not available for comment at the time the article was posted, the website reported.