UBank

UBank is a division of National Australia Bank (NAB), one of the largest financial institution and bank in Australia in terms of market capitalisation and customers. NAB is one of the world's top 30 financial services companies with total assets of A$657 billion as at 30 September 2008 and a 2008 operating income of A$15.4 bllion. . It operates across 10 countries serving 6 million banking customers and over 2.3 million wealth management customers.

History and operation
UBank was launched on 1 October 2008 by National Australia Bank. The purpose of UBank is to establish a presence in the "self directed" customer segment for the company. UBank currently offers 3,6,9 and 12 month term deposits. UBank term deposits are the only ones in Australia with a roll-over bonus for existing customers.

Although its products operate as a standalone entity from NAB's retail bank , UBank is a division of NAB; it operates under NAB's banking license and risk management frameworks, uses its parent's technology and security infrastructure, and its deposits sit on NAB's balance sheet.

UBank also participates in the Australian government's new deposit guarantee scheme.

UBank allows applicants (both new and existing) to apply online or over the phone for a Term Deposit and deposit their money straight away using BPAY. This is a first for the Australian marketplace.

In only one month, UBank is reported to have attracted over $500mill of deposits.

Management
UBank has been established with a management team comprised of people from various direct banks, including Egg Bank and Virgin Money. The team is lead by its General Manager, Gerd Schenkel.

Main Menu

See Also

Main Menu