UBank CEO to take lead with 86 400

Philippa Watson, chief executive of UBank has taken charge of 86 400, having been appointed CEO across both businesses.

The 86 400 managing team will report directly to Ms Watson, who has led UBank since mid-2020.

She will replace 86 400 CEO Robert Bell, whose departure from the business will coincide with the planned transfer of 86 400’s banking business onto NAB’s licence.

Mr Bell will pursue new endeavours outside of 86 400, after four years with the neobank.

The changes have taken place five months after NAB’s acquisition of 86 400, in line with its strategy to integrate the neobank into its business.

86 400 chief product and marketing officer Travis Tyler will also leave the company in early 2022.

NAB confirmed the change of guard in an internal note shared with employees last Tuesday morning (5 October).

As well as the upcoming transfer of 86 400’s banking assets and liabilities over to NAB, which falls under the requirements to have the fintech’s business operate under NAB’s banking licence, the memo revealed there will be a rebrand, set for next year.

“We have a packed agenda and it is going to be an exciting year ahead,” the note from Les Matheson, NAB group chief operating officer read.

Prior to UBank, Ms Watson was director at the big four bank’s venture capital arm NAB Ventures and an executive general manager across different businesses at CBA. 

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Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.

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