As it happened: ASX closes 0.3% lower; Westpac takes $1.3b hit – The Sydney Morning Herald

The chief executive of digital bank 86 400, Robert Bell, is leaving the job, to be replaced by Philippa Watson, the chief executive National Australia Bank’s UBank.

NAB on Tuesday said Mr Bell would finish up in the CEO role to coincide with the planned transfer of 86 400’s business onto NAB’s licence, after a takeover was announced earlier this year.

Ms Watson, who has led UBank since the middle of last year, now has the significant job of leading the integration of the two businesses, as NAB looks to increase its share among younger customers.

NAB’s UBank is also expected to launch an updated brand in the new year and revamp its technology for customers.

Mr Bell, the founding CEO of 86 400, announced his departure on LinkedIn, saying he would step down in early 2022.

“Building and then growing a new bank from scratch has dominated my thoughts (day and night) over the past four years, but all the hard work, long hours and challenges have been balanced with an equal amount of fun, so many incredible moments, firsts and achievements,” he said.

“From obtaining a banking license, launching our App, to reaching more than $1 billion in home loans.”

Meanwhile Zip today announced the appointment of 86400’s other co-founder, Anthony Thomson, as chair of its UK Board, bolstering the company’s leadership team as it grows.


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