UBank is owned by the National Australia Bank (NAB). It operates as a division of NAB, using NAB's banking license, balance sheet, risk management, and technology infrastructure. NAB acquired UBank in 2008 when it was launched and has integrated it fully into its group. NAB also acquired the neobank 86 400 in 2021 and merged it into UBank. Thus, UBank is part of the NAB Group and benefits from NAB's financial strength and capabilities.
