National Australia Bank has announced the resignation of Philippa Watson, CEO of NAB’s digital-bank Ubank, to take up a role outside the banking sector.

Ms Watson has been CEO of Ubank since 2020. During this time, Ubank has increased its customer satisfaction score to the second highest of any bank in Australia and has grown customer numbers, deposits and home loans.

NAB Group Chief Operating Officer and Chair of Ubank, Les Matheson, said: “Philippa has successfully led Ubank through significant transformation, including the acquisition and integration of neobank 86 400. She has built a technology platform and culture that positions the business for continued momentum and long-term growth. We are grateful to Philippa for her contribution and wish her well.

“I will work with Philippa on a smooth transition over coming months while we appoint a new CEO for Ubank,” he said.