NAB wins one million switchers from other banks

National Australia Bank is set to sign up its one millionth new customer in its retail and business banks in the 17 months since it began its “break up” campaign to differentiate itself from major rivals.

Head of personal banking Lisa Gray said: “The transaction account growth has increased 12-fold following our action on transaction account fees.”

The growth has come in both retail and business banking and most of the new customers have been snared from rivals. NAB's strong mortgage growth came after market leaders CBA and Westpac scaled back their residential lending.

Source: The Australian