NAB-owned Ubank sacks senior executive after mock terrorist Christmas party stunt

NAB's Ubank has fired a senior executive after they staged a mock terrorist hostage situation at the company's Christmas party in Sydney.

Ubank is led by Kanishka Raja, who took on the running in March after the departure of former boss Phillipa Watson, alongside nine other executives. Picture: Brendon Thorne/Getty Images

A senior executive at NAB’s digital banking arm Ubank has been sacked after a mock terrorist hostage situation at its Christmas party in Sydney.

Ubank chief executive Kanishka Raja confirmed the lender had fired a senior executive on Monday, following a Christmas party prank gone wrong on November 18.

The bank refused to confirm the identity of the executive, who was reportedly firstly stood down then fired in response to events at the party which was held at Sydney’s exclusive night-time venue The Ivy.

Online gossip site AussieCorporate first published details of the incident, posted by an anonymous whistleblower.

The incident reportedly saw the senior Ubank executive photographed kneeling with their hands behind their back “suggesting they were a hostage or captive” according to the post.

The senior executive was pictured with a junior colleague standing over them, using their hands to form a gun pointed at them.

According to the post, the junior colleague was pictured “wearing a towel fashioned as a head dress, which was understood to be an attempt to depict a terrorist”.

The online site alleged the executive had been “not seen” since the image of the mock terrorist incident was circulated among staff.

Mr Raja said senior staff at Ubank had to abide by workplace policies.

“Senior leaders are expected to model appropriate behaviour consistent with our policies,” he said.

“We take matters relating to our Code of Conduct extremely seriously, we have investigated thoroughly and acted swiftly.”

Ubank CEO Kanishka Raja

Mr Raja sent an internal message to staff to remind them of their “responsibility to uphold” the bank’s code of conduct.

“The standards and consequences it sets out apply to everyone without exception,” Mr Raja wrote, adding that the unnamed senior executive had now left the business.

Ubank was formed from the merger of NAB’s digital banking operation by the same name, founded in 2008, and rival Cuscal’s former online retail banking player 86 400, after it was picked up in a $220m deal in 2021.

The digital banking division is a small but growing arm of NAB, which bank insiders noted operated largely independently of its heavyweight parent.

Ubank is led by Mr Raja, who took on the running in March after the departure of former boss Phillipa Watson, alongside nine other executives.

These include chief customer and digital officer Andrew Morrison, chief lending officer Ray Jokhan, chief information officer Robert Webb, and Chief risk officer Chris Fantan.

Alongside them are chief people officer Sarah Babich, chief financial officer Stephen Chippendale, chief risk enablement officer Barbara Stanko, chief operating officer Angelo Azar, and chief marketing officer Sascha Hunt.

Ubank executives report up into NAB digital and data boss Pete Steel.

The division has rapidly grown its customer numbers, adding 200,000 in the last year taking it beyond 1 million.

Ubank’s home lending has grown from $13.4bn in 2024 to $16.4bn in September this year.

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Originally published as NAB-owned Ubank sacks senior executive after mock terrorist Christmas party stunt