Australia markets closed

    -50.50 (-0.67%)
  • ASX 200

    -52.90 (-0.72%)

    -0.0020 (-0.30%)
  • OIL

    -0.88 (-1.08%)
  • GOLD

    -3.80 (-0.21%)

    -254.22 (-1.01%)
  • CMC Crypto 200

    +2.91 (+0.72%)

    -0.0021 (-0.32%)

    -0.0099 (-0.93%)
  • NZX 50

    -12.71 (-0.11%)

    -47.63 (-0.40%)
  • FTSE

    -2.26 (-0.03%)
  • Dow Jones

    +34.87 (+0.10%)
  • DAX

    +39.09 (+0.27%)
  • Hang Seng

    -61.09 (-0.33%)
  • NIKKEI 225

    -448.18 (-1.59%)

Aussie Big Four bank makes huge name change

Image of NAB ATM sign with question mark on logo
NAB has made a temporary change to its name. (Source: Getty)

One of Australia’s biggest banks has undergone a temporary name change in a bid to encourage more Australians to get vaccinated.

NAB will change its logo and branding to ‘JAB’ in a national marketing campaign launched on Friday.

Instead of NAB, short for National Australia Bank, ‘JAB’ will be emblazoned on billboards, TV commercials and online ads.

‘JAB’ will also be featured on the signage on stadium grounds for the rest of the AFL finals series, the big bank announced.

NAB bank's new name change, 'JAB'
NAB is sporting a name change, 'jab', in an effort to get more Aussies vaccinated. (Source: Supplied)

NAB chief operating officer Les Matheson said increasing the vaccination rate was the key to unlock more freedoms for customers and the community.

“We want to champion getting Australia back to business by delivering hope and optimism and supporting the community’s vaccination push,” he said.

Also read:

NAB CEO Ross McEwan was a signatory to a recent open letter, signed by 80 Australian CEOs, pushing all levels of government for more clarity on “a path out of the current lockdowns”.

“We need to give people something to hope for, something to look forward to, something to plan around, and to be confident about their futures,” the open letter stated.

The big banks have also been part of the vaccine rollout, with the Commonwealth Bank and Westpac offering the AstraZeneca vaccine to employees and their families.

With vaccine rates steadily increasing, experts believe Australia will side-step a recession, with GDP growth forecasted for the December quarter.

But bank chiefs and experts are split on when exactly life will return to normal. While NAB’s McEwan believes we will reach 80 per cent vaccination rates by mid-November, CBA’s Gareth Aird thinks we won’t be on the “pre-Delta path until later in 2022”.

WATCH BELOW: The Big Four Banks

The National Cabinet last month signed off on the four-stage National Plan to transition out of the COVID-19 pandemic.

Currently in Phase A, Australia needs to hit 70 per cent double vaccination rates before we move onto Phase B, the ‘Vaccine Transition Phase’.

This would see lockdowns eased, flight passenger caps lifted, and reduced quarantine arrangements for vaccinated people.

NSW, which is in its third month of lockdowns, yesterday unveiled its roadmap out of lockdowns which outlined what going to the pubs, shops and hairdressers would look like.

Only fully vaccinated people will enjoy these freedoms.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.