The letter U is now pretty much the sole preserve of National Australia Bank, at least in the realm of trade marks relating to financial services.
NAB has prevailed in a trade mark dispute with New U Life Corporation, a dietary supplements and multi-level marketing services company based in the United States.
New U Life filed a trade mark application for UWALLET in 2021, which NAB opposed.
NAB has used and registered what the Delegate of the Registrar of Trade Marks described as “a number of U-formative marks” including UBANK, USPEND, USAVER and UHOMELOAN.
“In all the circumstances and given NAB’s reputation in UBank, I believe that consumers would be caused to wonder whether New U Life’s services offered under the UWALLET trade mark are connected to NAB” the delegate wrote in her decision.
“I am satisfied that there is a real, tangible likelihood of deception or confusion occurring from use of the UWALLET trade mark in relation to the services claimed.”
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Home lending attributed to UBank NAB put at $13.4 billion at September 2204 in its full year results last week, equal to four per cent of the bank’s mortgage book.
UBank’s deposit balances were $19.7 billion.
Ubank has around 850,000 customers which compares more than one million now for Bendigo and Adelaide Bank’s Up.