National Australia Bank Ltd.'s (ASX: NAB) shareholders could be in for a shock this morning as the bank prepares for a temporary rename. The NAB share price will be in focus as some of the institution is branded 'JAB' in a bid to encourage more Australians to get vaccinated against COVID-19.
The NAB share price finished yesterday's session trading for $28.40 after falling 1.56% on Thursday.
Let's dive deeper into NAB's new look.
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NAB shares in focus amid rebrand to JAB
The NAB share price is on watch amidst news the bank is rebranding to encourage more Australians to get jabbed.
The bank's 3 letter logo will become JAB on TV ads, billboards, online, and at the AFL finals series.
Amidst NAB's (JAB's?) media campaign, the bank's CEO, Ross McEwan, has called for more details on how restrictions will ease once 80% of Australians over 16 are jabbed.
Yesterday, he told the House of Representatives the government must create a 'vaccine pass'. He envisions Australia's pass will be like those of some European countries, where residents need proof of vaccination to access restaurants, sporting events, and concerts.
McEwan has also called for an international "vaccine passport" to be ready as soon as Australia's borders open. As The Motley Fool Australia reported yesterday, the federal government is reportedly already working on a vaccine passport.
Fortunately for the NAB share price, the bank's boss noted the current lockdowns have been less financially damaging. He said:
As at 31 August, just over a $1.8 billion in lending was on deferral. This compares to $58 billion at the height of the pandemic last year.
However, the impacts on small businesses are continuing. Additionally, McEwan pointed to the impact lockdowns are having on Australians' mental health.
On a lighter note, current projections forecast 80% of Australians will have had one jab by the end of the month. And, excitingly, 80% of Australians are predicted to be fully vaccinated by mid-November.
