Macquarie Group’s Banking and Financial Services group (BFS) has announced plans to merge its private bank and private wealth businesses and focus on high net-worth (HNW) clients.

The HNW customer segment is already the focus of Macquarie’s private bank, and a substantial proportion of its private wealth arm.

According to data from Credit Suisse Research Institute, Australia has more than 1.2 million adults with wealth of A$1.3m ($9,78,380) or above. The country ranks among the top ten countries for HNW individuals worldwide, the data revealed.

Macquarie head of wealth management Bill Marynissen, said: “We are striving to create a comprehensive and tailored wealth and banking offering for our clients that can take them from the wealth accumulation stage of their lives, through to retirement. Concentrating on one client segment enables us to better deliver on this commitment.

“Focusing on attracting high net-worth clients is a logical evolution of our private client business and we believe it is a space in which we can be a market leader. We have carefully assessed growth opportunities in the high net-worth segment against the strong fundamentals of our business. These include a deep understanding of the high net-worth segment, our wealth and banking expertise and suite of solutions, and the capacity to build on our existing digital capabilities.”

However, the company also said that the shift of focus to HNW clients will not affect BFS’ retail banking operations, which includes home lending, deposits and credit card services for consumer clients.

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