National Australia Bank (NAB) has introduced a new business model for the Australian HNW market, under which the bank will rename its private banking arm as NAB Private.
The new unit will offer specialised services such as structured finance, and will connect clients to its private wealth advisory business, JBWere.
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The company said that over 60 NAB Private employees will move across to the JBWere that will offer wealth creation and protection advice.
JBWere CEO Justin Greiner said: "The decision to adopt this new model followed extensive research from our high net worth clients and the clear message coming back was that they want deep expertise from their trusted private bankers and wealth advisers.
"They want specialists who are focused on delivering the best banking solutions and their wealth advisers to be an expert in wealth.Our clients are telling us they want a seamless experience between their banker and wealth adviser, but no longer need a one-stop shop approach."
NAB Private executive general manager Christine Yates said: "The NAB proposition is very different to what is out there in the market, where we have seen some private banks relocating to the retail banking division."
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By GlobalData"In Australia, most high net wealth, and certainly all of ultra-high net wealth customers have complexities around their roles as business owners and this is why NAB Private is positioned within NAB’s Business Bank, which serves professional services, c-suite executives, inherited wealth and entrepreneurs. NAB is the biggest business bank in the country and JBWere is a private wealth business with a 175 year history.”
