National Australia Bank (NAB) is reportedly planning to sell more retirement products and better utilize its retail network to regain its share in wealth management market over the next two years.
As part of the move, NAB has set up a new wealth management team headed by Andrew Hagger and is also cutting costs, reported Bloomberg.
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Profit at the bank’s wealth unit decreased 13% to A$482 million (US$439 million) at the end of September 2013 compared with same period last year. In addition, the profit was also down from A$609 million at the end of September 2010.
Hagger said: "We do know our natural share is higher than the current share. When I took up the role last year, we realized it would take something like a three-year period to begin to realize the potential."
In April last year, NAB hired eight of the current 10-member wealth management leadership team. The bank has also acquired wealth management business MLC in 2000 from Lend Lease Corp for A$4.56 billion.
"Bank customers are being made more aware of the wealth products and the two units are sharing offices, technology and employees," Hagger added.
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