NAB restructures business
National Australia Bank (NAB) has combined a number of existing businesses — including NAB Financial Planning — serving private wealth and institutional customers in Australia into one division.
Private and Institutional Wealth (PIW) now also comprises NAB Private Bank, National Custodian Services, JANA, National Australia Trustees, National Online Trading and Specialised Investments.
Andrew Hagger, previously executive general manager, office of the chief executive officer, will head up PIW, with the new title of executive general manager, private and institutional wealth.
Hagger will continue to report to Ahmed Fahour, NAB executive director and chief executive officer Australia, and remains a member of the NAB Australian Executive Committee.
Fahour said PIW would focus on deepening NAB’s “market leading relationships in the institutional wealth segment, including industry funds, public sector funds and asset managers”.
“Wealth in Australia is highly concentrated with affluent and high-net-worth families, and NAB has strong connections in these segments through our corporate and business bank channels.”
He said PIW would offer both sets of these targeted clients services, including deposits, investments, foreign exchange and transaction banking services.
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