National Australia Bank Ltd (NAB) has completed the takeover of 80.1 per cent of Goldman Sachs JBWere's private wealth management business in Australia and New Zealand.
Australia's biggest bank by assets announced the strategic alliance with Goldman on July 29, Melbourne-based NAB said in a statement on Monday.
The wealth management business will be branded JBWere, with Goldman holding the remaining 19.9 per cent. NAB paid $99 million to buy the 169-year old JBWere brand name and its $41.2 billion in funds under advice (FUA) and $10 billion of funds under management.
"This acquisition significantly enhances our wealth offering and is a strong strategic fit with our ambition to strengthen National Australia Bank's position as a leading provider in the wealth management segment," NAB chief executive Cameron Clyne said in the statement.
The JBWere alliance marks NAB's return to full-service stockbroking after 18 years.
© 2009 AAP
