NAB Private Wealth
Since its inception in 1995, NAB Private Wealth has gone on to capture a 40% market share, which is presently the largest peer group share in the industry. Driving this domestic dominance has been the private bank’s ability to assemble a dedicated team of 470 professionals, in turn allowing the bank to cover both key and fringe locations throughout Australia.
This widespread presence is complemented by a comprehensive range of product solutions and specialist expertise, encompassing investment transactions, wealth and protection advice, estate planning, and insurance solutions, all based on an open architecture platform – a feature particular to only a handful of Australia’s domestic private banks. Furthermore, in today’s fragile economic environment, that the overarching National Australia Bank holds a AA- credit rating, is a point of particular comfort for NAB Private Wealth’s clients, who have, to date, entrusted the bank with approximately AUD1.3 billion (US$1.36 billion) in funds under management, AUD800 million (US$838.7 million) in personal trusts, AUD18 billion (US$18.9 billion) in lending, and AUD12 billion (US$12.6 billion) in deposits.
Going forward, Angela Mentis, Executive General Manager at NAB Private Wealth, sees huge opportunity in Australia’s fragmented, broker/boutique-dominated wealth management industry; hence, NAB Private Wealth is working towards increasing the synergy between its own client pool and that of NAB Bank’s constituent parts to bring a single, holistic wealth management offering to its clients, as well as extending its private banking offering to new clients in the Asia Pacific region. “We firmly believe we are Australia’s best private bank based on our capabilities,” says Angela Mentis, Executive General Manager of NAB Private Wealth. “There is nothing that our clients come to us for that we cannot provide.”