(22 April 2008 – Australia) NAB has announced a restructure of its wealth businesses, combining them into a new division called Private and Institutional Wealth (PIW).The National Australia Bank has combined a number of divisions within its structure to form this new division, including NAB Financial Planning, NAB Private Bank, National Custodian Services, JANA, National Australia Trustees, National Online Trading and Specialised Investments.
Andrew Hagger, will head up PIW, as executive general manager, private and institutional wealth.
Hagger was previously executive general manager, office of the chief executive officer, and will continue to report to NAB executive director and chief executive officer Australia, Ahmed Fahour.
Fahour said that the new division would focus the bank on deepening relationships in the institutional wealth segment.
He added that wealth in Australia is highly concentrated with affluent and high-net-worth families, and that NAB has strong connections in these segments through corporate and business bank channels.
He said PIW would offer services to both sets of these targeted clients, including deposits, investments, foreign exchange and transaction banking services.