National Australia Bank (NAB) and Goldman Sachs JBWere (GSJBW) have agreed for NAB to acquire 80.1 per cent of Goldman Sachs JBWere's private wealth management business in Australia and New Zealand.
The business will be branded JBWere, with GSJBW retaining the remaining 19.9 per cent.
NAB will outlay $99 million for JBWere, with additional performance-related consideration payable dependent on revenues generated by the business over a period of three years.
NAB group chief executive Cameron Clyne said private wealth was a business with significant upside and JBWere added to NAB's capability and brands in that area.
"JBWere's pre-eminent reputation for providing wealth management services to high net worth individuals and NAB's strong footprint in business and private banking is a great combination," Clyne said.
