Winners rationale

National Australia Bank (NAB) made an extraordinary change over 2020-2021, merging three of its key businesses — the private banking NAB Private, the wealth management arm JBWere, and the digital trading platform nabtrade — to deliver a single, compelling private wealth offering in Australia.

The new NAB Private Wealth is built entirely around what clients need, with the support from the wealth and advice expertise of JBWere. The freshly minted private bank seeks to drive on the three platforms to provide more exclusive investment opportunities, including tailored lending solutions to key clients — business owners, Ultra High Net Worth individuals and major family groups.

NAB Private Wealth has seen major achievements within the space of just a year. As one of the top four private banks in Australia, NAB has A$64 billion assets under advice, becoming one of the top three online traders and the largest margin lending business within the domestic private banks.

The bank proved its resilience and commitment to bring the best investment solutions and private wealth services with tremendous performance from positive client assets growth.

NAB Private Wealth recorded A$7.4 billion growth of Funds Under Management (FUM) last year, where 50% of FUM growth came from new clients, marking a total of 123% climb in Net Fund Flow. On the key private bank business in the land down under – lending, the bank’s home lending book grew A$1.9 billion, 1.8 times over the market growth rate.

NAB Private Wealth has added over 44,000 new clients to its trading platform nabtrade, in addition to a 12% growth in trading volumes, supporting the growing demand from clients who wish to manage their own investment.

With its pledge to deliver an excellent private wealth experience to clients in both Australia and New Zealand, the bank drives on an integrated operating model — across Private Bank, JBWere and Investment Solutions — to enable a “Team of 3”, allowing experienced private wealth advisers to provide clients with a full suite of offerings meeting their needs in investment, lending, corporates or family services.

The judging panel was impressed by the commitment and success NAB Private Wealth made over the past year. Congratulations to NAB for winning Asian Private Banker’s 2021 Award for Distinction Best Domestic Private Bank – Australia.