nab-buys-goldman-sachs-jbwere-wealth-unit

NAB buys Goldman Sachs JBWere wealth unit

Goldman Sachs JBWere will sell a controlling stake in its wealth management business to National Australia Bank for $81 million.

National Australia Bank (NAB) announced yesterday that it will acquire an 80 1% interest in the private wealth management business of Goldman Sachs JBWere in Australia and New Zealand for A$99 million ($81 million) The wealth management business will be rebranded JBWere and GSJBW will continue to own the remaining 19 9%

The agreed price suggests 100% of the business has been valued at A$124 million NAB may also shell out some performance-related payments based on the revenues the business generates over the next three years

GSJBW referred to the deal as a "powerful strategic alliance" and said the firm's aim was to "meet the evolving and complex needs of private...

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