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 wealth clients....
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