# NAB Private Wealth: private banking inside National Australia Bank > NAB Private Wealth: entry from A$2.5m to invest or borrow, or A$400k+ income; JBWere FUM A$62.9bn; deposits covered by the FCS up to A$250,000. Author: Dana Berzeg — Attorney-at-law, Family Office (https://wiki.private.law/en/authors/berzegova) Last modified: 2026-10-20T11:00:00.000Z Canonical: https://wiki.private.law/en/nab-private-wealth Publisher: wiki.private.law (https://wiki.private.law) Version: 1f5731eac90266a0c4bd1306005b40ca75fac24258ee4d56f3730a85e2c2e351 Cite as: NAB Private Wealth: private banking inside National Australia Bank. wiki.private.law. https://wiki.private.law/en/nab-private-wealth. Version 1f5731eac90266a0c4bd1306005b40ca75fac24258ee4d56f3730a85e2c2e351. Topics: banking Jurisdictions: australia Functional tags: private-banking Product tags: bank, wealth-planning, investment Semantic tags: private-banking, bank, wealth-planning, investment --- ## Concept NAB Private Wealth is the private banking unit inside National Australia Bank (NAB), one of Australia's four major banks. It sits within the Business & Private Banking division, led since June 2025 by group executive Andrew Auerbach. Investment management and advice are delivered through JBWere, a wholly owned subsidiary — JBWere was not sold and remains inside the group. Michael Saadie holds both roles: Executive NAB Private Wealth and CEO of JBWere. Scale: as of September 2026, JBWere reports A$62.9 billion in funds under management (FUM) and A$74.0 billion in assets under administration (AUA). In FY25, Private Banking lending reached A$24.5 billion and deposits A$45 billion. Global Finance named NAB Australia's best private bank for five consecutive years (2022–2026). ## History and evolution - **1840** — JBWere founded, one of Australia's oldest stockbrokers. - **2003** — NAB took full control of JBWere after a wealth-management joint venture. - **2018–2019** — fees-for-no-service remediation era following the Hayne Royal Commission. - **2022** — enforceable undertaking to AUSTRAC. - **2024** — JBWere New Zealand sold to FirstCape (April); NAB retained a 45% stake in FirstCape. - **2025** — first Australian implementation of BlackRock's Aladdin Wealth platform (December). During 2023–2025 the group closed its Hong Kong presence; offshore booking is no longer offered. > 🍓 Deposits with NAB are protected under the Australian Financial Claims Scheme: up to A$250,000 per account holder per ADI. The scheme applies to AUD deposits; foreign branches sit outside it. ## Regulation NAB is an authorised deposit-taking institution (ADI) supervised by APRA and ASIC. JBWere Limited holds an AFSL licence for investment and advice services, supervised by ASIC. Key compliance events: - May 2022 — NAB entered an enforceable undertaking with AUSTRAC, also covering JBWere Ltd; an independent auditor oversaw the programme until March 2025; no monetary fine was imposed. - Legacy of the fees-for-no-service scandal: an A$18.5 million penalty over fee disclosure statements; a customer compensation programme totalling A$1.247 billion. ## Source of wealth Typical client wealth origins: entrepreneurs and business owners (NAB is Australia's largest business bank), professionals and executives, multi-generational family wealth, and agricultural wealth. As with any private bank, onboarding requires documented [source of funds](https://wiki.private.law/source-of-funds). > 💡 The entry threshold is official: A$2.5 million or more to invest or borrow, or annual income of A$400,000+. Below it, the bank offers premium retail products rather than full private banking. ## Who it serves - Business owners and their families, including the agricultural sector. - Professionals and executives with income of A$400,000+ per year (official criterion). - Families with investable assets of A$2.5 million+ (official criterion). ## Services - Investment management and advice via JBWere (FUM A$62.9 billion). - Securities-backed credit — [lombard lending](https://wiki.private.law/lombard-lending) — and structured loans. - Deposits, payments, and premium everyday banking. - Wealth and succession planning, philanthropy support. - Aladdin Wealth analytics platform (since December 2025). ## Entities | Jurisdiction | Legal entity | Form and supervision | Role | | --- | --- | --- | --- | | Australia | National Australia Bank Limited | ADI, supervised by APRA and ASIC | Core banking and NAB Private Wealth | | Australia | JBWere Limited | AFSL investment/advice licence, supervised by ASIC | Investment management and advice | ## Strengths - Full integration with Australia's largest business bank — convenient for entrepreneurs. - Strong JBWere investment brand with a history since 1840. - Global Finance recognition — Australia's best private bank 2022–2026. - Modern portfolio analytics on Aladdin Wealth. ## Where it falls short - No international booking centres: Hong Kong closed, JBWere NZ divested — an Australia-only proposition. - Not suitable for clients who need offshore asset booking. - The entry threshold excludes clients below A$2.5 million. Optimal for entrepreneurs and families with Australian-based wealth who want JBWere-grade investment management, credit lines, and everyday banking within one group — without an offshore component. ## Q/A ### What is the entry threshold for NAB Private Wealth? Officially: A$2.5 million or more to invest or borrow, or annual income of A$400,000+. ### Who owns JBWere? JBWere is a wholly owned subsidiary of NAB and was not sold. Its CEO, Michael Saadie, is also Executive NAB Private Wealth. ### Are deposits protected? Yes: the Financial Claims Scheme covers up to A$250,000 per account holder per ADI for AUD deposits; foreign branches are outside the scheme. ### Does NAB Private Wealth offer offshore booking? No. The Hong Kong presence was closed during 2023–2025, and JBWere New Zealand was sold to FirstCape in April 2024 (NAB retained a 45% stake in FirstCape). ### Has the bank faced regulatory issues? In May 2022 NAB entered an enforceable undertaking with AUSTRAC (also covering JBWere Ltd), with an independent auditor until March 2025 and no monetary fine. The fees-for-no-service case brought an A$18.5 million penalty and a A$1.247 billion customer compensation programme. --- ## Similar articles - [British Atlantic Bank (NodaBank): Accounts, Deposits and Lending](https://wiki.private.law/en/nodabank) - [ANZ Private: private banking at ANZ](https://wiki.private.law/en/anz-private) - [Westpac Private Bank: wealth segment of Australia's oldest bank](https://wiki.private.law/en/westpac-private) - [Commonwealth Private: private banking at Australia's largest bank](https://wiki.private.law/en/cba-private-banking) - [Macquarie Private Bank: private banking inside Macquarie Group](https://wiki.private.law/en/macquarie-private-bank) - [Nedbank Private Wealth: the island bank for mobile South African and British families](https://wiki.private.law/en/nedbank-private-wealth) --- Source: wiki.private.law — the private.law legal knowledge base. When quoting, cite the canonical page URL. Consultation with a lawyer: https://t.me/private_law_bot