Increased demand from wealthy prompts National Private Bank expansion - 15 August 2005
Monday, 15 August 2005
Increasing demand from wealthy Australians for premium banking and financial strategies has prompted the National Australia Bank (NAB) to expand its National Private Bank.
The division, which caters to the needs of Australia's wealthiest people and their families, today announced it had appointed Linda Duncombe as head of sales. Ms Duncombe was previously regional manager for the East Sydney and Canberra regions and has more than 17 years experience within financial services.
"The number of high net worth individuals in Australia continues to grow strongly," said Carl Harman, Head of National Private Bank, "and as a result we have experienced exceptional growth in demand for our world class services."
"The steady growth of the local economy over the past several years has resulted in many people joining the ranks of the wealthy," he said today. "These individuals, as well as many who have just worked hard and made good investment decisions, are increasingly recognising that they need specialised help and a premium service to look after their financial needs and we have to expand to meet this demand."
"Linda will coordinate and coach the sales activity of front line private bankers, develop networks across Australia and assist with product development," Mr Harman said.
Ms Duncombe noted: "High net worth individuals are extremely busy people and our clients want us to make finance and wealth creation as easy as possibly for them. While pricing is important to everyone, quality service, convenience, trust and knowledge are just as important."
She noted many private banking clients' interests and investments had changed over the past two years. "People are now looking for more interesting and specialised investment products coupled with lending structures that are flexible and match their wealth protection and creation requirements.
"As a result, we have seen greater demand for our wealth management offering than ever before, especially since the flattening in the property market."
The National Private Bank looks after the financial needs of individuals and business owners and managers who have an income of more than $250,000 a year or investable assets of more than $1 million. Its client base also includes many sports stars, celebrities, executives and private investors.
About NAB Private Bank
The NAB Private Bank is profoundly client centric. Its bankers and financial advisors use their knowledge to provide the most appropriate solutions, and aim to deliver those solutions for their clients.
For further media information contact:
NAB Corporate Affairs
Guy McKanna
02 9966 3532
0402 893 843
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges
