NAB has rebranded this part of its business as NAB Private, described in a statement as being a “pure private banking proposition for HNW clients”. The operation will also connect clients to JBWere, its specialist private wealth advisory business.

As part of the shift, more than 60 NAB Private employees will move across to the wealth management business, JBWere, which will provide specialised wealth creation and protection advice, a statement from the bank said yesterday.

“The decision to adopt this new model followed extensive research from our high net worth clients and the clear message coming back was that they want deep expertise from their trusted private bankers and wealth advisors,” said Justin Greiner, JBWere's chief executive.

“They want specialists who are focused on delivering the best banking solutions and their wealth advisors to be an expert in wealth. Our clients are telling us they want a seamless experience between their banker and wealth advisor, but no longer need a one-stop shop approach,” he said.

NAB Private's executive general manager, Christine Yates, said: “The NAB proposition is very different to what is out there in the market, where we have seen some private banks relocating to the retail banking division.”

Australia has around 450,000 HNW individuals.