IT'S been 18 months coming, but NAB has finally forged an alliance with a wealth management business.
Approaches had been made to Citigroup and even the Australian broking arm of ABN Amro, now the Royal Bank of Scotland. Some media has also reported speculation that NAB was eyeing a stake in retail brokerage Bell Potter.
But now, the bank has forked out $99 million to acquire 80 per cent of the retail stockbroking arm of Goldman Sachs JBWere. Mallesons Stephen Jaques has advised NAB on the alliance, led by Melbourne M&A partners Craig Semple, Diana Nicholson and Jonathan Hamer.
The team advised on the acquisition of the interest in JBWere, arrangements regarding the ongoing conduct of the strategic alliance and financial regulatory matters.
“This was a complex deal, relying on M&A, Regulatory, Intellectual Property and Workplace & Employee Relations expertise across the firm,” Semple said.
“It was great to be involved in such a significant transaction that brings together two important Melbourne business names - NAB and JBWere,” he said. The strategic alliance follows NAB’s recent $2 billion placement, on which Mallesons also advised the bank.