NAB completes exit of NZ wealth management
National Australia Bank (NAB) has now exited its New Zealand wealth management business.
NAB has announced to the Australian Securities Exchange (ASX) that it had sold its New Zealand wealth management business to newly-established entity FirstCape Limited – a group which brings together NAB’s JB Were NZ and BNZ Investments Services together with Jarden Wealth and Harbour Asset Management.
NAB said it would hold a 45% stake in FirstCape with Jarden holding a 20% shareholding with funds managed by Pacific Equity Partners having acquired a 35% stake in FirstCape.
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