RETAIL BANKING | Jason Oliver, Australia

Free Ferrari’s for NAB’s $20 million plus clients

Australia's NAB is hoping its wealthiest customers will avoid those Swiss bankers and instead take up its family office offerings including cars and gifts.With a minimum investment of $20 million and an invitation from the National Australia Bank, affluent clients get to be part of an exclusive banking club and enjoy a wealth of perks typical of Swiss-style banking. According to a report, each VIP client is allotted a private account manager in charge of attending to needs such as estate planning, taxation, and share market investments. Meanwhile, incentives include free use of luxury sports cars, domestic and international jet travel, personal shopper visits to international high-end stores, VIP restaurant bookings, and even bills payment."It's a one-stop shop for everything," said John Ilhan’s widow Patricia, a member of the NAB-run club known for the mobile phone retail chain Crazy John's.NAB was reported to have been entrusted a combined deposit of $5 billion through the VIP club.

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