NAB buys into Were's private client business

National Australia Bank Ltd may be about to reach terms with Goldman Sachs JB Were for a joint venture in private client stockbroking, the Financial Review reported. NAB will take a majority stake in the broking business, the newspaper said.

The AFR reported that NAB is expected to own up to 80 per cent of the joint venture, which will cover 120 private client advisers, research and distribution.

The deal could be announced as soon as this week, according to the paper.