National Australia Bank is to acquire a majority stake in a private client stockbroking joint venture with Goldman Sachs, according to media reports.

NAB is about to reach terms with Goldman Sachs JBWere for the JV. The Australian bank is expected to own up to 80 per cent of the joint venture, which will cover 120 private client advisors, research and distribution.

The deal could be announced as soon as this week reports said. The deal however won't be material to NAB's earnings, at least within the first year.

This would be the second move in as many months for NAB in the wealth management space.