Commonwealth Bank of Australia has expanded its ultra high net worth offering with the launch of a new private office.

The new office, which caters to clients with over A$10 million ($9.79 million) in investable assets, will be led by Ralf Haase, who joined the company in March last year to help establish the unit. Haase stepped in from Macquarie Private Bank, where he was an associate director. His management background also includes 14 years at the private wealth management division of Goldman Sachs in Germany.

The number of UHNW client families in Australia lies between 3,000 and 4,000, said Haase, representing approximately A$120 billion to A$150 billion.

"We have good traction and have signed up a number of clients, but in this business the acquisition is one client at a time... Given that we are focusing on people with significantly more wealth on average, the number of clients per relationship manager will be much lower. We will be able to have a deeper and more meaningful relationship with each client because it will truly be a bespoke solution for every individual," said Haase.

At present, the Sydney-based private office employs nine, but the company said it intends to open up more branches nationwide and a Melbourne office is expected to be operational within the next six months.