NAB nabs RAC Insurance mandate
National Australia Bank (NAB) Asset Servicing has been appointed by RAC Insurance to provide custodial services, according to SuperReview.
NAB Asset Servicing general manager for sales, relationships and financial market services Brian Keogh said the NAB's ability to transition RAC's assets in a short timeframe was a major factor in the custody win, along with NAB's track record in insurance.
RAC Insurance CFO, Mary Stephens, said the appointment followed a competitive three-month tender process which involved detailed discussions with NAB and other custodians.
The appointment follows last weeks' announcement of NAB Asset Servicing's strategic alliance with MMc Limited, reports SuperReview.
