National Australia Bank (NAB) has announced plans to leverage some of its key partnerships and invest in asset servicing technology to improve services for its NAB Asset Servicing (NAS) customers.
The decision comes after an eight-month process to determine the best course of action for NAB’s future, and it was confirmed that NAB will continue its global custody partnership with BNY Mellon, providing a range of investment services and management technologies.
Steve Lackey, chairman of BNY Mellon Asia-Pacific said, “For 19 years we have partnered with NAB to provide the products, technology and thought leadership customers need in the world of asset servicing, and we look forward to building on this trusted and proven relationship in the years ahead.”
Christine Bartlett, NAS executive general manager, said: “Today’s announcement reinforces NAB’s position as the largest provider of custodial services in Australia with more than $600 billion under custody and administration.”
NAB hopes to provide its NAS customers advanced performance reporting processes, with systems tailored to clients needs, as well as a new registry platform with enhanced reporting capabilities, and improved access to data and reporting tools through a client portal.
It will also offer a securities lending programme with greater flexibility on counterparty exposure and investment returns.
Antony Cahill, NAB group executive for product and markets, said: “The eight-month process reinforced to NAB that our customers value our custody services. We look forward to continuing to work closely with our partners in delivering for our asset servicing customers.”
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