NAB Asset Servicing has expanded its custody offering by appointing Citi as its global custodian, replacing Bank of New York Mellon.
The appointment of Citi comes as NAB looks to reassert itself in the custody market after considering exiting the sector in 2014.
NAB Asset Servicing, which remains the largest player in the local custody market, announced a series of clients who have reappointed it throughout 2015.
A statement released by NAB yesterday said the appointment of Citi will allow NAB Asset Servicing to provide a better "global capability" to its custody clients.
NAB group executive for products and markets Antony Cahill said the appointment would give NAB clients direct access to "more than 60 markets around the world".
"This will provide NAB clients with richer market information and easier access to subject matter experts for complex issues," Mr Cahill said.
NAB executive general manager for asset servicing Matt Brown said NAB’s focus on sourcing the best global capability for its clients was pivotal in choosing Citi as its global custodian.
"Citi’s operating model and significant local presence will allow NAB Asset Servicing to provide even better solutions for our clients," Mr Brown said.
"We are committed to delivering the best service in the market and look forward to working with our clients over the coming months to allow them to benefit from Citi’s extensive market coverage and expertise."
Citi’s appointment will take effect following a period of transitional work, said the NAB statement.
In the meantime, NAB will continue to provide custody services to its clients using its current global custodian, Bank of New York Mellon.
Economists agree that the Reserve Bank is likely to remain in inflation fighting mode until December. ...