NAB's custody division has today gone live with Citigroup as its global custodian, replacing Bank of New York Mellon.
In a statement, NAB Asset Servicing said the transition, which began in August 2015, was “one of the largest and most complex transitions to take place in the Australian market.”
NAB Asset Servicing executive general manager, John Comito, said the partnership allows the bank to combine their local expertise with Citigroup’s global network.
“The successful go-live of the partnership with Citi means clients will continue to benefit from our deep knowledge of the local market as well as gaining direct access to a broad range of foreign markets and an enhanced level of service,” Mr Comito said.
The new partnership will provide NAB Asset Servicing clients direct access to 60 markets around the world, provide richer market information and easier access to subject matter experts for complex issues, the statement said.
“The engagement across all levels of our organisations positions us well to deliver on our commitments to our clients now and into the future,” Mr Comito said.