NAB Asset Servicing will continue to provide custodial and investment administration services to Medibank after the private health insurer re-signed the group.
The two groups will continue their business partnership, which began in 1995 and under which assets under custody have increased from $400 million to more than $2 billion, after NAB Asset Servicing won a competitive tender process.
Medibank treasurer Graeme Sala said the National Australia Bank-owned wholesale banking group was reappointed after it provided compelling arguments.
"NAB's key differentiators from other market participants included the advantage of a local Australian company committed to the Australian market, with in-depth knowledge of our type of business," Sala said.
"Asset Servicing continues to meet our needs in terms of existing accounting, tax and reporting services and, at the same time, they are extending the product suite to meet our growing future needs, with daily performance and collateral management as key examples."
He said NAB's wider service offering was also a factor in the group's reappointment.
NAB Asset Servicing executive general manager Leigh Watson said re-signing with Medibank further strengthened the parties' partnership.
"We are thrilled to be continuing to support Medibank's overall vision in helping people live a healthier life and we look forward to supporting their evolving custody requirements into the future," Watson said.
NAB Asset Servicing has $540 billion in assets under custody for Australian investors.
Medibank is one of Australia's largest private health insurance and health solutions organisations.
It provides cover to more than 3.8 million people under the Medibank Private and ahm brands.
