National Australia Bank's (NAB) custody arm, NAB Asset Servicing has confirmed the long-running speculation that it has changed its global custodian.
NAB announced today that it had appointed Citi as its global custodian, ending a long-running association with BNY Mellon.
Confirming the move, NAB group executive product and markets, Antony Cahill, said the appointment of Citi would enable NAB to deliver a unique service offering by combining the bank's local expertise with Citi's superior global network.
NAB executive general manager 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.
He said Citi's appointment would take effect following a period of transitional work and that, in the meantime, NAB would continue to provide custody services to its clients using its current global custodian.