National Australia Bank (NAB) said that its asset servicing unit, National Assets Servicing, is set to form a custodian services joint venture (JV) with global asset management and securities services company BNY Mellon.
BNY Mellon Asset Servicing is expected to acquire a 30% stake in National Assets Servicing, which is said to be Australia’s largest custodian, with almost AUD600bn under custody as at December 31, 2009.
The JV is expected to combine NAB’s offering in the Australian asset servicing market with BNY Mellon’s global capability, resulting in both the companies working together to increase the range of products and services available to customers.
BNY Mellon was appointed as NAB’s global custodian for all foreign assets of NAB’s clients in 1996. Since then they have been working together. NAB was also appointed as BNY Mellon’s Australian and New Zealand sub-custodian for its global clients.
In a statement NAB said: “The deeper partnership, which could take the form of a joint venture, would combine NAB’s offering in the Australian asset servicing market with BNY Mellon’s extensive global capability.”