(Australia) – National Australia Bank has signed a deal to pick up the custody contracts of clients of Commonwealth Custodial Services Limited (CCSL) and the Commonwealth Bank of Australia.The contract represents some $30 billion in assets under custody and administration and pushes the National’s overall total in assets under custody and administration up to $235 billion.
The Nationals’ executive general manager, Corporate & Institutional Banking, Ian Scholes said the business acquired from Commonwealth/CCSL would complement the profile of the National’s existing custody business, National Custodian Services (NCS).
“NCS already services clients that include super funds, financial services companies and government and statutory authorities,” Scholes said.
“We are excited about the opportunity to work with new clients and grow the business.
The economies of scale we currently enjoy at NCS make this an attractive opportunity and a good fit with our broader Corporate and Institutional Banking business,” he said.
General Manager, National Custodian Services, Tony O’Grady, said the National would manage the transition of clients as smoothly as possible, and that the process would be completed before the end of the year.