NAB to lose A$85 billion UK custody mandate: report
(Australia) - The National Australia Bank is on the brink of losing a A$85 billion sub-custody mandate to act in the United Kingdom for US-based Mellon Trust.
Local reports claim Mellon is on the verge of launching its own UK custody operation, and will withdraw the NAB mandate, won in September 2000, later this week.
NAB has about A$170 billion in UK funds under custody, and runs the operation out of its Clydesdale Bank subsidiary in Glasgow, Scotland.
The Mellon mandate accounts for around half of the NAB's custody business.
NAB, largely as a result of the Mellon business, is ranked in the top ten in the UK custody market.
NAB has about A$170 billion in UK funds under custody, and runs the operation out of its Clydesdale Bank subsidiary in Glasgow, Scotland.
The Mellon mandate accounts for around half of the NAB's custody business.
NAB, largely as a result of the Mellon business, is ranked in the top ten in the UK custody market.
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