National Australia Bank (NAB) Asset Servicing today announced it has appointed Citi as its global custodian.

NAB Group Executive Product & 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.

“Citi has direct access to more than 60 markets around the world. This will provide NAB clients with richer market information and easier access to subject matter experts for complex issues,” Mr Cahill said.

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.

“We are committed to delivering the best service in the market and look forward to working with our clients over the coming months to allow them to benefit from Citi’s extensive market coverage and expertise.”

Citi’s appointment will take effect following a period of transitional work. In the meantime, NAB will continue to provide custody services to its clients using its current global custodian.

About NAB Asset Servicing

Asset Servicing, part of NAB’s Product and Markets business, is the largest custodian in the Australian market and has $793 billion in assets under custody. It provides custody, master custody, investment administration and other related services to a range of locally and internationally domiciled clients. These include government agencies, investment managers, superannuation funds, insurance companies and banks. NAB has provided domestic custody services since 1950 and global custody and investment administration services since 1975.