NAB And Bank of New York Mellon Propose Tie Up

Post by Sharat on July 21, 2010 · Under Business News, Company News, banking · Comment

Australian banking major NAB says it is in talks with Bank of New York Mellon on a possible joint venture in asset servicing.

The proposed deal would see the two lenders combine forces to increase their product and service offerings to client, in an environment where there is increased demand for global capability.

“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,” NAB said in a statement.

NAB says that it still needs to work out specific details of the partnership, which it would explore over the next few months.

NAB and BNY Mellon Asset Servicing have had a relationship since 1996 when BNY Mellon was appointed NAB’s global custodian for all foreign assets of NAB’s custody client base.

Simultaneously NAB was appointed by BNY Mellon to serve as its Australian and New Zealand sub-custodian for its global clients.

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