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National Australia Bank (NAB) has confirmed it is in discussions with New York-based BNY Mellon to deepen their relationship around asset servicing, including a possible joint venture.
In an announcement released to the Australian Securities Exchange today, NAB said that NAB Asset Servicing was in discussions with BNY Mellon Asset Servicing “with regard to deepening the long-standing partnership and enhancing the range of products and services available to clients”.
The announcement said that over coming months, specific elements of an expanded partnership would be explored and that the deeper partnership could take the form of a joint venture combining NAB’s offering in the Australian asset servicing market and BNY Mellon’s extensive global capability.
Commenting on the move, NAB Asset Servicing executive general manager Leigh Watson said the discussions reflected growing client demand for global capability.
