Acquires CBA Custody Contract
June 06 2003 - 4:56AM
UK Regulatory
RNS Number:0057M
National Australia Bank Ld
06 June 2003
Group Corporate Affairs
National Australia
Bank Limited
ABN 12004044937
500 Bourke Street
Media Release Melbourne
Victoria 3000
Australia
Melbourne, Friday 6th June 2003
National to acquire Commonwealth Bank custody contracts
National Australia Bank today announced it has signed an agreement to acquire
the custody contracts of clients of Commonwealth Custodial Services Limited
(CCSL) and the Commonwealth Bank of Australia by way of novation, subject to the
approval of clients.
Under the arrangement, the National will provide custody and related services to
clients of Commonwealth/CCSL.
The contracts represent approximately $30 billion in assets under custody and
administration. The acquisition furthers the National's position as a leading
custodian in Australia with $235 billion in assets under custody and
administration.
Ian Scholes, Executive General Manager, Corporate & Institutional Banking at the
National, said: "The client business to be acquired from Commonwealth/CCSL will
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.
"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," Mr Scholes said.
General Manager, National Custodian Services, Tony O'Grady, said the National
aimed to manage the transition of clients as smoothly as possible.
"A dedicated transition team has been established to work closely with
Commonwealth/CCSL and clients. This process will be completed before the end of
the year," he added.
The agreement between the National and Commonwealth/ CCSL does not involve the
transfer of any business operations or legal entity.
New staff will be required to service the additional clients and the National
will look to take on as many existing Commonwealth employees as is practical.
Further information, please contact:
Andy McConville Tony O'Grady
Corporate Affairs National Custodian Services
+61 3 8641 2770 +61 3 9659 6561
+61 405 171 741 +61 401 712 710
This information is provided by RNS
The company news service from the London Stock Exchange
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