National Australia Bank Ltd.’s asset servicing unit has been appointed the custodian to the Australian Reinsurance Pool Corp. which has about $740 million in assets.
ARPC previously used Suncorp for custody.
“NAB’s tailored solutions met our requirements and the faster online reporting was compelling,” says ARPC chief executive David Matcham in a statement.
National Australia Bank is the biggest custodian in Australia with a 30 per cent market share.
As of December 31, National Australia Bank had $540 billion in assets under custody out of a total of $1.82 trillion in funds under custody, according to the Australian Custodial Services Association.
ARPC is a statutory association established by the Terrorism Insurance Act 2003 to administer a terrorism reinsurance scheme for commercial property and associated business interruption losses and public liability claims.