WorkCover SA and Suncorp in New Zealand have signed National Australia Bank (NAB) for custodial services following recent tenders.
NAB and fund administrator MMc Ltd gained Suncorp’s New Zealand business, which provides general and life insurance, banking, superannuation and investment services, in a strategic partnership, according to a June 27 NAB statement.
NAB, which is Australia’s largest custodian bank with about $508 billion in assets under custody, also won WorkCover SA as a client in April, according to people familiar with the deal who requested anonymity. A spokesman for the statutory body, which oversees a workers compensation fund worth $1.57 billion, says the tender has not been finalised.
The Suncorp contract marks NAB’s second New Zealand custody deal in the past year. The bank was picked by New Zealand Guardian Trust, which administers NZ$6.5 billion and is corporate trustee of NZ$58 billion, November 2011.
NAB lost the $32-billion QSuper in March this year.
