National Australia Bank’s Asset Servicing business and Suncorp have expanded their partnership to include all custody and investment administration services.
Under the extended contract, NAB will provide in-house local custody services for Suncorp apart from the global custody and investment administration services it has offered since January 2012.
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A Suncorp Life spokesperson said, previously NAB has only provided international custody and investment administration services for the company.
"Partnering, where it makes sense to do so, is part of Suncorp’s simplification strategy to create a simple and scalable business," the spokesperson said.
"Partnering with NAB gives Suncorp access to the capability of Australia’s largest custodian, with a reputation for excellence in custody and investment administration services."
Suncorp offers general insurance, banking, life insurance, superannuation and investment services in Australia and New Zealand.
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