National wins key custody contracts in the United Kingdom - 19 September 2000

The National is to provide sub custody services for Brown Brothers Harriman and Mellon Trust in the United Kingdom.

Mr Tony O'Grady, General Manager, Global Securities Services at the National, said the new contracts and other new business would add $A100 billion in assets under custody over the next 12 months, bringing total assets under custody to $A200 billion in the United Kingdom. The National also has $A180 billion in assets under custody/administration in Australia and New Zealand, bringing the combined total to $A380 billion.

The National has previously announced plans to become a leading global provider of custody services and grow its presence in this business in the United Kingdom as a first step. It is already the number one custody provider in Australia and New Zealand.

"I believe there are immense opportunities for the National in the United Kingdom. The market for custody is probably 10 times the size of Australia's," said Mr O'Grady.

"The National's global technology platform will facilitate our proposed expansion. In approximately 18 months, we intend to have global systems in place to allow us to process custody business from Melbourne, and generate even further economies of scale," said Mr O'Grady.