National Australia Bank (NAB) Asset Servicing has been appointed to provide custodial services to RAC Insurance.
Custodial services for the Western Australia-based insurer were previously provided by Suncorp as part of a joint venture that ended in 2008.
The arrangement with NAB Asset Servicing followed a three-month tender process, and will be effective from 1 December 2011.
NAB Asset Servicing general manager for sales, relationships and financial market services Brian Keogh said the NAB's ability to transition RAC's assets in a short timeframe was a major factor in the custody win, along with NAB's track record in insurance.
"The depth of expertise within our relationship team and partnering approach to servicing proved to be a winning combination," Keogh said.
RAC Insurance chief financial officer Mary Anne Stephens said the appointment followed a competitive three-month tender process which involved detailed discussions with NAB and other custodians.
"NAB's understanding of our industry, its detailed response to the submission process and its ability to start the transition process quickly were key aspects of our decision," Stephens said.
The appointment follows last weeks' announcement of NAB Asset Servicing's strategic alliance with MMc Limited.
