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NAB confirms talks with BNY over custody

National Australia Bank yesterday confirmed that it was in talks with BNY Asset Servicing over what the bank's ASX announcement described as "deepening the long standing partnership".Industry newsletter I&T News reported in early June that NAB planned to sell a stake of around 30 per cent of National Asset Servicing to BNY Mellon Asset Servicing. NAB estimates its share of the custody market in Australia at 33 per cent, with around $600 billion in assets under custody.

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