BPM’s depositary bank has around EUR 22 billion in assets under custody and provides custody, fund administration and depositary banking services to funds and institutional clients in Italy.
This transaction strengthens the overall position of BNP Paribas Securities Services as the leading provider of post-trade services in Italy, where it safe keeps EUR 850 billion of client assets.
“This acquisition highlights the importance of Italy as a strategic market for the BNP Paribas Group and strengthens BNP Paribas Securities Services’ offering in the country.”
Andrea Munari, Head of the BNP Paribas Group in Italy
"The acquisition of BPM’s depositary banking business consolidates our position as a leading asset servicing provider in Italy. It is part of our strategy to develop our network in targeted markets in Europe and globally.”
Stefano Catanzaro, General Manager of BNP Paribas Securities Services Italy
A price of € 200 million has been agreed, associated to long-term agreements.
The deal is set to close in June 2018 and is subject to customary conditions including regulatory approval.
BNP Paribas Corporate and Institutional Banking and Mediobanca – Banca di Credito Finanziario S.p.A. acted as financial advisors to BNP Paribas Securities Services. Chiomenti acted as legal advisor.
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About BNP Paribas Securities Services (www.securities.bnpparibas.com)
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. It had assets under custody of EUR 9.4 trillion as at 31 December.2017. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With local expertise in 36 countries and a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.