As part of this mandate, BNP Paribas Securities Services will provide Fondoposte with securities lending services covering approximately EUR 2.3 billion of Fondoposte’s assets.
This new mandate extends the commercial relationship between the two companies. BNP Paribas Securities Services has been providing depositary banking services to Fondoposte since 2016.
Vittorino Metta, General Manager of Fondoposte, commented:
“After a thorough evaluation process, we selected BNP Paribas’ securities lending services with a view to maximise value for our participants. Our securities lending programme will be activated in accordance with Covip’s guidelines and will only include bonds.”
Antonio Nardacci, President of Fondoposte, added:
"Proceeds from the securities lending programme will allow Fondoposte to cover part of the costs associated with monitoring the financial management of the pension fund thus alleviating costs for our members especially in this particular moment of uncertainty.”
Andrea Cattaneo, General Manager of BNP Paribas Securities Services Italia, said:
"This mandate confirms our strong and long-standing relationship with Fondoposte. It is a source of pride for us to work with such an important pension fund and support it in its activities.”
Alessandro Gioffreda, Head of Territory Management at BNP Paribas Securities Services, said:
“This transaction further strengthens the 20-year partnership between the Poste Group and BNP Paribas in Italy. It is this close relationship which has enabled us to implement this value-added service in the current complex environment.”
 Source: BNP Paribas Securities Services website. See here.
Note to editors: The Commissione di Vigilanza Sui Fondi Pensione (COVIP) is the Italian pension funds regulator
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BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. 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.