BNY Mellon will provide global custody services to Allianz Bank Bulgaria, a subsidiary of Germany’s Allianz Group.
The Bulgarian bank acts as an intermediary for its parent’s four other Bulgarian financial service companies: Allianz Bulgaria Insurance Company, a P&C insurer; Allianz Bulgaria Life, a life insurance company; Allianz Bulgaria Pension Company and Allianz Leasing Bulgaria.
Svetoslav Gavriiski, CEO of Allianz Bank Bulgaria, said: “BNY Mellon’s global coverage and innovative solutions make it the ideal partner for us. Our own close collaboration with BNY Mellon, as well as its existing strong relationships across the Allianz Group as a whole, will ensure that we can further optimise our processes and so focus more closely on our core business.”
Christopher Porter, regional executive for Central & Southeastern Europe at BNY Mellon, said: “This new mandate presents BNY Mellon with a welcome opportunity to enhance Allianz Bulgaria's own local market product offering via our core investment services capabilities, while further expanding our global cooperation with the Allianz Group itself. We recognise considerable growth potential in Allianz’s regional strategy and are very pleased to be a part of that story by helping them to meet their goals.”
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