06 November 2017
Reporter: Theo Andrew

BNP Paribas expands Italian insurance mandate

BNP Paribas Security Services has been appointed by Eurovita Assicurazioni to provide collateral management, over-the-counter derivatives valuation and transaction management services.

The appointment is an expansion of BNP Paribas existing global custody mandate with the Italian insurance firm.

In December, Eurovita Assicurazioni will merge with Ergo Previdenza and Old Mutual Wealth Italy, to create one of the largest insurance groups in Italy, with €17 billion in combined gross reserves in 2016.

Stefano Catanzaro, general manager of BNP Paribas Securities Services in Italy, said: “Eurovita will use our full collateral access offer—designed to meet the new European Market Infrastructure Regulation requirements. We have built a close working relationship with Eurovita over the past few years and look forward to continuing to help them meet their needs.”

Erik Stattin, CEO of Eurovita, commented: “BNP Paribas's client-centric relationship model, product offer and ability to onboard our business within a tight deadline met our strategic expectations.”

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