The Italian cooperative bank (BCC) has appointed BNP Paribas Securities Services to provide depositary banking services for its employees complementary pension fund.
The Italian BCC network includes 313 cooperative banks. Its pension fund amounts to €2.1 billion in assets, with an estimated annual contribution flow of approximately €200 million.
Stefano Catanzaro, general manager of BNP Paribas Securities Services in Italy, said: "This mandate further strengthens our market position as the primary service provider for pension funds in Italy.”
BNP Paribas has been active in Italy for over 25 years, offering a full range of services and post-trade solutions for asset managers, asset owners, banks and brokers. Globally, BNP Paribas has approximately $10 trillion in assets under custody.
