The deal is set to close in June 2018 for €200 million, subject to regulatory approval.
BPM’s depositary bank has around €22 billion in assets under custody and provides custody, fund administration and depositary banking services to funds and institutional clients in Italy.
Andrea Munari, head of BNP Paribas Italy, said: “This acquisition highlights the importance of Italy as a strategic market for BNP Paribas and strengthens BNP Paribas Securities Services’ offering in the country.”
Commenting on the acquisition, Stefano Catanzaro, general manager of BNP Paribas Securities Services Italy, said: "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.”