08 February 2018
Reporter: Jenna Lomax

BNP acquires Banco BPM’s depositary banking business

BNP Paribas Securities Services is set to acquire Banco BPM’s (BPM) depositary banking system.

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.”

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