BNP Paribas securities services has won a global custody mandate from Sara Assicurazioni, an Italian life and general insurance firm.
BNP Paribas will provide Sara Assicurazioni with custody services for €1.3 billion in Italian and foreign assets.
Stefano Catanzaro, general manager of BNP Paribas securities services in Italy, said: "We are delighted Sara Assicurazioni has selected us as its global custodian. Sara Assicurazioni stands out for its transparency, quality and innovation of insurance products and is recognised as a leader in serving Italian families for over seventy years.”
"Sara Assicurazioni will benefit from our global reach and local expertise, which will help them enhance operational efficiency and continue to grow their business.”
Alberto Tosti, general manager of Sara Assicurazioni, commented: "Selecting BNP Paribas securities services as our global custodian is in line with our objective to continuously optimise our business processes.”
He added: “Partnering with a global player, which has deep local expertise, will ensure the management of our global custody activities is executed with the highest degree of efficiency and security."
The announcement follows BNP Paribas Securities Services’s global custody mandate for Ahold Pensioenfonds, the €4.5 billion pension fund of Dutch supermarket group Ahold Delhaize.
