BNP Paribas has been chosen to provide post-trade and custody services to the Italian Banca Popolare di Milano (BPM) Group ahead of the implementation of T2S in the country in August.
BPM Group includes three banks, Banca Popolare di Milano, Banca Popolare di Mantova and Banca Akros. As a directly connected T2S participant, BNP Paribas will allow the banks to benefot from the T2S platform without making the associated investments themselves.
In January, BNP Paribas was chosen to provide these services for four other Italian banks: Banco di Credito Popolare, Banco Popolare dell’Alto Adige, Banca Popolare di Vicenza and Veneto Banca.
Alessandro Gioffreda, head of BNP Paribas Securities Services for Italy, Switzerland and the Mediterranean, said: “We are delighted to work with the BPM Group and help them adapt to the rapidly changing market environment.”
He added: "The BPM Group will be able to draw on the strength of a global bank as a single point of reference for all its settlement activity, enabling them to make the most of T2S.”
Giovanni Sordello, head of operations of Banca Popolare di Milano, said: “Thanks to this agreement we will be able to settle cross-border transactions efficiently and effectively while making use of the high value added services of a specialist partner like BNP Paribas.”
