Finnish financial services group Sampo Group has chosen BNP Paribas Securities Services to be its global custodian.
BNP Paribas will provide settlement services and global custody for €25 billion of insurance assets globally.
If P&C Insurance, a subsidiary of Sampo Group, is the largest non-life insurance company in the Nordics, with premiums of €4,460 million per year, and claims to have an 18 percent market share in the Nordics.
Tell Törnblad, head of investment operations at If P&C Insurance, said: “BNP Paribas Securities Services was selected for its international reach, its modern web tools, and its on-the-ground market expertise.”
Anne-Sofie Strandberg, head of business development for the Nordic region at BNP Paribas Securities Services, said: "We launched our services in the region last year and this is a major mandate win. Our local market expertise enables us to better understand the specific requirements of local institutional investors.”
“Also key to our offering is the strength of our local custody presence, which gives our clients the reassurance that their assets are safe within the BNP Paribas network.”
BNP Paribas now provides securities services to150 insurance industry clients across 20 countries.
.jpg)