BNY Mellon has been chosen by DEPObank to provide global custody services for its foreign equity portfolio.
DEPObank offers global custody services to over 100 clients, including Italian banks, mutual funds and pension funds.
BNY Mellon will become the sub-depository for the custody of foreign equity assets in Q1 2019.
Paolo Tadini, CEO and general manager at DEPObank, said: “Knowledge of the markets and operational excellence of the two organisations will translate into quality and growth for our customers.”
Tadini added: “The pedigree of BNY Mellon and its global reach significantly enhance our offer on the domestic market. The operational excellence and synergies that come from working with BNY Mellon will translate into innovation and quality, as well expand the range of services available to our customers.”
Daron Pearce, the Europe, the Middle East and Africa CEO, asset servicing at BNY Mellon, added: “This strategic development for both DEPObank and BNY Mellon will allow both parties to grow together. We are delighted to have been chosen to work with DEPObank and the decision is recognition of our strong commitment to the Italian market.”
