Allianz Bank Bulgaria selects BNY Mellon as global custodian

Allianz Bank Bulgaria, a subsidiary of Germany’s Allianz Group, has selected BNY Mellon as a global custodian.

Svetoslav Gavriiski, CEO of Allianz Bank Bulgaria, said: “BNY Mellon’s global coverage and innovative solutions make it the ideal partner for us. Our own close collaboration with BNY Mellon, as well as its existing strong relationships across the Allianz Group as a whole, will ensure that we can optimise our processes and so focus more closely on our core business.”

BNY Mellon will also provide global custody services to the other four Bulgarian financial service companies under the Allianz brand: Allianz Bulgaria Insurance Company, Allianz Bulgaria Life, Allianz Bulgaria Pension Company and Allianz Leasing Bulgaria. Allianz Bank Bulgaria acts as an intermediary for all of them.

Christopher Porter, regional executive for Central & South Eastern Europe at BNY Mellon, said: “This new mandate presents BNY Mellon with a welcome opportunity to enhance Allianz Bulgaria’s own local market product offering via our core investment services capabilities and expand our global cooperation with the Allianz Group itself.

“We recognise considerable growth potential in Allianz’s regional strategy and are very pleased to be a part of that story by helping them to meet their goals.”

BNY Mellon is the global leader in investment management and investment services and has been serving German clients since 1931.

After acquiring German financial service providers BHF Asset Servicing and Frankfurter Service in August 2010, BNY Mellon now has almost 600 employees in the country.

In addition to asset servicing, depotbanking, fund administration and asset management, BNY Mellon is active in Germany in the areas of corporate trust, treasury services, collateral management, depository receipts and client management.

It has over 200 institutional relationships in Germany and offers regional coverage for 14 countries in the German speaking and Central Eastern and South Eastern European region.

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