Mediobanca appoints BNP Paribas as custodian bank
Mediobanca has appointed BNP Paribas Securities Services as custodian bank of the group on foreign equity markets and as its clearing agent on foreign regulated derivative markets.
“The deal has been signed given the strong reputation of BNP Paribas Securities Services on the Italian market, developed in over 10 years of activity and on our commitment to develop innovative services,” said Alessandro Gioffreda, managing director of the bank in Italy.
In Italy the bank has more than 400 professionals and it was the first bank to receive approval from the Bank of Italy to act as “depository bank” for investment funds.
The appointment follows an announcement on May 7 by domestic bank Credito Emiliano, which agreed to sell its depository and correspondent banking activities to BNP Paribas Securities Services for an estimated value of €35m.