BNP Paribas Securities Services has won a mandate to provide depositary banking services to Fondo Pensione Nazionale per il Personale delle BCC, the complementary pension fund for the employees of the Italian cooperative bank (BCC) network.
The BCC network includes 313 cooperative banks. Its pension fund has over EUR 2.1 billion in assets, an estimated annual contribution flow of approximately EUR 200 million and 31,307 subscribers as of 31/12/16.
Stefano Catanzaro, General Manager of BNP Paribas Securities Services Italy, said: “This mandate further strengthens our market position as the primary service provider for pension funds in Italy. We are pleased to be working with Fondo Pensione Nazionale per il Personale delle BCC – and provide them with innovative solutions.”
BNP Paribas Securities Services Milan Branch has been active in the Italian market for over 25 years offering a full range of services and post-trade solutions to a diversified client base including asset managers, asset owners, banks and brokers.