BNP Paribas Securities Services, a global custodian with USD 10 trillion in assets under custody, has been appointed by Eurovita Assicurazioni S.p.A. to provide collateral management, OTC derivatives valuation and transaction management services.
Eurovita is an existing global custody client of BNP Paribas Securities Services and has decided to expand this mandate to include collateral management, independent valuation, transaction management and reporting to trade repositories.
In December 2017 Eurovita will merge with Ergo Previdenza and Old Mutual Wealth Italy, creating one of the largest insurance groups in the Italian life insurance business with over EUR 2.5 billion in premiums and EUR 17 billion in gross reserves in 2016.
Stefano Catanzaro, General Manager of BNP Paribas Securities Services Italy, said: “We are delighted to have won an additional mandate from Eurovita. Eurovita will use our full collateral access offer – designed to meet the new EMIR requirements. We have built a close working relationship with Eurovita over the past few years and look forward to continuing to help them meet their needs.”
“BNP Paribas’ client-centric relationship model, product offer and ability to onboard our business within a tight deadline met our strategic expectations,” said Erik Stattin, CEO of Eurovita.
BNP Paribas Securities Services 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.