BNP Paribas Securities Services has agreed to acquire Banco BPM SpA’s (BPM) depositary banking business. BPM is Italy’s third largest bank.
BPM’s depositary bank has around EUR 22 billion in assets under custody and provides custody, fund administration and depositary banking services to funds and institutional clients in Italy.
This transaction strengthens the overall position of BNP Paribas Securities Services as the leading provider of post-trade services in Italy, where it safe keeps EUR 850 billion of client assets.
Andrea Munari, Head of the BNP Paribas Group in Italy, said: “This acquisition highlights the importance of Italy as a strategic market for the BNP Paribas Group and strengthens BNP Paribas Securities Services’ offering in the country.”
Commenting on the acquisition, Stefano Catanzaro, General Manager of BNP Paribas Securities Services Italy, said: “The acquisition of BPM’s depositary banking business consolidates our position as a leading asset servicing provider in Italy. It is part of our strategy to develop our network in targeted markets in Europe and globally.”
A price of € 200 million has been agreed, associated to long-term agreements.
The deal is set to close in June 2018 and is subject to customary conditions including regulatory approval.
BNP Paribas Corporate and Institutional Banking and Mediobanca – Banca di Credito Finanziario S.p.A. acted as financial advisors to BNP Paribas Securities Services. Chiomenti acted as legal advisor.
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