BNP Paribas Securities Services has been mandated by AG Insurance in Belgium as one of its two global custodians for the assets underlying its insurance products.
AG Insurance, Belgiums largest insurance company, mandated BNP Paribas to provide a range of services including custody and settlement.
Antonio Cano, CEO of AG Insurance commented: We chose to work with BNP Paribas because of its strong global custody offering and broad market coverage. The migration of our assets, which took place at the end of 2012, went very smoothly and is now completed. This has given us full confidence that our portfolio is in the safe and capable hands of a solid company with a proven track record and long standing experience.
This new mandate positions BNP Paribas among the top custody providers for insurance companies and asset owners in Belgium, with almost 50 billion in client assets on its Global Custody platform.
(JDC)