The Bank of New York has been appointed by Dutch transport insurance company TVM Verzekeringen (TVM Insurance) as its global custodian. The Bank will hold over €300 million in assets from TVM’s insurance companies and the related pension fund.
“We wanted to consolidate our custody needs with one high quality provider, and The Bank of New York demonstrated that it was capable of understanding our specific needs,” said Dirk Jan Klein Essink, CFO of TVM Insurance. “We will benefit from significant economies of scale and are looking forward to working with the bank to further optimize our asset servicing requirements.”
Clive Gande, managing director of The Bank of New York, said: “This prestigious Dutch win shows how we are able to meet the demands of our clients. This also underscores our continuing commitment to growing our share of the custody market in continental Europe and particularly in The Netherlands.”