BNP Paribas appointed as depositary bank for Commerz Real’s sustainable fund

Custodian wins depositary mandate from fund investing in renewable energies, infrastructure, transport and mobility, and forestry.

By Jonathan Watkins

Commerz Real AG has appointed BNP Paribas Securities Services Luxembourg as depositary bank for its European Long Term Investment Fund Klimavest. 

The fund’s policy is to invest in renewable energies, infrastructure, transport and mobility, and forestry. 

The ambition of this public fund distributed in Germany is to invest €25 billion in this portfolio. 

“We are delighted to work with Commerz Real AG as depositary bank for their Klimavest fund,” said Georg Lasch, head, offshore sales, BNP Paribas Securities Services. “This mandate is part of our strategy to help our clients develop their range of sustainable investment products.”

The mandate comes as a result of BNP Paribas Securities Services focus on both the depositary business and sustainability matters.

Over the past two years the custodian bank has invested heavily into its depositary offering, acquiring both Banco BPM SpA and Banco de Sabadell’s depositary units in Italy and Spain respectively.

Back in 2017, BNP Paribas Securities Services took a minority stake in FinTech start-up Fortia Financial Solutions, with an eye on implementing its technology within its depositary banking business.