BNP Paribas Buys Banco Popular’s Depositary Banking Business

BNP Paribas Securities Services has acquired Banco Popular’s depositary banking business in Spain.
By Janet Du Chenne(59204)
BNP Paribas Securities Services has acquired Banco Popular’s depositary banking business in Spain.

This acquisition will boost BNP Paribas Securities Services’ expansion of its depositary bank business in order to help clients meet their AIFMD and UCITS requirements. It will also compliment the bank’s asset services offering in Spain.

Banco Popular is one of Spain’s largest depositary banks with €13 billion in assets held under depositary, including investment funds, pension funds and Sicavs managed by Allianz Popular and Popular Banca Privada, as well as EPSVs (Basque pension plans).

BNP Paribas acquired Commerzbank’s German “depotbank” business last year and recently extended its depositary-banking network to the Netherlands and Switzerland.

Alvaro Camuñas, head of BNP Paribas Securities Services Spain, Portugal and Latin America says: “This transaction with Banco Popular, one of Spain’s leading universal banks, highlights our long-standing commitment to the Spanish market and marks an important milestone in the expansion of our European depositary business.
“It will reinforce our local expertise and is part of our strategy to provide market-leading solutions for our AIFMD and UCITS clients in Europe and around the world.

“We have been working closely with Banco Popular since 2011 when we were appointed as its back office outsourcing provider. This acquisition is a testament to our strong relationship with Banco Popular and we look forward to further cooperation with them.”

The transaction is expected to close in early summer 2014, subject to regulatory approval.

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