BNP Paribas Securities Services has completed its acquisition of the Italian depository and correspondent banking activities of Credito Emiliano Spa (Credem).
The acquisition, previously announced in May but which was just finalized, is reported to have cost BNP Paribas 35 million.
Part of the deal included a mandate for BNP Paribas to provide depository bank services in Luxembourg for Euromobiliare International Fund Sicav, which is promoted by Credem.
Credem Group said in a statement that it disposed of the business to focus on its core business of commercial banking.
BNP Paribas Securities Services was advised by BNP Paribas Corporate & Investment Banking and law firm Studio Pirola Pennuto Zei & Associati. Credem was advised by Rothschild and law firm Pedersoli & Associati.
(CG)