BNP Paribas Securities Services will provide global custody to Italy’s Sara Assicurazioni, a life and general insurance company, as it continues to win business in the country’s insurance market.
The French bank will provide global custody services for the company’s €1.3 billion worth of Italian and foreign assets.
“Selecting BNP Paribas Securities Services as our global custodian is in line with our objective to continuously optimise our business processes. Partnering with a global player, which has deep local expertise, will ensure the management of our global custody activities is executed with the highest degree of efficiency and security,” said Alberto Tosti, general manager, Sara Assicurazioni.
It is the second Italian global custody mandate for BNP Paribas in two months, as it looks to boost its market share in the country.
Last month it expanded its global custody remit with Italian insurance group Eurovita Assicurazioni to provide collateral management services.