BNP Paribas secures Italian sec lending mandate

BNP Paribas Securities Services has announced a securities lending mandate with Italian pension fund Fondo Pensione PREVEDI.
By Paul Walsh
BNP Paribas Securities Services has continued its growth in 2017 by securing a securities lending mandate with Italian-based Fondo Pensione PREVEDI (PREVEDI).

The mandate extends the relationship between the two entities with the French bank currently acting as PREVEDI’s depositary bank.

“We have built a close working relationship with PREVEDI over the past few years and look forward to continuing to help them meet the needs of their members,” said Stefano Catanzaro, general manager of BNP Paribas Securities Services Italy.

PREVEDI currently acts as a pension fund for employees in the construction industry.

“BNP Paribas’ securities lending offering will help us optimise the financial management of the fund – for the ultimate benefit of our participants,” said Diego Ballarini, CEO of PREVEDI.

The deal is the latest in a number of mandates for the French Bank this year.

In May, BNP Paribas took on $20 billion of new assets from the Asian Infrastructure Investment Bank providing custody and other value-added services.

The news followed a mandate with another Italian firm as Fondo Pensione PRIAMO, selected BNP Paribas for its €1.3 billion portfolio.

Along with its expansion in Asia and Europe, the French bank is also making an aggressive play in the US, with ambitions of rivalling the big four incumbents in the region.

Last week it expanded its US broker to custody platform with the addition of four regional banks from Austria, Czech Republic, Germany, and Spain.