BNP Paribas Securities Services will acquire the depositary banking business of Italy’s third largest bank, Banco BPM SpA (BPM) for €200 million.
BPM’s depositary bank holds around €22 billion in assets under custody, providing custody, fund administration and depositary services to Italian funds and institutional clients.
The acquisition will boost the French bank’s position in Italy, where it already holds €850 billion in client assets.
According to Stefano Catanzaro, general manager of BNP Paribas Securities Services Italy, the acquisition “is part of our strategy to develop our network in targeted markets in Europe and globally.”
The deal is set to close in June this year, subject to regulatory approval.
Upon completion of the deal, BNP Paribas and its French rival, Societe Generale Securities Services (SGSS), will be the two leading asset servicers in Italy.
Last year SGSS extended its existing global custody deal with UniCredit, Italy’s biggest bank, to 2026.
Both banks signed a memorandum of understanding to extend their strategic partnership on securities services, covering custody, settlement and market data management services.