BNP Paribas Securities Services wins depository mandate for Italian private equity fund launch

Mandate win follows depositary investments throughout Europe from BNP Paribas Securities Services. 

By Jonathan Watkins

BNP Paribas Securities Services has been selected by Fondo Italiano d’Investimento SGR (FII SGR) to provide depositary banking services to a new private equity fund dedicated to minority investing.  

The mandate win comes as the bank continues to invest in its depositary businesses throughout Europe, with Italy being a particular area of focus following its acquisition of Banco BPM SpA (BPM) for €200 million in 2018. 

FII SGR was created in 2010 at the initiative of the Italian Ministry of Economy and Finance and with the participation of CDP Equity, Intesa Sanpaolo, Unicredit, Abi and Confindustria.   

The Fondo Italiano di Minoranze per la Crescita, or Italian Minority Fund for Growth, was launched in May 2020 and aims to support the growth of Italian small and medium-sized companies. The fund has a target of 400 million.  

We are pleased to take part in a project that supports the growth of Italian small and medium-sized enterprises and the rebuilding of the Italian economy, said Andrea Cattaneogeneral manager of BNP Paribas Securities Services Italia. 

BNP Paribas followed up its acquisition of BPM in 2018 through the purchase of Spain’s Banco de Sabadell’s depositary unit for €115 million in March this year.  

The bank took a minority stake in FinTech start-up Fortia Financial Solutions in 2017, with an eye on implementing its technology within its depositary banking business.  

The rollout of Fortia’s Innova in BNP Paribas Securities Services’ depositary banking business targeted an improvement in operational efficiency and client access to advanced data and analytics.   

The moves make up the bank’s strategy to grow both its depositary network and offerings.