BNP Paribas Securities Services has been selected by MAPFRE Inversión to provide custody services for its portfolio of assets worth €60 billion.
The move by MAPFRE is aimed at reducing costs and allocating additional resources to its core activity.
MAPFRE previously delegated its custody operations to a number of different service providers but will now outsource custody services to BNP Paribas in a bid to generate “significant” annual cost savings.
The Spanish insurance provider, which specialises in long-term savings, also state that the decision to outsource custody services is part of its long-term strategic plan to free up resources, simplify balancing items and generate both direct and indirect savings.
The move is the latest development for BNP Paribas, which holds $9 trillion in assets under custody, following its announcement last October that it had been selected to provide custody services via its New York affiliate branch to CME Clearing, the clearing division of CME Inc.