Italian bank Credito Emiliano (Credem) is selling its depository and correspondent banking activities to BNP Paribas Securities Services.
The price of the business, based on Credems serviced assets at Dec. 31 2011, is estimated at 35 million. BNP Paribas said the final price will be based on the actual serviced assets upon completion of the transaction in the third quarter of 2012.
Credem is a leading retail and corporate bank in Italy whose activities include leasing, factoring, wealth management, insurance and the distribution of mortgages and loans.
An additional agreement has been signed between BNP Paribas Securities Services and Euromobiliare International Fund Sicav, promoted by Credem, for BNP Paribas Securities Services to provide depository bank services in Luxembourg.
With this disposal, Credem Group reinforces its strategy to focus on its core business of commercial banking, while rationalizing its back office activity.
With this transaction, BNP Paribas Securities Services consolidates its institutional franchise and long-standing relationship with Credem. The custodian currently has offices in Milan.
(JDC)