BNP Paribas Securities Services has expanded its global custody mandate with Italian insurance group Eurovita Assicurazioni to provide collateral management services.
The extension also includes OTC derivatives valuation and transaction management services.
“Eurovita will use our full collateral access offer – designed to meet the new EMIR requirements. We have built a close working relationship with Eurovita over the past few years and look forward to continuing to help them meet their needs,” said Stefano Catanzaro, general manager of BNP Paribas Securities Services Italy.
The mandate follows the anticipated merger between Eurovita and Ergo Previdenza and Old Mutual Wealth Italy, creating one of the largest Italian life insurance groups.
BNP Paribas recently launched a tri-party collateral management platform, with an aim to capitalise on enhanced buy-side demands for collateral solutions.