BNP Paribas has been selected by Italian banking group Banco di Desio e della Brianza to provide global custody services for it €11 billion worth of Italian and foreign assets.
The deal marks BNP Paribas Securities Services’ second major European deal of the year after being chosen by MAPFRE Inversión in February for its €60 billion worth of assets.
BNP Paribas continues to chase the big four US custodian banks as it looks to build on its existing $9 trillion of assets under custody. The total leaves it just ahead of Northern trust - $8.5 trillion – and still trailing Citi which has $15.1 trillion of assets under custody, both totals as of the end of 2016.
"The decision to award our global custody business to BNP Paribas Securities Services was driven by its ability to help us manage operational risk, maintain efficient internal procedures and support our strong organisational structure,” Mauro Walter Colombo, Deputy General Manager of Banco di Desio e della Brianza.
“This ultimately helps us provide value and service quality to our clients.”