BNP Paribas Securities Services has secured custody and post-trade mandates for one of Italy’s largest banking groups, as it gears up for the start of TARGET2 Securities (T2S).
The mandate will see BNP Paribas provide Banca Popolare di Milano Group (BPM Group) with settlement and custody services.
“Thanks to this agreement we will be able to settle cross-border transactions efficiently and effectively while making use of the high value added services of a specialist partner like BNP Paribas,” says Giovanni Sordello, head of Operations of Banca Popolare di Milano.
The mandate continues BNP Paribas’s push to connect Italy’s banks to T2S. In January it won a custody mandate for four Italian banks.
“The BPM Group will be able to draw on the strength of a global bank as a single point of reference for all its settlement activity, enabling them to make the most of T2S,” adds Alessandro Gioffreda, head of BNP Paribas Securities Services for Italy, Switzerland and the Mediterranean Basin.
BNP Paribas Wins T2S Custody Mandate for Italian Banking Group
BNP Paribas Securities Services has secured custody and post-trade mandates for one of Italy’s largest banking groups, as it gears up for the start of TARGET2 Securities (T2S).
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