BNY Mellon Asset Servicing, the securities services provider, has been appointed to provide global custody and related services by Privredna Banka Zagreb (PBZ), Croatias second largest bank and a member of the Italian Intesa Sanpaolo Group, for assets valued at over $200 million.
PBZs Croatian client base has expanded heavily into emerging market assets and BNY Mellon will provide global custody for 27 foreign markets. BNY Mellons industry leading network of 105 covered markets will facilitate significant expansion capabilities for PBZs own service offering.
“Our clients are demanding truly global capabilities from their custodian and BNY Mellons stellar track record in Central & Eastern Europe (CEE), coupled with their impressive global network, made them the natural partner for PBZ,” says Hrvoje Bujanovic, executive director of PBZ’s Investment Banking. ” Through our new partnership, PBZ will have the most global and comprehensive securities services product offering in the Croatian market and are extremely well positioned to realise future growth.”
“The CEE is one of Europes fastest-growing and most profitable banking regions and looks set to continue on this trajectory for some time,” says Nadine Chakar, head of EMEA, BNY Mellon Asset Servicing. “This presents tremendous opportunities for global custodians, like BNY Mellon, who are able to provide the scale and intellectual capital to regional leaders, like PBZ, seeking business partners to enable them to accelerate growth and extend their global reach. Working with a regional leader like PBZ is an exciting mandate for us and bodes much promise for our mutual growth potential.
“The global nature of our PBZ partnership also demonstrates the growing maturity of the Croatian market. Our expanding presence underscores our commitment to service the needs of financial institutions and foreign multinationals conducting business in this important region.”