Italian custodian and fund administrator DEPObank has mandated BNY Mellon as global custodian for its foreign equity portfolio worth €8.2 billion.
DEPObank offers custody services to more than 100 clients, including Italian banks, mutual funds and pension funds, and holds over €120 billion in custody and administration deposits.
“The operational excellence and synergies that come from working with BNY Mellon will translate into innovation and quality, as well expand the range of services available to our customers,” said Paolo Tadini, CEO and general manager, DEPObank.
Under the terms of the deal, BNY Mellon will become the sub-depository for the custody of foreign equity assets from the first quarter of 2019.
“This strategic development for both DEPObank and BNY Mellon will allow both parties to grow together. We are delighted to have been chosen to work with DEPObank and the decision is recognition of our strong commitment to the Italian market,” said Daron Pearce, EMEA CEO of asset servicing, BNY Mellon.