Sampo selects BNP for custody services

Finnish financial services group Sampo has selected BNP Paribas Securities Services as its global custodian.

Under the arrangement, BNP Paribas will provide custody services for Sampo’s €25 billion of insurance assets.

Sampo’s subsidiary If P&C Insurance currently generates premiums of almost €4.5 billion in non-life insurance while maintaining an overall market share of 18% in Nordic countries. Other companies as part of the wider Sampo group, including Sampo PLC, currently serve 3.9 million customers.

This development from BNP comes following the release of its 2015 Q4 figures where the financial services provider reported an increase of 14.1% in its total securities services revenue while its assets under custody increased to €8 billion.

“BNP Paribas Securities Services was selected for its international reach, its modern web tools, and its on-the-ground market expertise,” says Tell Törnblad, head of investment operations at If P&C Insurance.

BNP currently hold over 500 staff on the ground in Nordic countries in areas including corporate and investment banking as well as asset management.

“We launched our services in the region last year and this is a major mandate win. Our local market expertise enables us to better understand the specific requirements of local institutional investors,” said Anne-Sofie Strandberg, head of business development for the Nordic region at BNP Paribas Securities Services.