Societe Generale Securities Services has selected KBC Securities as its sub-custodian in Hungary.
The size of the mandate was undisclosed. The appointment was made in February.
In Global Custodian’s latest Agent Banks in Emerging Markets Survey, KBC in Hungary was a commended provider among Leading Clients and top rated among Cross-Border/Non-Affiliated and Domestic clients.
“The fact KBC has added inbound and outbound clients (including a global custodian) in the face of a credit downgrade, nationalization of pension funds and increasingly wayward political leadership, speaks volumes about the persuasive power of ambitious, hungry and client-focused agents,” the survey says.