DEPObank chooses BNY Mellon for global custody services.
DEPObank, the Italian leader in securities services, has chosen BNY Mellon, a global leader in investment management and investment services, for the global custody services of its foreign equity portfolio, worth €8.2 billion ($9.5 billion).
DEPObank offers global custody services to more than 100 clients, including Italian banks, mutual funds and pension funds. It has custody and administration deposits exceeding €120 billion ($140 billion).
“Knowledge of the markets and operational excellence of the two organisations will translate into quality and growth for our customers,” said Paolo Tadini, CEO and general manager at DEPObank. “The pedigree of BNY Mellon and its global reach significantly enhance our offer on the domestic market. 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.”
“This strategic development for both DEPObank and BNY Mellon will allow both parties to grow together,” said Daron Pearce, EMEA CEO, Asset Servicing at BNY Mellon. “We are delighted to have been chosen to work with DEPObank and the decision is recognition of our strong commitment to the Italian market.”
BNY Mellon will become the sub-depository for the custody of foreign equity assets in the first quarter of 2019.
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