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BNP Paribas seals Spanish custody deal
21 February 2017
Spanish insurer Mapfre will outside custody services to the French bank
BNP Paribas Securities Services has been selected by Mapfre
Inversion, the Spain-based investment management firm, to
provide custody services for its portfolio of assets totalling
€60 billion ($63.3 billion)
Mapfre previously outsourced its custody business to
multiple service providers but aims to save costs by handing
the entire responsibility to BNP Paribas.
The move will also free up resources for
Mapfre’s core business, the insurance provider
"These changes reflect both Mapfre’s global
management approach and the group’s strategic
plan, moving toward specific development of the Mapfre
Inversion business," the statement read.
The deal marks the first major European securities services
mandate announced by BNP Paribas since the French bank
appointed Emma Crabtree as head of sales, continental Europe,
at the end of 2016.
In October the US branch was selected to provide custody
services to US central counterparty CME Clearing.
Last week the New York-based division
appointed Claudine Gallagher to lead the
securities services across the entire Americas
The former JP Morgan executive joined the
bank in 2012 and has been a key figure behind the
firm’s US expansion.