BNP Paribas Securities Services (BNPPSS), the asset servicing arm of French bank BNP Paribas, has acquired Banco Popular’s depositary banking business in Spain in a deal which clinches Allianz Popular, Spain’s fifth largest asset manager, as a client.
Banco Popular is one of Spain’s largest depositary banks with €13 billion in assets held under depositary, including investment funds, pension funds and Sicavs managed by Allianz Popular and Popular Banca Privada, as well as EPSVs, which are Basque pension plans.
BNPPSS is one of the largest depositary banks in Europe with around €900 billion in assets held under depositary across 12 fund domiciles.
The bank acquired Commerzbank’s German depo bank business last year and says it recently extended its depositary banking network to the Netherlands and Switzerland.
Allianz Popular is one of the main asset managers in Spain with €13.2 billion in assets under management.
Alvaro Camuñas, head of BNPPSS in Spain, Portugal and Latin America says the French bank has been working closely with Banco Popular since 2011 when it was appointed as Banco Popular’s back office outsourcing provider.
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