Key Takeaways
- • BNP Paribas Securities Services has secured a five-year renewal of its depositary bank mandate for Italian pension scheme CNPR, according to Funds Europe.
- • CNPR's assets total around €2.5 billion, and the partnership began in 2019 following a public tender.
- • CNPR is a mandatory pension scheme for accountants in Italy, privatised in 1995, providing statutory pension, welfare and supplementary healthcare benefits.
- • Andrea Cattaneo, head of Italy, Switzerland and Iberia at BNP Paribas Securities Services, cited more than twenty years of operating in the Italian pension market.
Summary
BNP Paribas' Securities Services business has retained its role as depositary bank for Cassa Nazionale di Previdenza ed Assistenza a Favore dei Ragionieri e Periti Commerciali (CNPR), the Italian pension scheme for accountants, under a five-year renewal, according to Funds Europe. The mandate was first awarded following a public tender in 2019, and the renewal extends the relationship for a further five years. BNP Paribas will continue to provide custodian banking and securities services for CNPR's assets, which total approximately €2.5 billion.
CNPR is a mandatory pension scheme for accountants in Italy, privatised in 1995. Established as an association, it provides statutory pension, welfare and supplementary healthcare benefits to its members, pensioners and their families under Italy's social security framework.
Andrea Cattaneo, head of Italy, Switzerland and Iberia at BNP Paribas Securities Services, said the Italian pension sector has been a strategic area for the business, which has operated there for over twenty years. He said the bank will continue to invest in technology, skills and value-added services to support CNPR in what he described as a complex and constantly evolving market context.
Giuseppe Scolaro, general manager of CNPR, said that amid current market conditions, the solidity and competence of the partner provide a fundamental guarantee for the protection of the fund's assets and, consequently, of its members' social security benefits.
CNPR is a mandatory pension scheme for accountants in Italy, privatised in 1995. Established as an association, it provides statutory pension, welfare and supplementary healthcare benefits to its members, pensioners and their families under Italy's social security framework.
Andrea Cattaneo, head of Italy, Switzerland and Iberia at BNP Paribas Securities Services, said the Italian pension sector has been a strategic area for the business, which has operated there for over twenty years. He said the bank will continue to invest in technology, skills and value-added services to support CNPR in what he described as a complex and constantly evolving market context.
Giuseppe Scolaro, general manager of CNPR, said that amid current market conditions, the solidity and competence of the partner provide a fundamental guarantee for the protection of the fund's assets and, consequently, of its members' social security benefits.
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