SPAIN - BNP Paribas Securities Services, a subsidiary of BNP Paribas, has acquired Exelbank, a subsidiary of Banco Sabadell specialising in custody services.
Exelbank will be integrated into BNP Paribas Securities Services once approvals are obtained from the regulators.
Exelbank provides custody services to Spanish and international financial institutions, depositary bank services to mutual and pension funds, and outsourcing services related to investment operations and private banking and has €18bn in assets under custody, from 150 funds, managed by approximately 25 investment managers.
BNP Paribas Securities Services CEO Jacques-Philippe Marson said: "The European consolidation in the securities services industry continues and this transaction reflects our strategy of external growth via selected acquisitions and partnerships."
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.