France-based financial service Caisse des Dépôts has selected BNP Paribas to provide its custody account-keeping services, as part of an extended mandate.
In March 2021, Caisse des Dépôts entrusted BNP Paribas Securities Services with custody delegation and related services – including issuing and paying agent services and clearing of listed derivatives – for the next six years, with an option to extend this mandate to 10 years.
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The long-term partnership addresses the asset safety requirements of Caisse des Dépôts and its clients.
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Patrick Colle, general manager of BNP Paribas Securities Services, says: “We share many common values with Caisse des Dépôts, including the drive to play a positive role in the economy and society at large.
“We are pleased that the relationship between our two institutions continues to grow and will use our integrated banking model to help Caisse des Dépôts fulfil its public interest mission.”
The mandate extension with Caisse des Dépôts comes in the same month that BNP Paribas Securities Services partnered with CACEIS to combine issuer services in a joint venture to be owned equally by the two banks.
The transaction is expected to complete at the end of 2022, subject to regulatory approval.
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