Fideuram – Intesa Sanpaolo Private Banking (Intesa Sanpaolo Group) has entered into an agreement for State Street Bank International (Luxembourg Branch) to assume the depositary bank and fund administrator activities presently performed by its subsidiary Fideuram Bank Luxembourg.
The depositary and fund administration functions assumed by State Street account for approximately EUR42 billion of assets under management that will continue to be managed by Fideuram – Intesa Sanpaolo Private Banking Group.
Fideuram Intesa Sanpaolo Private Banking is entrusting these services to State Street, recognising State Street’s ability to reduce operational risks, support the Group’s growth plans, enhance continuity and deliver high quality service, consistent with its relationship as the primary international partner to which the Intesa Sanpaolo Group has already entrusted Securities Services activities since 2010.
The completion of the transaction, which is conditional on the necessary authorisations from the competent authorities, is expected by the end of June 2021.
“We are delighted to expand our relationship with Intesa Sanpaolo to provide Fideuram with solutions that drive value and create efficiencies for their clients,” says Joerg Ambrosius, CEO of Europe, Middle East and Africa at State Street. “Today marks another important milestone for our long-standing relationship with Intesa Sanpaolo as we continue to serve as their strategic enterprise partner so they can focus on their core business.”
