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Fondoposte, the national supplementary pension fund of Poste Italiane, Italy’s postal service, has activated a securities lending programme with BNP Paribas Securities Services set to act as its agent lender.
Under the mandate, the global custodian will provide Fondoposte with securities lending services covering approximately €2.3 billion of assets.
Vittorino Metta, general manager of Fondoposte, says that the new programme will only include bonds and will be activated in accordance with guidelines provided by Italy’s Pension Funds Supervisory Commission, COVIP.
Antonio Nardacci, president of Fondoposte, adds: "Proceeds from the securities lending programme will allow Fondoposte to cover part of the costs associated with monitoring the financial management of the pension fund thus alleviating costs for our members especially in this particular moment of uncertainty.”
For BNP Paribas, this new service builds upon an existing relationship with Fondoposte as it has has been providing depositary banking services to the fund since 2016.
More broadly, Poste Group, the parent company of Poste Italiane, and BNP Paribas have maintained a partnership in Italy for the past 20 years.
Andrea Cattaneo, general manager of BNP Paribas Securities Services Italia, says: "This mandate confirms our strong and long-standing relationship with Fondoposte. It is a source of pride for us to work with such an important pension fund and support it in its activities.”
