BNP Paribas Securities Services has been appointed global custodian of all life and non-life insurance assets of the MAIF group, covering €13 billion in assets.
MAIF is a mutual insurance company at the head of an insurance group that has almost 2.7 million members. MAIF is the leading French insurer in the education and not for profit sectors, and is also the fourth-largest automotive insurer and sixth-largest casualty insurer (all categories combined). MAIF's long term strategy places sustainable development at the heart of its activities.
Eric Berthoux, Deputy Chief Financial and Administrative Officer at MAIF said: “Until now, we had used two different custodians, including BNP Paribas Securities Services, for our life and non-life insurance assets. While we were already satisfied with the services provided by BNP Paribas Securities Services, we decided – after a competitive tender process - to extend our agreement with them while entrusting all our activities to a single service provider.”
Gilliane Philip Courtines, Head of relationship management, Institutional Clients in France at BNP Paribas Securities Services, said: "We have worked with insurance companies for many years and are delighted to be extending our contract with MAIF”. “Our strategy is based on providing a full range of solutions to meet the needs of insurance companies. From global custody to sophisticated reporting, we work with our clients to help them adjust to market trends in the run-up to Solvency II, and in their international development.”About BNP Paribas
BNP Paribas (www.bnpparibas.com
) is one of the six strongest banks in the world*. The Group has a presence in more than 80 countries and more than 200,000 employees, including more than 160,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across the Europe-Mediterranean zone and boasts a large network
in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia.
*Rated AA by Standard & Poor's i.e. 3rd rating level on a scale of 22.About BNP Paribas Securities Services
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group, delivering flexibility and commitment, backed by the strength of a leading universal bank.
Operating across the investment cycle, we provide post-trade administration solutions to buy-side and sell-side financial institutions and issuers. The Bank has a local presence across 32 countries and global coverage of over 100 markets, offering a one-stop shop for all asset classes, both onshore and offshore, across the globe.
With EUR 4,641 billion of assets under custody, EUR 771 billion assets under administration and over 6,000 funds administered as at 31 December 2010, BNP Paribas Securities Services is Europe's leading securities services provider and a top five global provider of securities services.