Italy's Banca Monte dei Paschi di Siena has appointed State Street Corporation as custodian bank for two of its main pension funds.
Italy’s Banca Monte dei Paschi di Siena has appointed State Street Corporation as custodian bank for two of its main pension funds.
The funds have about €2bn assets under management and the appointment follows a competitive beauty contest run by the bank.
The two funds are: Cassa di previdenza aziendale per il personale del Monte dei Paschi di Siena and Fondo Pensione Complementare per i dipendenti della Banca Monte dei Paschi di Siena.
"We have selected State Street because given its global size and its presence on the local market it is able to offer us quality custodian banking services," said Marco Turchi and Angelo Dringoli, co-chairman of Banca Monte dei Paschi's pension funds.
Riccardo Lamanna, chief executive of State Street in Italy added the domestic pension fund system is going through a phase of regulatory changes and State Street is committed to offer innovative services during the transition.