FRANCE – Société Générale says it has been reappointed as global custodian for Allianz AG’s French insurance subsidiary AGF. The global custody and trustees services for AGF represent 70 billion euros, and the mandate will commence as of July 2003.
Bruno Prigent, global securities services managing director at Société Générale, said: “Société Générale was selected based on a number of reasons: custody of all kinds of financial instruments; efficient IT tools and high ratings by Fitch and Moody's. The geographical coverage of our custody services was also a competitive advantage.”
“This pitch was one the largest on the Paris market since some time,” added Prigent.
Société Générale is ranked 11th world-wide with 868 billion euros in assets under custody as of the end of June 2002.