ITALY - RBC Dexia Investor Services has consolidated its position in the Italian custody and administration market with the completion of its acquisition of UBI Group's depositary bank business.
The transaction, announced in September 2009, means RBC Dexia is now the third largest third-party fund administration company in Italy, with assets under administration of €28bn. It is also the fourth largest custodian bank with approximately €20bn assets under custody.
José Placido, chief executive of RBC Dexia, said: "In a rapidly changing environment this deal with UBI Banca represents a major step towards achieving growth and geographical diversification of RBC Dexia's operations in countries such as Italy, where we already have a presence and which offer significant potential."
RBC Dexia said its aim was to develop its business in Italy using its experience in international asset management activities. Under the terms of the agreement, RBC Dexia will also provide UBI Banca with custody and settlement services for international securities activities.
Paride Amiotti, managing director of RBC Dexia Italia, added: "Our objective is to set the standard for asset management companies in Italy by offering customised solutions that deliver greater efficiency and tools that improve operational risk management."
The completion of the transaction follows confirmation of State Street Corporation's intentions to build its presence in Italy and Luxembourg with the acquisition of Intesa Sanpaolo's Securities Services (ISPSS) last month in a deal valued at €1.28bn. (See earlier IPE article: Intesa Sanpaola deal builds State Street's Italian presence)