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RBC Dexia to buy depository bank business

30 September 2009


RBC Dexia and Unione di Banche Italiane scpa have entered into an agreement for UBI Banca to transfer its depositary bank business to RBC Dexia.


RBC Dexia Investor Services (RBC Dexia) and Unione di Banche Italiane scpa (UBI Banca) have entered into an agreement for UBI Banca to transfer its depositary bank business to RBC Dexia. The business has over €19 bn in assets under custody mainly related to the fund management activities of UBI Banca’s subsidiary UBI Pramerica, the third largest fund manager in Italy.


The agreement also includes certain correspondent bank agreements regarding the provision of paying...