BBVA Group has chosen Broadridge Financial Solutions for a post-trade managed service to cover its US institutional fixed-income business. 

Broadridge's North American Managed Service is a utility model that the firm says will support the multi-national Spanish bank in growing its product offering and create significant trade processing and cost savings, as well as help enhance risk controls.

Ramon Martinez Sobrado, head of CIB global operations for BBVA Group said the service would help the firm gain "competitive differentiation".

"As the fixed- income market evolves, new technology and operating models will play an increasingly vital role for our business," said Ramon Martinez Sobrado, head of CIB global operations for BBVA Group. 

"The strategy to move to Broadridge's managed service model enables BBVA to leverage significant scale and cost efficiencies."

Broadridge will provide an integrated managed service to support fixed income and repurchase agreement processing, international clearance and settlement and investor communications services. 

This latest agreement represents an expansion of the two firm's relationship as Broadridge has supported reconciliations processing of equities, cash and exchange-traded derivatives for BBVA since 2013.

"This expanded relationship will help the bank transform and streamline its institutional fixed income operation at a time when new models and technology can help set a path for the industry's future winners," said Michael Alexander, president, wealth and capital markets solutions, Broadridge.