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April 15, 2021
BUSINESS

ING Bank, new custodian and depository for Fondul Proprietatea

ING Bank N.V. Amsterdam Sucursala Bucuresti was selected the custodian and depository of Fondul Proprietatea, following a selection process which took place this month, Franklin Templeton Investment Management Ltd United Kingdom Sucursala Bucuresti, the investment manager and sole administrator of the Fund, announced, in a release remitted, yesterday, to the press. The contract will come into force in August 2011, when the current depository services contract with Bancpost S.A. expires. Six banks with local and international expertise were invited to enter the selection process and made offers, attesting their solid expertise and the high quality standards requested by the investment fund. “(…) Under this contract we will be providing a range of complex services which include net asset certification, the safe storage of financial instruments, reports at international standards and other related services,” Mihaela Bitu, ING Bank Deputy Director General, stated.

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