SFIL appoints SGSS for global custody services
SFIL, the leading French local public sector and export financing agency, and CAFFIL, a French specialized credit institution (société de crédit foncier), have mandated Societe Generale Securities Services (SGSS) to provide global custody services for their public sector assets in Europe. This extends an existing mandate for valuation services with SFIL in France since its creation in 2013.
Services provided by SGSS:
- Global custody services (which include record-keeping services for assets in multiple jurisdictions)
- The capacity to provide a complete and integrated global custody offering in France and Italy
- Leading expertise in the Italian market
- Efficient monitoring services for operations and transactions
As 7th largest bank in France, based on its current balance sheet, SFIL is a publicly-owned bank that was created in 2013 in order to enable the French local public sector to benefit from enhanced financing conditions. Through the Caisse Française de Financement Local (CAFFIL), SFIL refinances medium and long-term loans offered by La Banque Postale, in partnership with CDC, to local governments and public hospitals. SFIL is now one of the leaders in local public sector financing in France and the largest European bond issuer which exclusively finances the public sector. As of May 2015, SFIL also acts as a public refinancing platform for large export credits.