HSBC will take on custody and fund administration services for Allianz Australia, following the insurer’s decision to award the bank a mandate covering its general and life insurance businesses.
Both companies operate extensively in the local market, with Allianz serving around four million customers and HSBC offering a range of banking and securities services.
Under the agreement, HSBC will provide custodial services, which involve safeguarding financial assets and processing transactions, as well as fund administration services that include valuation, reporting, and compliance support.
“We are pleased to work with HSBC in Australia,” said Allianz’s treasurer, Fuad Islam. “As a global provider of financial services, HSBC has experience, scale, and infrastructure to consistently and efficiently meet our needs.”
The selection of HSBC followed a competitive tender process designed to identify a securities services provider with the capacity and network to meet Allianz’s operational requirements.
“Allianz is one of Australia’s leading personal and commercial insurance providers, with approximately four million customers across the country,” said Nick Wheeler, head of markets and securities services for Australia and New Zealand at HSBC. “This mandate underlines the strength of the HSBC’s securities services offering and demonstrates our continued focus on the Australian market.”
Allianz Australia operates as part of the global Allianz Group, which offers a wide range of insurance products across multiple markets. HSBC provides banking and securities services to institutional and corporate clients, leveraging its international network and local presence.
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