HSBC has been appointed as global custodian and fund administrator to Allianz Australia.

With the mandate, the bank now provides custodial and fund administration services to the general and life insurance businesses of Allianz operating in Australia. 

Allianz Australia selected HSBC following a competitive tender, which was designed to identify a securities services provider with the capabilities and network to meet its needs.

“As a global provider of financial services, HSBC has the experience, scale, and infrastructure to consistently and efficiently meet our needs,” says Allianz Australia treasurer Fuad Islam.

Nick Wheeler, head of markets and securities services, Australia and New Zealand, HSBC, adds: “Allianz is one of Australia’s leading personal and commercial insurance providers, with approximately four million customers across the country. This mandate underlines the strength of HSBC’s securities services offering and demonstrates our continued focus on the Australian market.”

HSBC’s global custody network covers 96 markets. In many markets throughout Asia-Pacific, including Australia, HSBC is the leading international bank offering custody and securities clearing services. As of December 2024, the bank provides custody for over A$1.7 trillion ( US$1.11 trillion ) of assets in Australia on behalf of investors.