Standard Chartered Bank has won the mandate from Allianz Insurance Management Asia-Pacific to be its primary custodian bank in Asia. Allianz is one of the biggest financial service providers worldwide and services 17 million customers in 15 markets in the region.

Under the mandate, Standard Chartered will be the custody and associated fund services provider for AllianzÆs insurance business in Asia.

This is a new mandate. Previously Allianz business units within Asian countries made their own custody arrangements. The move brings AllianzÆs Asian operations into line with its practice elsewhere in the world where it has established regional custodian banks.

ôThis is a more efficient way to run our businesses in Asia,ö said Christoph John, regional head of corporate communications for Allianz Asia-Pacific. "It gives us greater control over our funds and increases transparency,ö he added.

Commenting on the deal, Jaspal Singh Bindra, director Asia for Standard Chartered Bank says: ôThis is a significant mandate from one of the largest and most eminent international financial service providers in the Asian insurance market.ö