Following an extensive tender and due diligence process to rationalise the business and optimise costs, EFG Bank’s management chose to consolidate its assets under custody with BNP Paribas based on the custodian’s global reach, technology offering and capabilities in specific local markets.
EFG Bank becomes the third client of BNP Paribas’ local custody and settlement services in Australia, following the launch of those capabilities in May 2012. BNP Paribas now has approximately USD 3bn in assets under custody on behalf of EFG Bank.
Commenting on the development, Mark Bagnall, EFG International’s chief operating officer said: “We are delighted to strengthen our cooperation with BNP Paribas Securities Services by appointing them as our new custodian for Australia and New Zealand. We value their custodial network, their services and their partner-oriented approach.
“For a bank like EFG,” Mr Bagnall continued, “it is important that we are able to rely on high quality services from our providers, including automated and electronic solutions, and the professionalism of their employees.”
Pierre Jond, managing director of BNP Paribas Securities Services Australia & New Zealand commented: “We are very pleased to have won this business, particularly so soon after launch. Our new capabilities position us well to offer a wide-ranging set of services to broader client groups like banks and broker-dealers.
“Much work has also been done to tap into our global technology platform and best practice, to align the local service in Australia with that provided by BNP Paribas in the rest of the world,” continued Mr Jond. “And we feel that makes us a compelling proposition for institutional investors across Australia and New Zealand.”