BNP Paribas Launches Local Custody Capabilities
This is the latest in a series of service enhancements following BNP Paribas Securities Services being awarded an Australian banking licence in July 2011.
It establishes the Australia branch as the 23rd member of BNP Paribas’ proprietary global sub-custody network, and fully integrates Australia within the groups’ global systems and infrastructure.
Local custody and settlement services in Australia are currently being used by external clients via the BNP Paribas global custody network; that is foreign investors holding Australian assets. Additionally, the groups’ broker-dealer business unit, BNP Paribas Arbitrage, has chosen to use these services, with a further external bank client to be announced shortly.
Lawrence Au, Securities Services’ regional head of Asia-Pacific, commented “The addition of Australia to our global network gives BNP Paribas even greater strength in supporting our clients’ growth ambitions. It reinforces our commitment to provide clients with the benefits of our global expertise in a local context.”
Pierre Jond, managing director of BNP Paribas Securities Services Australia & New Zealand added, “This significant development also reflects our ongoing investment in the region. It allows us to leverage our presence as a local bank, adding local custody and settlement services to previously-launched capabilities such as listed derivatives clearing. It also opens up new services for groups like banks and broker-dealers.”