BNP Paribas Securities Services has been granted a wholesale banking licence by the Monetary Authority of Singapore and is now able to offer local and global custody services in addition to the trustee, fund and investment administration services it already provides to its clients in Asia.
BNP Paribas Securities Services announces today that its branch in Singapore was granted a wholesale banking licence to widen the services offered locally. With this new licence, BNP Paribas Securities Services can now offer its clients global and local custody, as well as treasury and liquidity services.
BNP Paribas Securities Services has now been operating in Singapore for more than one year delivering investment administration solutions and providing trustee and fund administration services to Singapore domiciled unit trusts as well as offshore funds managed by asset management companies based in the region.
For Jean-Marc Pasquet, Head of BNP Paribas Securities Services for Asia Pacific, “This new step represents a significant milestone for the development of BNP Paribas Securities Services in Asia Pacific where we have sizeable ambitions. It reinforces our commitment to provide our clients with the same high quality services all around the world with on-the-ground support in all time zones in all regions. This illustrates our “the closer, the better” motto, and we shall continue our efforts to grow at a vigorous pace to be operational in 8-10 key markets by 2013, with Hong Kong being the next step in a few months.”
Elizabeth Chia, Head of Global Custody Solutions for Asia Pacific, emphasizes how important this step is for clients: “We see a strong demand from our Europe-based clients operating in the region to be offered the same top class custody and administration solutions they are delivered in Europe. In the same time, we believe many institutional investors and financial intermediaries in Asia will increasingly think about outsourcing their middle and back-office operations in this current environment to focus on their core businesses. In that respect, they will now have access to unrivalled solutions in the market by partnering with BNP Paribas, one of the most solid banks in the world.”
About BNP Paribas Securities Services
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group, delivering independent flexibility and commitment, backed by the strength of a leading universal bank.
Operating across the investment cycle, BNP Paribas Securities Services provides post-trade administration solutions to buy-side and sell-side financial institutions and issuers. The Bank has a local presence across 25 countries and global coverage of over 100 markets, offering a one-stop shop for all asset classes, both onshore and offshore, across the globe.
With EUR 3.34 trillion (USD 4.65 trillion) assets under custody, EUR 565 billion (USD 786 billion) assets under administration and close to 6,000 funds administered*, BNP Paribas Securities Services is the Eurozone’s leading securities services provider and number five worldwide by assets under custody.
* As at 31 December 2008
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 6 strongest banks in the world according to Standard & Poor’s. The group is present in 85 countries, with more than 173,000 employees, including 132,700 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Investment Solutions and Retail Banking. Present throughout Europe in all of its business lines, the bank’s two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the