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BNP Paribas wins custody mandate
13 August 2012
EFG Bank has selected the custodian for its business in Australia and New Zealand
BNP Paribas Securities Services has won a mandate from EFG Bank to act as both global and local custodian for the Australian and New Zealand markets.
EFG is the third Australian client to use the custodian’s local custody and settlement services in Australia following the launch of these services in May last year. BNP Paribas now holds $3bn in assets under custody on behalf of EFG.
“For a bank like EFG, 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,” said Mark Bagnall, chief operating officer of EFG International.
BNP Paribas has been trying to align its local Australian service with its global technology platform and best practice, according to Pierre Jond, managing director of BNP Paribas Securities Services Australia & New Zealand.