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BNP Paribas wins Moroccan custody mandate
26 November 2013
EBRD selects partner to provide local custody, settlement, cash and foreign exchange services
BNP Paribas Securities Services has finalised a mandate from
the European Bank for Reconstruction and Development (EBRD) to
provide local custody, settlement, cash and foreign exchange
services in Morocco.
BNP Paribas secured the mandate following a competitive tender
based on its local tax regulatory expertise and client-oriented
approach. The services are to be delivered through BMCI
Securities Services, part of the group's Moroccan franchise.
EBRD invests in emerging markets to support the development of
competitive private sectors to foster open and democratic
market economies. In Morocco, it is focused on raising
liquidity via treasury products including cross currencies and
others, in order to invest this liquidity back into local
Alessandro Gioffreda, head of Italy and the Mediterranean basin
at BNP Paribas Securities Services said, "We are delighted to
have won this deal. It is a good example of successful
coordination within our organisation, whereby EBRD will benefit
from multiple services, including ALM treasury.
"The deal also underpins our strategy to expand our direct
custodial clearing model into key emerging markets and puts us
in great stead to secure further mandates in the region."
A spokesperson for EBRD commented, "BMCI Securities Services
takes an extremely client- and partner-oriented approach to
their business and we look forward to working with them."