BNP Paribas has landed a deal to provide clearing and custody services to Nationwide in the UK.

The French bank’s securities services unit has been appointed as the settlement and gilt custody provider for the building society. 

In practical terms, it means the firm will safekeep Nationwide’s £12.7bn worth of gilt assets - gilts are the UK equivalent to US treasury securities.

Led by Patrick Colle, BNP Paribas has been making strides when it comes to offering securities services in the UK.

Recent mandates include custody for the Isle of Wight Local Government Pension Scheme, back office and settlement for London-based broker Shore Capital and clearing and settlement for Peel Hunt.

Nationwide, the world’s largest building society, has assets worth £200bn with 17,000 employees and 15 million customers across the UK. 

“We are delighted to be working with Nationwide and help them enhance operational efficiency,” said Julien Kasparian, UK head of sales and relationship management for banks and brokers at BNP Paribas Securities Services.

“Our operations scale in the UK, expertise and ability to provide the necessary infrastructure quickly were key to winning this mandate."

Mark Harvey, head of treasury operations at Nationwide Building Society, added: ” Throughout the process I have been impressed with the commitment and engagement of BNP Paribas Securities teams.”

More to follow….