Scotiabank reappoints BNP Paribas as pan-European custodian
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Scotiabank reappoints BNP Paribas as pan-European custodian 10 February 2021Canada Reporter: Maddie Saghir
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Scotiabank has reappointed BNP Paribas Securities Services to provide local custody services across 15 European markets, representing €3.5 billion in assets under custody.
Scotiabank and BNP Paribas Securities Services have been in partnership for almost 10 years.
Loretta Marcoccia, Scotiabank’s executive vice president and chief operating officer, global banking and markets, explains that the renewed mandate recognises the confidence they have in BNP Paribas’ ability to provide quality service.
The agreement allows Scotiabank to leverage BNP Paribas Securities Services’s expertise across asset classes, extensive proprietary network and knowledge of European markets.
The mandate covers Austria, Belgium, Cyprus, France, Germany, Greece, Hungary, Ireland, Italy, the Netherlands, Poland, Portugal, Spain, Switzerland and the UK.
Marcoccia says: “We are pleased to continue to work together to support Scotiabank’s business and to provide our clients with access to European markets.”
Bruno Campenon, global head of financial intermediaries at BNP Paribas Securities Services, comments: “This mandate highlights our ability to combine our market connectivity with our local on-the-ground expertise for the benefits of our clients.”
Earlier this month, BNP Paribas reported its securities services revenues came in at €2.2 billion for Q4 2020, an increase of the €544 million total in the bank’s Q3 financial results.
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