BNP Paribas secures custody mandate from Euro Bank
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BNP Paribas secures custody mandate from Euro Bank 25 November 2013London Reporter: Daniel Jackson
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BNP Paribas has confirmed 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 tender process. It was chosen based on its local tax regulatory expertise and client-oriented approach.
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 financial instruments.
Alessandro Gioffreda, head of Italy and the Mediterranean basin at BNP Paribas, 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."
In a statement, EBRD said: “EBRD is pleased to have selected BMCI Securities Services for local post-trade services. They take an extremely client and partner oriented approach to their business and we look forward to working with them."
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