BNP Paribas Securities Services has been chosen by U.S. Bank to provide global custody as well as local custody.
Global custody will cover Austria, Belgium, Cyprus, France, Germany, Italy, the Netherlands, Portugal, Spain and Switzerland while local custody services will cover the UK and Ireland.
Dale Smith, executive vice president, U.S. Bank Investment Services, commented: “We are pleased to launch this important relationship with BNP Paribas Securities Services. We selected BNP Paribas for its well-established custody services and extensive proprietary network, as well as its long-term, collaborative approach.”
Claudine Gallagher, head of BNP Paribas Securities Services Americas, added: “This prestigious new relationship demonstrates that our client-driven approach to asset servicing, together with our international reach and growing US presence, are a major draw for financial institutions in the US.”
Patrick Hayes, head of BNP Paribas Securities Services UK, the Middle East and South Africa, said: “Working with us, U.S. Bank will benefit from the efficiencies of a centralised, global custody set-up, which will be serviced from the UK, combined with local market expertise and client support in key markets.”
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