Zurich-headquartered global private bank EFG Bank has appointed BNP Paribas Securities Services as both its global and local custodian in four markets, covering the bank’s 23 sub-custody branches, including Australia and New Zealand.
In statement, BNP Paribas said: “Following an extensive tender and due diligence process to rationalise the business and optimise costs, EFG Bank’s management chose to consolidate its assets under custody with BNP Paribas based on the custodian’s global reach, technology offering and capabilities in specific local markets.”
EFG Bank is the third client of BNP Paribas’s local custody and settlement services in Australia, following the launch of those capabilities in May 2012. BNP Paribas now has approximately $3 billion in assets under custody on behalf of EFG Bank.
Mark Bagnall, EFG International’s COO, said: “We are delighted to strengthen our cooperation with BNP Paribas Securities Services by appointing them as our new custodian for Australia and New Zealand. We value their custodial network, their services and their partner-oriented approach.
“For a bank like EFG, it is important that we are able to rely on high quality services from our providers, including automated and electronic solutions, and the professionalism of their employees.”
Pierre Jond, managing director of BNP Paribas Securities Services Australia and New Zealand, said: “We are very pleased to have won this business, particularly so soon after launch. Our new capabilities position us well to offer a wide-ranging set of services to broader client groups like banks and broker-dealers.
“Much work has also been done to tap into our global technology platform and best practice, to align the local service in Australia with that provided by BNP Paribas in the rest of the world. And we feel that makes us a compelling proposition for institutional investors across Australia and New Zealand.”
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