BNP Paribas Securities Services has been granted a banking license by the Hong Kong Monetary Authority. This comes three weeks after the firm was granted a banking license in Singapore. The licenses and the offices in Hong Kong and Singapore are in line with BNP Paribas' plans to expand in the region.
Bruno Campenon, head of BNP Paribas Securities Services in Hong Kong, says the license marks an important step in the development of a unique custodian bank in the Hong Kong market.
"We still have more steps to go but we are confident that we will be able to further support our clients' growth ambitions in this region and to give them access to our fully integrated and personalised clearing and custody solutions," he says. The custodian bank license is subject to further regulatory approvals from the Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEx)
BNP Paribas Securities Services is a wholly owned unit of the BNP Paribas Group. It provides post-trade administration solutions to buy-side and sell-side financial institutions and issuers. The bank has a local presence in 25 countries and global coverage of over 100 markets, offering a one-stop shop for all asset classes, both onshore and offshore, across the globe.
BNP Paribas Securities Services has €3.34 trillion ($4.65 trillion) in assets under custody, €565 billion ($786 billion) in assets under administration and close to 6,000 funds.