BNP Paribas gains mandate
Leading custodian, BNP Paribas Securities Services has picked up a key mandate.
The company announced this week that Zurich-based global private bank EFG Bank had appointed BNP Paribas as both global and local custodian in four markets covered by the Group's 23 sub-custody branches, including Australia and New Zealand.
It said the mandate had followed an extensive tender and due diligence process to rationalise the business and optimise costs.
This makes EFG Bank the third client of BNP Paribas' local custody and settlement services in Australia, following the launch of the capabilities in May 2012.
BNP Paribas now has approximately US$3 billion in assets under custody on behalf of EFG Bank.
Commenting on the mandate, EFG International chief operating officer Mark Bagnall said the company valued BNP Paribas' custodial network, services and partner oriented approach.
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