BNP Paribas Launches Hong Kong Custody Service

Vanessa Doctor

15 September 2009

BNP Paribas Securities Services has just won a license to offer Hong Kong clients its full range of custody services.

The mandate marks a milestone for BNP Paribas' Asian expansion strategy, especially as Hong Kong is a key financial hub in the region. The General Clearing Participant membership will allow the company to provide both third party clearing and local custody services, where clients are expected to benefit via reduced exposure to risk.

"We see strong demand from clients operating in the region for the same top class custody solutions they receive in Europe," said Bruno Campenon, head of BNP Paribas Securities Services (Hong Kong) in a statement.

The Paris-listed banking group has a local presence across 25 countries and a global coverage of over 100 markets, acting as a one stop shop for all asset classes both onshore and offshore. It currently has €3.34 trillion ($4.65 trillion) of assets under custody.