BNP Paribas Securities Services, one of the divisions of BNP Paribas India, today announces that it has been granted a custody licence by the Securities and Exchange Board of India. With this licence, BNP Paribas Securities Services now offers clients local custody operations in the Indian market in addition to the listed derivatives clearing services it already provides from its Mumbai office.
Commenting on the licence, Pierre-Alexandre Thome, Head of BNP Paribas Securities Services in Mumbai, says: “We are delighted to be granted this licence as it marks another important step in our development in Asia Pacific, further strengthening our footprint in the region. We now have even greater strength in supporting our clients’ growth ambitions in India and giving them access to our fully integrated and personalised clearing and custody solutions.”
As part of its strategic development in India, BNP Paribas Securities Services SA has also partnered with Sundaram Business Services operating two joint-ventures from Chennai:
- Sundaram BNP Paribas Fund Services delivers fund administration and fund services to Indian Asset Managers and Institutional Investors.
- BNP Paribas Sundaram Global Securities Operations does transaction processing and middle-office operations, a platform to support Asia-based BNP Paribas Securities Services’ locations
By continuously improving its range of products and services across each of its locations as well as extending its local presence, BNP Paribas Securities Services aims to provide its clients with the same world-class solutions across the globe.
About BNP Paribas Securities Services
BNP Paribas Securities Services, a wholly-owned subsidiary of BNP Paribas, is the 1st securities services provider in Europe and the 5th world actor in term of assets under custody. Operating across the investment cycle, BNP Paribas Securities Services provides post-trade administration solutions to buy-side and sell-side financial institutions and issuers. With 6,400 employees present in 28 countries, BNP Paribas Securities Services works alongside its clients in more than 100 markets, to deliver independent flexibility and commitment, backed by the strength of a leading universal bank. Key figures: EUR 3.34 trillion (USD 4.65 trillion) assets under custody, 60,7 million transactions settled, EUR 565 billion (USD 786 billion) assets under administration and 5891 funds administered*.
* As at 31 December 2008
About BNP Paribas in India
BNP Paribas has been present in India since 1860. Today, BNP Paribas is amongst the leading foreign banks in India, and is present in 8 major cities of Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Ahmedabad and Pune. The group offers its diversified clientele vast product expertise through its three core business lines: Corporate and Investment Banking, Investment Solutions and International Retail Financial Services. The group has also developed key associations with strong local partners, such as: Life Insurance with SBI, Asset Management, Home Finance and Securities Services with Sundaram Group, Personal Investment Services and Institutional Broking with Geojit Financial Services, Real Estate Investment Advisory Services with Redwoods, and Equipment Solutions with SREI Infrastructure Finances
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