BNP Paribas Securities Services announces global custody services for U.S. Bank in Western Europe
BNP Paribas Securities Services announces that it will provide global custody services for U.S. Bank in Western Europe
BNP Paribas Securities Services, a leading global custodian with USD 11.6 trillion in assets under custody[1], today announced that it will provide U.S. Bank, the fifth largest commercial bank in the US[2], with global custody services in 11 European markets (Austria, Belgium, Cyprus, France, Germany, Greece, Italy, the Netherlands, Portugal, Spain and Switzerland), as well as local custody services in the UK and Ireland. The relationship represents over USD 10 billion in assets.
BNP Paribas Securities Services’ global and multi-local expertise across asset classes, extensive proprietary network and in-depth knowledge of the European markets will help U.S. Bank continue to pursue new opportunities for growth in its global sub-custodian network.
Dale R. Smith, Executive Vice President, U.S. Bank Investment Services, commented: “We are pleased to launch this important relationship with BNP Paribas Securities Services. We selected BNP Paribas for its well-established custody services and extensive proprietary network, as well as its long-term, collaborative approach.”
Claudine Gallagher, Head of BNP Paribas Securities Services Americas, said: “This prestigious new relationship demonstrates that our client-driven approach to asset servicing, together with our international reach and growing US presence, are a major draw for financial institutions in the US.”
Patrick Hayes, Head of BNP Paribas Securities Services UK, Middle East and South Africa, said: “U.S. Bank needed a provider who could help it realise its investment ambitions in Europe. Working with us, U.S. Bank will benefit from the efficiencies of a centralised, global custody set-up, which will be serviced from the UK, combined with local market expertise and client support in key markets.”
BNP Paribas Securities Services is the fifth largest global custodian in the world by assets under custody. Since 2011, the bank has significantly expanded its local custody network, which now covers 26 markets, and has been growing its presence in key markets, including the US.
Press contact:
Caroline Lumley – caroline.lumley@uk.bnpparibas.com
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