BNP Paribas Securities Services, part of the BNP Paribas Group, today announced that it has been granted a banking licence in Australia by APRA (Australian Prudential Regulatory Authority).
The licence is an important milestone for BNP Paribas Securities Services in Australia, enabling it to offer third party clearing and increasing the breadth of its custody proposition. These new services are expected to go live in 2012 complementing a full range of banking services, and will bring access to new clients such as non resident banks and broker dealers in the local market. This adopts BNP Paribas Securities Services' preferred business model around the world.
Pierre Jond, Head of BNP Paribas Securities Services in Australia and New Zealand said, "Being able to change our DNA and implement our award winning global clearing and custody solutions will offer enormous potential to clients in Australia and New Zealand - both current and prospective."
"Not only does this development enable us to enhance our current offering, it will also support the inbound investment of overseas investors in Australia and New Zealand," Jond continued.
The development comes at the same time as BNP Paribas Securities Services changes its legal status such that the BNP Paribas Group has assumed unlimited liability for the debts of BNP Paribas Securities Services- reinforcing its safety, security and reliability. Following its change in legal status, for the first time BNP Paribas Securities services has received its own financial credit ratings by Fitch, Moody's and Standard and Poor's, which are equivalent to the ratings of its parent company BNP Paribas SA- amongst the highest in the industry.
Lawrence Au, Head of BNP Paribas Securities Services in Asia Pacific also emphasised the importance of this development, saying, "Following the successful implementation of our clearing and custody solution in Singapore, India and Hong Kong, we are delighted to be able to roll it out for clients in Australia and New Zealand."
"Our change in legal status and continued expansion programme across Asia Pacific demonstrates our commitment to providing the best quality services for clients in this region," Au concluded.
Didier Mahout, CEO of BNP Paribas Australia and New Zealand said, "This represents a key milestone in the development of BNP Paribas Group's strategy in Australia."