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BNP Paribas Securities Services announces that it will provide 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
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BNP Paribas Securities Services announces that it will provide global custody services for U.S. Bank in Western Europe

24/09/2019

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.

-Ends-

Press Contact:

Caroline Lumley  caroline.lumley@uk.bnpparibas.com  +44 (0)20 7410 4650

twitter_logo.jpg BNP Paribas Securities Services on Twitter - @BNPP2S

 

About BNP Paribas Securities Services (www.securities.bnpparibas.com)

BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With local expertise in 35 countries and a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.

 

[1] As of 30 June 2019

[2] Source: https://www.usbank.com/about-us-bank.html

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