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BNP Paribas Securities Services has launched its local clearing and custody service in India.
“The development is a major milestone in BNP Paribas Securities Services’ strategy towards becoming a leading player in the fast-expanding Indian asset servicing market, and is a key extension of its global network,” a company release said here today.
With the service now operational, the bank’s clients are benefiting from local clearing and custody for a range of asset classes including cash equities and corporate debt instruments.
Mr Pierre-Alexandre Thome, Head of BNP Paribas Securities Services in Mumbai, said: “We are delighted to announce the launch of our local clearing and custody service in India, and see this as another important step forward in our commitment to the region.’’
“We think India is one of the most exciting and dynamic markets in the world, and we are pleased to extend the same high quality service to both domestic and off-shore investors here, as we do in the rest of the world,” he added.
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group, delivering flexibility and commitment, backed by the strength of a leading universal bank.
Operating across the investment cycle, it provides post-trade administration solutions to buy-side and sell-side financial institutions and issuers.
The bank has a local presence across 32 countries offering a one-stop shop for all asset classes, both on-shore and off-shore, across the globe.
With €4,641-billion of assets under custody, $771-billion assets under administration and over 6,000 funds administered as at December 31, 2010, BNP Paribas Securities Services is Europe’s leading securities services provider and a top five global provider of securities services.
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