Banco Popular Espanol has outsourced its back office operations in Spain to BNP Paribas Securities Services.
The mandate forms a key part of Banco Populars outsourcing strategy, which will see BNP Paribas providing services for the banks local and international assets. These services will include settlement and custody at the final client level, retail account maintenance and calculating of commissions, white labeling of regulatory reporting, retail fiscal reporting and technical support for their web platform.
Commenting on the development, Miguel Moreno, head of the project at Banco Popular said: Our fundamental requirement was for a robust, open platform, yet adaptable enough to deal with impending regulatory changes.
With our critical back office infrastructure now outsourced, we have been able to refocus the additional resources on our core business activities, safe in the knowledge that our operations will run as smoothly as possible, giving our clients global coverage and value for money, Moreno concluded.
Alvaro Camuas, head of BNP Paribas Securities Services in Spain said: A few years ago, we shifted our focus in the Iberian Peninsular towards outsourcing, and this partnership with one of Spains leading universal banks, underlines the validity of our strategy in the region. We see a real potential growth in this area in years to come.
(JDC)