Standard Chartered Bank has won the custody mandate for Barclays Capital in Taiwan and Korea. The bank is already custody provider to the investment bank in Japan, Hong Kong, Singapore, Indonesia, the Philippines and Malaysia.
Standard Chartered says that earlier this year Barclays Capital undertook a review of its Asia Pacific trade and custody activities, with the intention of consolidating its portfolio with a maximum of two providers within the region, and to achieve the cost savings requested by its traders.
“Standard Chartered fought off tough competition, and we are delighted that not only have we retained Barclays’ key Asian markets, [but] we have also managed to broaden our market coverage within the region to cover almost all markets where the bank has a strong securities services presence,” says Paul Hedges, Global Head, Securities Services, at Standard Chartered Bank.
Standard Chartered has had a relationship with Barclays Capital for the last eight years.
“We are looking forward to building on our partnership with Barclays even further to deliver greater efficiencies and business opportunities for the future,” adds Hedges.