Kong Monetary Authority.
The announcement comes just weeks after the Monetary Authority of Singapore granted BNP Paribas a wholesale banking license.
Speaking about the Hong Kong license, Bruno Campenon, Head of BNP Paribas Securities Services in Hong Kong, says: We are delighted to be granted this license as it marks an important step in the development of a unique custodian bank in the Hong Kong market. We still have more steps to go but we are confident that we will be able to further support our clients growth ambitions in this region and to give them access to our fully integrated and personalized clearing and custody solutions.
BNP Paribas Securities Services has been operating in Singapore for more than one year delivering trustee and fund administration services to Singapore domiciled unit trusts as well as offshore funds managed by asset management companies based in the region.
Regarding the developments in Singapore, Jean-Marc Pasquet, Head of BNP Paribas Securities Services for Asia Pacific, This illustrates our the closer, the better motto, and we shall continue our efforts to grow at a vigorous pace to be operational in 8-10 key markets by 2013.
The bank still needs further regulatory approvals from the Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing limited (HKEx) in order to offer a full range of services in the region, but clearance is expected in the near future.