BNP Paribas Securities Services has opened new offices in Colombia and Chile and appointed local experts in the two markets. It extends the custody banks on-the-ground presence to 34 locations across the globe. The provider launched operations in Brazil in June last year.
BNP Paribas will offer banks, brokers and institutional investors in Colombia and Chile global custody and fund distribution support, as well as market and financing services. The bank will also use its local market expertise in the two markets to service other global banks and institutional investors wishing to operate or invest in Colombia and Chile.
BNP Paribas has appointed Claudia Caldern as head of Colombia, while Emiliano Martnez will spearhead the banks business development efforts in Chile.
Caldern will play a key role in developing BNP Paribas business in Latin America. She has a background in developing custody and clearing solutions, first at Santander Investment Trust and then at Cititrust Colombia. Martnez joins the global custodian from the BNP Paribas groups asset management division, bringing experience in servicing Chilean institutional investors. Both Caldern and Martnez will report to lvaro Camuas, BNP Paribas Securities Services regional manager for Spain, Portugal and Latin America.
Camuas said Calderns expertise and Martnez relationships with corporate and institutional investors in the region are significant assets to the services provider and will be key to developing its business in South America.
In February 2011, BNP Paribas Securities Services CEO Patrick Colle outlined an expansion strategy that included a strong focus on Latin America. The first phase consisted of the launch of its local custody and clearing solutions in Brazil in 2010 while the latest developments in Colombia and Chile mark the second milestone in Colles strategy.
The bank signed up its first Latin American client SecurityAM, the fund management division of Chilean bank Banco Security in late 2011.
Colle said: With initiatives around MILA (Integrated Latin American Market) mirroring developments in Europe and Asia where we are already a leading player, we feel that we have a competitive edge in helping clients understand the landscape and maximise their investment opportunities.”
Mexico and Peru have confirmed that they also plan to join the Mercado Integrado Latino Americano (MILA), the trading alliance launched that links a group of Latin American exchanges.
(JDC)