BNP Paribas has begun bringing its Asian custody business in-house, terminating its existing business agreement with Citi.
According to a statement by a BNP Paribas spokesperson: BNP Paribas Securities Services is transferring its global custodian business currently with Citi – Hong Kong to its own global custody network.
“It has been part of our strategic development to deploy the BNP Paribas Securities Services global custody platform throughout Asia. The transfer of services in-house is not reflective of the standard of services provided by Citi or any dissatisfaction by Citi towards BNP Paribas Securities Services. The transition will be undertaken with clients between now and the end of the year.
Globally, BNP Paribas has USD6.8 trillion assets under custody.