BNP Paribas Securities Services has become a local custodian in Colombia, which is the Paris-based bank’s 26th market where it operates in such capacity.
The work to open in Colombia began approximately 18 months ago and follows the bank’s expansion in South America. In 2008, BNP Paribas became a local custodian in Brazil, and the bank also opened sales offices in Colombia and Chile in early 2012.
“[Colombia] is a very interesting and active market,” says Alain Pochet, head of clearing, custody and corporate trust services at BNP Paribas. The bank chose to open in Colombia due to a lot of client interest, he says. Plus, Colombia requires all local investors to appoint a local custodian, so BNP Paribas has an opportunity to fill that role.
Pochet also sees Colombia as a good opportunity because the Colombian market is an active spot for M&A. He says that the nation is currently in discussions with Chile and Peru to possibly find a regional solution to become more efficient, similar to the way Euronext was created to develop a more efficient market in Europe.
Claudia Calderón will head the group in Colombia, and as Pochet explains, BNP Paribas employs the strategy of having a local presence internationally, meaning the head of Spain is Spanish, and in this case the head of Colombia is Colombian.
”The secret to being efficient is to have people which are not close to the market but which have the same DNA as the market, and that’s key for us,” says Pochet.
BNP Paribas is the first European-based bank to open as a local custodian in Colombia, and as the bank does in all its markets, it will offer clients access to all asset classes available in the country.
BNP Paribas Opens as Local Custodian in Colombia
BNP Paribas Securities Services has become a local custodian in Colombia, which is the Paris-based bank’s 26th market where it operates in such capacity.