BNP Paribas secures $3.2 billion US custody mandate

BNP Paribas Securities Services has been selected as the local custodian by Raiffeisen Bank International (RBI) for its $3.2 billion US domestic portfolio.

Corporate and investment bank RBI, who themselves provide custody services to Austria along with 18 Central and Eastern European markets, say they chose BNP Paribas following “a competitive tender.”

“BNP Paribas Securities Services’ international presence and global operating model were key to our decision to appoint them as our local US custodian” said Stefan Wallner, head of network management at RBI.

The deal marks BNP Paribas’ third major custody deal of the year following its selection by Italian banking group Banco di Desio e della Brianza in March for its €11 billion worth of Italian and foreign assets.

BNP Paribas was also chosen by MAPFRE Inversión in February to provide global custody services for its €60 billion worth of assets.

“We are delighted to have won this mandate, which demonstrates our growing strengths and expertise in the US,” said Bruno Campenon, head of custody and clearing services for BNP Paribas Securities Services in the America.

“RBI, a long-standing partner of BNP Paribas Securities Services, will benefit from our local expertise and client service as well as our presence in both the US and Europe, which will provide them with extended 16-hour service coverage throughout the day.”