BNP Paribas has added the former head of Deutsche Bank Securities Services China to its ranks to accelerate its ambitions in the country.
Stanley Song joins as co-head of BNP Paribas Securities Services in China alongside Philippe Kerdoncuff, who has been steering in the role since 2016.
The switch is notable given both BNP Paribas’ and Deutsche Bank’s aspirations in offering China-related securities services. At the end of 2021, Deutsche Bank received its custody fund license from the China Securities Regulatory Commission (CSRC), meanwhile BNP Paribas was granted a Qualified Foreign Institutional Investor (QFII) custodian and settlement licence in the same year.
BNP’s QFII licence enables it to directly support foreign institutional investors across the full scope of schemes allowing access to China’s equities and bond markets, in addition to providing a full range of foreign exchange services. The bank also holds a bond settlement agent licence for the China Interbank Bond Market (CIBM), a Type-A Corporate Bond Lead Underwriting Licence and a Panda Corporate Bond Lead Underwriting Licence Type B.
Song joins the French headquartered bank after two years with Deutsche Bank. Prior to this, he held roles at HSBC and State Street, both in Shanghai, where his new role will also be based.
At BNP Paribas, Song will be responsible for strengthening and expanding the bank’s asset servicing capabilities in China and accelerating the growth of the firm’s China Access programme – which supports international investments into and from China using the different investment routes.
He will report to CG Lai, chief executive officer of BNP Paribas China and Franck Dubois, head of Asia Pacific for BNP Paribas Securities Services.
“Stanley’s appointment will further BNP Paribas Securities Services’ growth ambition in China – a key market for BNP Paribas – while we continue to invest in technology and local talent to provide value added global asset servicing experience for our clients,” said Dubois. “Our globally-connected business solutions – coupled with on-the-ground experts who are knowledgeable in local market nuances – enable us to support clients in Asia, Europe, and the Americas investing into China or for Chinese institutions to invest internationally.”