BNP Paribas targets over €2 billion sec services revenue by 2020

BNP Paribas is aiming for a five per cent increase in its securities services figures by the year 2020.
By Paul Walsh
BNP Paribas is targeting a five per cent increase in its securities services revenue by the year 2020, as it looks to accelerate the integration of its custody and global markets divisions.

Figures released during its investor day last week revealed plans to increase its revenues to €2.2 billion by the year 2020, up from €1.8 billion it recorded in 2016

The Paris-based custodian is targeting further penetration of large sophisticated institutions as well as a greater focus on asset owners and managers.

Throughout the year BNP Paribas has sought to combine the prime brokerage and custody units within its global markets division, following the tie up of the securities services and corporate and investment banking (CIB) businesses.

In addition, BNP Paribas is planning to extend its footprint in China and the US.

Since launching its local custody services in the US in 2012, BNP Paribas has been trying to break the hold of the “big four” to provide post-trade services to international banks, brokers and institutional investors.

Last October, BNP Paribas Securities Services was selected to provide custody services via its New York affiliate branch to CME Clearing.

The mandate makes BNP Paribas one of CME Clearing’s approved custodians for US Treasury and federal agency securities.

Earlier this month, Raiffeisen Bank International also chose BNP Paribas as the local custodian for its $3.2 billion US domestic portfolio.

It has since boosted its US team with the appointment of Claudine Gallagher as head of BNP Paribas’ newly established Americas region in February.