BNP Paribas Securities Services will launch local custody services in India by June 2010, according to Pierre-Alexandre Thom, head of BNP Paribas Securities Services in Mumbai. BNP Paribas recently announced that it has been granted a custody licence by the Securities and Exchange Board of India.
BNP Paribas launched listed derivatives clearing services in India in 2009, and the bank currently offers custodial services through its sub-custodian HSBC. With time, the bank aims to move from offering sub-custody services to direct internal services within India.
BNP Paribas has also partnered with Sundaram Business Services operating two joint-ventures from Chennai fund administration and fund services to Indian Asset Managers and Institutional Investors.We expect in the coming years that Indian clients will really start to invest abroad, said Thom, we need to have a base in India to serve local Indian clients, so we can expect to serve them locally and globally.