Global private bank EFG has appointed BNP Paribas as both local and global custodian in four markets covered by the groups 23 sub-custody branches, including Australia and New Zealand.
Following a tender and due diligence process to rationalize the business, Zurich-based EFG Bank decided to consolidate its assets under custody with BNP Paribas based on the providers global reach.
BNP Paribas now has approximately $3 billion in assets under custody on behalf of EFG Bank.
EFG Bank becomes the third client of BNP Paribas local custody and settlement services in Australia, following the launch of those capabilities in May 2012.
Pierre Jond, managing director of BNP Paribas Securities Services Australia & New Zealand commented: We are very pleased to have won this business, particularly so soon after launch. Our new capabilities position us well to offer a wide-ranging set of services to broader clients groups like banks and broker-dealers.
(JDC)