BNP Paribas Securities Services has been granted a banking licence in Australia, allowing it to increase its custody offering, as well as introduce third party clearing services.
Head of BNP Paribas Securities Services in Australia and New Zealand, Pierre Jond, said being able to change the company’s DNA and implement its global clearing and custody solutions would offer much potential to local clients.
“Not only does this development enable us to enhance our current offering, it will also support the inbound investment of overseas investors in Australia and New Zealand,” Jond said.
This comes as BNP Paribas Securities Services has changed its legal status so that BNP Paribas Group will assume unlimited liability for the debts of the firm to reinforce its safety and security.
