HSBC has been appointed custodian for Erste Group Bank AG in Australia and New Zealand.
Alexander Schleifer, head of custody and network management of Erste Group Bank, said that Erste chose HSBC due to their long standing relationship with the bank in several markets around the world, and appreciated the professional service, experience and global reach that HSBC offers.
Andrew Bastow, head of securities services for HSBC in Australia, credited HSBC’s client service, technology solutions and strong position in the securities services market for the mandate win.
HSBC is Australia’s largest sub-custodian with more than $500 billion in assets under custody and 61 per cent market share in assets held for cross border clients as at 31 December 2009, the company said.
