BNP Paribas boosts US presence with custody platform additions

BNP Paribas Securities Services has increased its presence in the US with the addition of four European banks to its US broker-to-custody platform.

Four regional banks from Austria, Czech Republic, Germany, and Spain will join the platform.

The four banks become the latest additions to the platform following the addition of Avanza Bank of Sweden, Netfonds Bank of Norway, and Banco de Investimento from Portugal last year.

BNP Paribas initially launched its US custody offering in 2012 in a bid to provide post-trade services to international banks, brokers and institutional investors seeking access to the US market.

“Expanding the broker-to-custody global model to include the US has enhanced the bank’s position as a key provider to international broker dealer and banking clients,” said Florent Thiry, head of the financial intermediaries and corporate client line for Americas at BNP Paribas Securities Services.

“Our clients have greatly benefited from the platform’s effectiveness, flexibility and ease of use. We are delighted to work with these four new clients.”

The move is the latest development for BNP Paribas Securities Services as it looks to increase its offerings in the US.

At the beginning of the year, Claudine Gallagher took over a new role as head of the entire Americas region.

In April the French bank also secured a $3.2 billion custody mandate with Raiffeisen Bank International for its US domestic portfolio.