SWITZERLAND - French bank BNP Paribas' Securities Services, the provider of securities services and investment operations solutions, has expanded its global custody service to Switzerland, the firm announced today.
Based in the bank's Zurich branch, the new Swiss global custody office is adapted specifically to the Swiss market, as part of the bank's approach to localise its global custody offerings across Europe to specific regions.
The new service has already attracted a large Swiss insurer as client, about whom the firm will reveal more details next week, a spokeswoman said.
According to Martin Kunz, BNP Paribas' product head of global custody, "there is a clear demand in Switzerland for a provider that has a true pan-European presence and who can deliver a global custody solution in multiple markets".
The firm is basing the service on its globally operating platform, but adapting it to local market needs and deploying it locally in individual markets and investor jurisdictions.
BNP Paribas Securities Services has already successfully localised the global custody solutions in Germany, with its Frankfurt-based office offering solutions in German and adapted to the German market.
Though the Swiss operation will co-operate with the Frankfurt office, the aim is to establish an independent branch focusing on their particular region.
The firm also provides global custody services in France, Ireland, Italy, Jersey, Luxembourg, Spain and the UK.