AUSTRIA - BNP Paribas Securities Services has extended its local custody services to Austria in a bid to secure business from pension funds and other institutional investors.
The bank said it had established a link with the country’s export credit agency OeKB on a “remote-access basis” from its Frankfurt branch.
“A move which leverages the experience and success of a similar model in Paris for Euronext markets,” the bank said.
BNP Paribas said Frankfurt had been selected as an access point due to the mix of “technical platforms”, and synergies with its German custody operations.
“The addition of Austria underscores the firm’s commitment to maintaining its leadership in pan-European clearing and custody,” the bank said in a statement.
BNP Paribas also argued clients would benefit from a single client support team in Frankfurt for both German and Austrian securities, harmonised reporting, and the range of liquidity management products currently offered by BNP Paribas Securities Services in Germany.
Jon Lloyd, product head for the bank’s clearing, settlement and custody business, said: “We have been evaluating the Austrian market for a while and the timing is now right to launch this service.”
“It is evidence of the commitment to extend our leading position in Europe to new markets, and leverages all the strengths of our existing network” he continued.
The first trades in Austrian securities were settled on July 1.