BNP Paribas Securities Services has been selected as the sole custodian for Swiss private bank EFG Bank.
The company has been appointed as both global and local custodian in four markets, including Australia and New Zealand, and now has US$3 billion in assets under custody from EFG Bank.
"Following an extensive tender and due diligence process to rationalise the business and optimise costs, EFG Bank's management chose to consolidate its assets under custody with BNP Paribas based on the custodian's global reach, technology offering and capabilities in specific local markets," BNP Paribas said.
EFG Bank becomes the third client of BNP Paribas' local custody and settlement services in Australia, following the launch of those capabilities in May.
"We are delighted to strengthen our cooperation with BNP Paribas Securities Services by appointing them as our new custodian for Australia and New Zealand," EFG International chief operating officer Mark Bagnall said.
"We value their custodial network, their services and their partner-oriented approach.
"It is important that we are able to rely on high-quality services from our providers, including automated and electronic solutions, and the professionalism of their employees."
BNP Paribas Securities Services Australia and New Zealand managing director Pierre Jond said he was pleased to be awarded the mandate so soon after the launch of the local operations.
"Our new capabilities position us well to offer a wide-ranging set of services to broader client groups like banks and broker-dealers," Jond said.
"Much work has also been done to tap into our global technology platform and best practice to align the local service in Australia with that provided by BNP Paribas in the rest of the world, and we feel that makes us a compelling proposition for institutional investors across Australia and New Zealand."
