BNP Paribas Securities Services has named Philippe Benoît as the new head of Asia Pacific, replacing Lawrence Au.
Philippe Benoît has been appointed to succeed Mr Au as the head of Asia Pacific for BNP Paribas Securities Services, effective from 1 January.
Prior to his appointment, Mr Benoît was global head of finance, legal and asset and liability management (ALM) treasury for BNP Paribas Securities Services in Paris.
He joined BNP Paribas Securities Services in 2002 after spending eight years in the banking department of PwC, including two years in New York.
Mr Au will remain within BNP Paribas as an executive adviser as he "starts his retirement planning", according to a statement by the bank.
"In this new role, Lawrence Au will have strategic oversight on selected key client relationships in the region and act as executive sponsor for key projects in Greater China," said the statement.
Mr Benoît, who will be based in Hong Kong, will be responsible for continuing to grow the bank's securities services business in Asia Pacific.
BNP Paribas Securities Services general manager Patrick Colle said a number of factors were driving the bank's custody business in Asia Pacific, including RMB internationalisation, pension fund reforms, and cross-border fund passports.
"We see plenty more opportunities in the region as the landscape continues to evolve. Philippe’s role will be to seize these opportunities to take our business in Asia Pacific to the next level," Mr Colle said.