BNP Paribas has expanded its banking capabilities in the Australian market by formally launching BNP Paribas Securities Services as a foreign deposit taking institution, Financial Standard reported.
BNP Paribas, after having obtained an Australian banking license, has deployed a broad suite of banking products, including currency hedging, dealing services and derivatives clearing.
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Financial Standard quoted Pierre Jond, managing director of BNP Paribas Australia and New Zealand, saying: "After the revamp of our fund administration and unit pricing platforms two years ago and now with the full power of our global custody engine, our ability to process and report on mass data has never been better.
"Complimenting this with a broad suite of banking products makes our proposition all the more compelling."
Nicolas Faust, who had managed the project to establish the business as a bank in Australia, has been appointed as the head of market and financing services products, added Financial Standard.
Faust will report to Natalie Floate, who is the head of Treasury, Agency Securities Lending and Foreign Exchange for Asia Pacific.
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