BNP Paribas Securities Services, part of the French banking group BNP Paribas, has started operations in Mexico.
The new business in Mexico will offer valuation services, tax pricing and regulatory reporting, alongside daily accounting.
Moreover, BNP Paribas named Florence Pourchet as the head of CIB Latin America.
Apart from Mexico, BNP Paribas Securities Services has operations in Brazil, Chile, Colombia, Peru and the US in the Americas region.
BNP Paribas has been operating in Mexico for more than 50 years.
The firm offers banking, advisory, insurance, asset management and personal finance services in the country with a workforce of more than 700.
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BNP Paribas secured the clearance of the Mexican Banking and Securities Commission to incorporate as a local bank in Mexico last December.
This will allow the bank to expand its product line up to include Global Markets.
The move forms part of the bank’s broader growth strategy for the Americas.
BNP Paribas country head for Mexico Francisco Hernandez said: “We have been growing our presence in Mexico significantly over the past few years and are delighted to be able to offer local clients new products and solutions.
“With this new milestone, we are now able to offer our institutional clients a more complete pan-Americas fund services solution.”
BNP Paribas Securities Services offers multi-asset post-trade and asset servicing solutions.
The business caters to buy and sell-side market participants, corporates as well as issuers, with assets under custody of $11.8trn at December-end 2019.