BNP Paribas Securities Services will be rapidly expanding into more regions in Asia, across products and services, as well as its headcount, as it looks to at least double its share of the revenue from non-European services. In an exclusive interview with Euromoney | Sibos Insider, the CEO of the bank’s securities services firm, a wholly-owned subsidiary of the BNP Paribas Group which has over $6,237 billion of assets under custody and $1,026 billion assets under administration, confirmed it is focusing on the Asia-Pacific for growth.
“We need to continue with our geographic expansion as this is what is driving growth in general and growth in revenue, “ says Patrick Colle, CEO of BNP Paribas Securities Services (BPSS) . “We are looking to more than double the share of revenue from non-European parts of the business over the next five years and Asia is a major area of focus for us. Clearly headcount will be part of this growth if we are looking to expand into more regions and across new services.”
Colle adds that BPSS has been looking at expanding into Malaysia and Indonesia as part of this regional focus.
BPSS has over the years rapidly expanded its presence in Asia across securities services. It became the largest third party clearer in Hong Kong earlier this year, after clearing over 5% of the value of the Hong Kong Stock Exchange (HKSE)'s daily turnover.
Colle also revealed that its traction towards more business in Asia has “exploded” as it is going to announce shortly some of the first Chinese asset management mandates done with BNP Paribas as a whole.
“We can’t name names yet, but we are shortly going to reveal the first Chinese asset management mandate, following our connection to UCITs funds,” says Colle. “This really is testament to the focus on expansion in Asia, as we are hoping to rapidly grow our business out there."
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