BNP Paribas is expected to have global custody of up to USD 20 billion of AIIB assets and will be providing a suite of custody services, with the agreement covering master custody services and other value-added services.
Thierry de Longuemar, AIIB’s Vice-President and CFO, said:
“As a new multilateral financial institution, we are focused on building our trading capabilities to deliver infrastructure projects that will improve Asia’s development. BNP Paribas demonstrated solid understanding of our needs and provides us with an integrated, global solution. We also observed a strong level of management commitment and a partnership approach that is aligned with our culture and values.”
BNP Paribas’ Asia Pacific Chief Executive Officer Eric Raynaud said:
“This is a complementary partnership, with BNP Paribas being a responsible and sustainable bank and AIIB’s lean, clean and green ethos, the breadth of our investment support & facilitation capabilities, the strength of our horizontal integration model and our strong service capability, resulted in BNP Paribas winning this mandate in a global tendering process, demonstrating our One Bank approach is important to our clients.”
The agreement is set to be implemented in the third quarter of 2017.
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About AIIB (www.aiib.org)
AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia. Headquartered in Beijing, AIIB commenced its operation in January 2016 and has now grown to 70 approved members from all over the world. Its mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.
About BNP Paribas in Asia Pacific (www.apac.bnpparibas.com)
In Asia Pacific, BNP Paribas is one of the best-positioned international financial institutions with an uninterrupted presence since 1860. Currently with over 15,000 employees* and a presence in 14 markets, BNP Paribas provides corporates, institutional and private investors with product and service solutions tailored to their specific needs. It offers a wide range of financial services covering corporate & institutional banking, wealth management, asset management, insurance, as well as retail banking and consumer financing through strategic partnerships.
Worldwide, BNP Paribas has a presence in 74 countries with more than 190,000 employees. It has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. Asia Pacific is a key strategic region for BNP Paribas and it continues to develop its franchise in the region.
* excluding partnerships