Hong Kong — 22 August 2011 — BNP Paribas Securities Services today outlined a major expansion plan for its corporate trust service (CTS) in the Asia Pacific, enabling a full range of services from conventional debt to both structured and unstructured debt.
The bank has invested heavily in its Asia Pacific CTS business including the appointment of Ben Lumley-Smith as regional client development manager for debt markets based in Hong Kong. The initiative has already made an immediate impact in the form of a significant recent debt issuance transaction undertaken on behalf of Bank of China International.
Explaining the rationale behind BNP Paribas’ move, Lawrence Au, Head of Asia Pacific, BNP Paribas Securities Services cited Hong Kong as the ideal location to build its CTS business.
“Hong Kong is already the epicentre of capital raising activities in local as well as US and euro currencies. Its recent establishment as an offshore Renminbi clearing centre has further strengthened its position as the region’s investment banking hub from a debt market perspective.
“As a leading corporate trust service provider in Europe and one of the first banks in Hong Kong to provide offshore Renminbi clearing, the establishment of our CTS business in Hong Kong is key to our business plan for the region,” he continued.
“The opportunities extend beyond Hong Kong and we’re also seeing significant demand in Singapore, Japan, Malaysia and Australia,” Au added.
Lumley-Smith brings a deep understanding of the Asia Pacific debt markets, honed over two decades working for Citigroup, JP Morgan and Hambros Bank in the region.
Pascal Pommier, head of corporates and issuers, BNP Paribas Securities Services added, “Clients tell us that the ability to perform complex, multi-jurisdictional debt listings is key to their needs. Our ever-expanding global network and on-the-ground presence in more than 30 countries gives them the ideal platform in that respect.”
Andrew Achimu, Corporate Communications, Securities Services +44 (0) 207 410 2717
Ilias Catsaros, Group Press Office +44 (0) 207 595 3461
Brenda Woo, Corporate Communications, Hong Kong + 852 2909 8813