BNP Paribas Securities Services, a global custodian with USD 11.8 trillion in assets under custody as of December 31, 2019, confirmed yesterday that it had begun operations in Mexico.
The bank said that, through an existing BNP Paribas subsidiary – BNP Paribas Asset Management México, S.A. de C.V. Sociedad Operadora de Fondos de Inversbn – it began its Mexico operations in March of this year, providing daily accounting and valuation services as well as tax pricing and regulatory reporting.
The Mexico office joins Brazil, Chile, Colombia, Peru and the US as the seventh country in the Americas where BNP Paribas Securities Services has a local expertise, according to a spokesperson.
“We have been growing our presence in Mexico significantly over the past few years,” said Francisco Hernandez, Country Head for Mexico. “With this new milestone, we are now able to offer our institutional clients a more complete pan-Americas fund services solution.”
Claudia Calderon, Head of Hispanic LatAm at BNP Paribas, agreed, adding that the opening is one more step in expanding their LatAm presence. “(The new office) highlights the strength of our offering in the region, as we continue to leverage our global and multi-local expertise around the world,” Calderon said.
According to bank literature, BNP Paribas has had a presence in Mexico for over 50 years and today employs over 700 employees in the country, providing through different local entities Banking, Advisory, Insurance, Asset Management and Personal Finance services to local and international clients. In December 2019, BNP Paribas obtained approval from the Mexican Banking and Securities Commission to incorporate as a local bank in Mexico, which will enable it to further expand its product offering to include Global Markets. The strategy is part of a wider regional growth plan encompassing the Americas, said BNP, where the bank employs close to 20,000 employees and has an expertise in eight countries – with banking licenses in six of them.
In related news, BNP Paribas also announced today the appointment of Florence Pourchet as Head of CIB Latin America.