The Bank of New York has been selected by Natexis Banques Populaires, the wholesale arm of France's fifth largest banking group, to provide global custodian services for its E80 billion of assets under custody across 48 different countries.
The Bank of New York will also appoint Natexis Banques Populaires (NBP) as its French sub-custodian for a large proportion of French assets in the bank’s custody.
Tim Keaney, executive vice president and head of Europe for The Bank of New York, commented, This is a very important mandate for The Bank of New York in a key market where we see significant growth potential. NBP is one of the largest insourcers of securities services to banks and private banking units in France and we are looking forward to working with them.
Philippe Dupuis, head of business to business securities development at NBP, continued, To enable Natexis Banques Populaires to expand its securities business globally, we had a desire to select a high quality partner in the custody sector with international capabilities and a strong product set.
The Bank of New York fits all these requirements and will be an important part of our strategy of ensuring that our clients benefit from a consolidated product offering across Europe and the US.
The two banks also intend to develop a closer cooperation across multiple products such as fund administration and transfer agency. NBP will become the preferred partner for The Bank of New York across multiple products in France, while The Bank of New York will be the preferred partner for NBP for off-shore securities processing products.
The news comes just a day after it was announced that The Bank of New York had been appointed by Abbey to act as the global custodian for GBP30 billion of assets managed by its investment arm, Abbey National Asset Management (ANAM).