BNP Paribas today announced it has been granted a licence to provide custody services for China’s Qualified Foreign Investor (QFI) scheme, effective immediately. This means BNP Paribas can now directly support foreign institutional investors across the full scope of schemes allowing access to China’s equities and bond markets, in addition to providing a full range of foreign exchange services.
BNP Paribas China Limited was one of the first foreign banks to be granted a bond settlement agent licence for the China Interbank Bond Market (CIBM) in 2016. BNP Paribas Securities Services Hong Kong also facilitates participation, via a special segregated account, in China’s Stock Connect schemes, as well as Bond Connect through its membership of the HKMA Central Moneymarkets Unit.
CG Lai, Chief Executive Officer, BNP Paribas China Limited said: “This newest QFI licence complements our cross-border product offering and will help to attract even more foreign investment into China’s bond and equity markets, which are fast becoming amongst the most important markets globally. BNP Paribas is undoubtedly one of the best-positioned foreign banks to support institutional investors in the China market.”
Philippe Kerdoncuff, Head of BNP Paribas Securities Services, China said: “As constraints on foreign participation in China’s markets abate, we expect a wave of renewed interest from offshore institutional investors. The licence also closely follows the removal of quotas and expansion of scope for investments under the QFI scheme, making this an exciting time for new entrants to the onshore custody space.”
BNP Paribas Securities Services has a global and multi-local offering, underpinned by a proprietary network of 27 markets and a global reach covering more than 90 markets.
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About BNP Paribas Securities Services (securities.cib.bnpparibas)
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.
About BNP Paribas in China
BNP Paribas’ presence in China dates back to 1860 when it opened its first office in Shanghai. Currently with nearly 500 staff based in China, BNP Paribas provides banking, financing and advisory services to local and overseas corporations and financial institutions, institutional investors and high net worth clients. Through partnerships, BNP Paribas has developed strategic collaborations with leading local institutions in China, including with Bank of Nanjing in personal, small and medium enterprises and corporate banking, Haitong Securities in asset management (HFT Investment Management), Bank of Beijing in life insurance (BOB-Cardif Life Insurance), Suning and Bank of Nanjing in consumer finance (Suning Consumer Finance), Geely in car financing (Genius Auto Finance) and Shanghai Bashi Car Rental Service in car leasing (Arval Jiutong).
The information contained within this document (‘information’) is believed to be reliable but BNP Paribas Securities Services does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas Securities Services’ judgment and are subject to change without notice. BNP Paribas Securities Services and its subsidiaries shall not be liable for any errors, omissions or opinions contained within this document. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. For the avoidance of doubt, any information contained within this document will not form an agreement between parties. Additional information is available on request.
BNP Paribas Securities Services is incorporated in France as a Partnership Limited by Shares and is authorised and supervised by the European Central Bank (ECB), the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the AMF (Autorité des Marchés Financiers).
In the UK, BNP Paribas Securities Services is authorised and regulated by the European Central Bank and the Autorité de Contrôle Prudentiel et de Résolution. Deemed authorised by the Prudential Regulation Authority and with deemed variation of permission. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website. BNP Paribas Securities Services London Branch is registered in the UK under number FC023666. UK establishment number: BR006393. UK establishment office address: 10 Harewood Avenue, London NW1 6AA.
In the U.S., BNP Paribas Securities Services is a business line of BNP Paribas which is incorporated in France with limited liability. Services provided under this business line, including the services described in this document, if offered in the U.S., are offered through BNP Paribas acting through its New York Branch (which is duly authorised and licensed by the State of New York Department of Financial Services) or BNP Paribas Financial Services LLC, a limited liability company organised under the laws of the State of Delaware; if a securities product, through BNP Paribas Securities Corp. which is a broker-dealer registered with the Securities and Exchange Commission and a member of SIPC and the Financial Industry Regulatory Authority; or if a futures product through BNP Paribas Securities Corp., a Futures Commission Merchant registered with the Commodities Futures Trading Commission and a member of the National Futures Association.