BNP Paribas’ Securities Services business, a leading global custodian with USD 13.7 trillion in assets under custody[1], has been chosen by Medibank Private Limited (Medibank), a health company providing private health insurance and health services to millions of people across Australia, to provide custody and fund administration services.
The mandate with Medibank, which holds AUD 3.7 billion in funds under management[2], following several key mandates announced by BNP Paribas’ Securities Services business in Australia throughout 2024, is part of its growth strategy with insurance clients in Australia. The bank currently provides custody services to three of the top five insurers in Australia.
Medibank is an ASX-listed health company working to deliver the best health and wellbeing for Australia. In this mandate, Securities Services at BNP Paribas provides Medibank with custody, fund administration, performance reporting, cash and FX solutions.
Derek Yung, Medibank’s Head of Treasury & Investments, said: “We are pleased to appoint BNP Paribas as our custodian. Through this partnership, we can leverage BNP Paribas’ expertise in custody and fund administration in support of our vision to deliver the best health and wellbeing for Australia”.
Daniel Cheever, Head of Australia and New Zealand, Securities Services, BNP Paribas, stated: “We are delighted that Medibank has joined our client community. We have developed strong capabilities in Australia, thanks to our local expertise and track record with insurance clients. We look forward to working closely with Medibank to deliver on their strategic goals, while we continue to expand our footprint in Australia.”
[1] As of 31 December 2024. Source: BNP Paribas’ Securities Services website
[2] As of 30 June 2024. Source: Medibank Private Limited (MPL) – Financial results for year ended 30 June 2024
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Press Contacts
Securities Services at BNP Paribas
Christina Efthymiades AM, Head of Brand and Communications, Australia & New Zealand
christina.efthymiades@au.bnpparibas.com
+61 426 592 869
Medibank Private Limited
Emily Ritchie, Hub Lead External Affairs
Emily.Ritchie@medibank.com.au
+61 429 642 418
Securities Services at BNP Paribas on LinkedIn
About Securities Services at BNP Paribas (securities.cib.bnpparibas)
BNP Paribas’ Securities Services business is a leading global custodian providing multi-asset post-trade and asset servicing solutions to buy-side and sell-side market participants, corporates, and issuers. With a global reach covering 90+ markets, its custody network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide. As a pillar of BNP Paribas’ diversified banking model, Securities Services provides asset servicing solutions that are closely integrated with the first-class services of the Group’s other business lines, in particular those of Global Banking and Global Markets. As of 31 December 2024, Securities Services had USD 13.7 trillion in assets under custody and USD 2.8 trillion in assets under administration.
About Medibank Private Limited (https://www.medibank.com.au)
Medibank is a health company headquartered in Melbourne, Australia. From its beginnings as a health insurer, Medibank has grown to become more to millions of people across Australia. Through its Better Health for Better Lives purpose, it is giving people more control of their own health by working to provide greater choice, better access and more value – both now and in the future.
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Services described in this document, if offered in Australia, are offered through BNP Paribas acting through its Australia Branch ABN 23 000 000 117 (“BNP Paribas”) and/or BNP Paribas Fund Services Australasia Pty Ltd ABN 71 002 655 674 (“BPFSA”). BNP Paribas is licensed in Australia as a foreign authorised deposit-taking institution by the Australian Prudential Regulation Authority and delivers financial services to clients under its Australian Securities & Investments Commission Australian Financial Services License (AFSL), No. 238043. BPFSA is an Australian-incorporated company which is a wholly owned subsidiary of BNP Paribas and delivers financial services to clients under its AFSL No. 241080. The Information is directed at wholesale clients only and is not intended for retail clients (as both terms are defined by the Corporations Act 2001, sections 761G and 761GA).
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Services described in this document, if offered in Singapore, are offered through BNP Paribas acting through its Singapore Branch, which is licensed by the Monetary Authority of Singapore under the Banking Act 1970 as a qualifying full bank. It is also a clearing member and depository agent of The Central Depository (Pte) Limited (CDP), a trading member of Singapore Exchange Derivatives Trading Limited (SGX-DT), and a clearing member of Singapore Exchange Derivatives Clearing Limited (SGX-DC). Singapore dollar deposits of non-bank depositors placed with the Singapore branch are insured up to $75k by the Singapore Deposit Insurance Corporation. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Services described in this document, if offered in New Zealand, are offered through BNP Paribas Fund Services Australasia Pty Ltd (“BPFSA”) acting through its New Zealand Branch, NZCO registration number 1010736. BPFSA is an Australian-incorporated company which is a wholly owned subsidiary of BNPP. BPFSA is registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. BPFSA is not licensed by a New Zealand regulator to provide financial services and BPFSA’s registration on the New Zealand register of financial service providers does not mean that BPFSA is subject to active regulation or oversight by a New Zealand regulator. NO BNP PARIBAS ENTITY IS A REGISTERED BANK IN NEW ZEALAND. The Information is intended for wholesale clients only, as such term is defined in the Financial Markets Conduct Act 2013.
Services described in this document, if offered in the People’s Republic of China (“PRC”, which for these purposes excludes the Hong Kong or Macau Special Administrative Regions or Taiwan), are offered through BNP Paribas China Limited (“BNPP China”), a subsidiary of BNP Paribas. BNPP China is a commercial bank regulated by the China Banking and Insurance Regulatory Commission. This document does not constitute an offer to sell or the solicitation of an offer to buy any financial products in the PRC to any person to whom it is unlawful to make the offer or solicitation in the PRC.BNPP China does not represent that this document may be lawfully distributed, or that any financial products mentioned herein may be lawfully offered, in compliance with any applicable registration or other requirements in the PRC, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by BNPP China which would permit a public offering of any financial product or distribution of this document in the PRC. Accordingly, no financial product mentioned herein may be offered or sold, directly or indirectly, and neither this document nor any advertisement or other offering material may be distributed or published in the PRC, except under circumstances that will result in compliance with any applicable laws and regulations. Services described in this document, if offered in India, are offered through BNP Paribas acting through its branches in India, which is registered as a Scheduled Commercial Bank and is regulated by Reserve Bank of India. It is also a registered custodian under the SEBI (Custodian of Securities) Regulations, 1996 and is regulated by the Securities and Exchange Board of India.