BNP Paribas Securities Services, a leading global custodian with EUR 12trillion in assets under custody, has won a mandate to provide Nationwide, the world’s largest building society, with triparty collateral management and global custody services for its non-UK assets.
The selection of BNP Paribas Securities Services’ triparty collateral management services helps Nationwide meet its obligations under Wave 5 of the initial margin rules. These require financial institutions to post collateral to back up their non-cleared OTC derivatives trades in order to mitigate counterparty risk.
BNP Paribas Securities Services will also provide Nationwide with settlement and custody services for its non-UK assets. This is in addition to the mandate to safekeep Nationwide’s UK assets, which BNP Paribas Securities Services won in 2016. In total, BNP Paribas Securities Services now provides Nationwide with global custody services representing circa GBP 20 billion in UK and non-UK assets.
Paul Gould, Head of Operations and Strategic Development at Nationwide Building Society, says: “As part of our decision to consolidate our service providers, BNP Paribas Securities Services stood out for the level of connectivity and service they provide across a number of products. Their extensive custody network and triparty collateral management services will help us manage our assets efficiently across all the markets in which we operate.”
Graham Ray, Global Head of Relationship Management and Sales for Banks and Brokers at BNP Paribas Securities Services, says: “We are very pleased to expand our relationship with Nationwide. Using our triparty collateral management services and extensive custody network, Nationwide will be able to mobilise collateral quickly and securely, when and where it is needed. We look forward to continuing our partnership with Nationwide going forward.”
Nationwide Building Society, a British mutual financial institution, is the seventh largest cooperative financial institution globally with more than 15 million members.
Caroline Lumley email@example.com +44 (0)20 7410 4650
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About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 68 countries and has more than 193,000 employees, including nearly 148,000 in Europe. The Group has key positions in its three main fields of activity: Retail Banking for the Group’s retail-banking networks and several specialised businesses; Investment & Protection Services for savings, investment and protection solutions ; and Corporate & Institutional Banking, focused on corporate and institutional clients. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated retail-banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
BNP Paribas has implemented a Corporate Social Responsibility (CSR) approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
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.