BNP Paribas Securities Services, a wholly-owned subsidiary of France's BNP Paribas Group, has won a mandate from China Merchants Bank Singapore Branch to provide settlement and custody services for global bonds, stocks and derivatives in Hong Kong, Singapore and the US.
The mandate was awarded by the Singapore branch of China Merchants Bank, BNP Paribas Securities Services.
According to BNP Paribas, the mandate will give China Merchants Bank Singapore Branch access to international markets and support its regional and international growth ambitions.
BNP Paribas was selected for its innovative solutions and global reach"
Du Jing, general manager of China Merchants Bank, said: "BNP Paribas was selected for its innovative solutions and global reach."
Diana Senanayake, head of BNP Paribas Securities Services Singapore, commented: "This is a prestigious new mandate which consolidates our leading position in the Singapore market and demonstrates our strength in supporting Chinese banks with their international expansion plans."
The mandate is the latest high-profile deal for BNP Paribas Securities Services in the region. In December, it signed a mandate with online stock broker CMC Markets to provide global custody and settlement services for its $600m of assets in Australia.
BNP Paribas Securities Services had $11trn of assets under custody at the end of 2018.
China Merchants Bank currently manages $232bn of assets outside of China via its offices in New York, Luxembourg, Hong Kong, Singapore and Indonesia.