Jersey/ London/ Paris - BNP Paribas announced today that they have signed an agreement to acquire RBS International Securities Services (Holdings) Limited, a 70:30 joint venture between The Royal Bank of Scotland International and The Bank of New York.
RBS International Securities Services is a market leader in the provision of securities related services in the UK offshore markets of Jersey, Guernsey and the Isle of Man. It provides global custody services, fund administration and corporate trustee services to fund managers and to managers of private wealth clients. With 176 employees in its 3 locations, it holds in excess of £30 billion of assets under custody and £6.2 billion of assets under administration.
Upon closing of the transaction, BNP Paribas Securities Services, the leading European headquartered provider, will have strengthened capabilities in servicing offshore funds, while completing their coverage of the European offshore markets.
Commenting on the agreement, Jacques-Philippe Marson, chief executive officer of BNP Paribas Securities Services said: "As part of our global growth strategy and our commitment to servicing clients, RBS International Securities Services stood out as an attractive opportunity to reinforce our position in the buoyant UK offshore market, and further answer clients' growing needs in this arena.”
Ian Henderson, chief executive of RBS International, commented: “Our Securities Services division has been a successful business for the Bank but it is a specialist sector and our strategy is to concentrate on our core business strengths. This means investing in our banking services for personal, corporate, institutional and international personal customers.”
“The Bank is delighted to have found a buyer that is a major player in this market to invest in the future of this specialist business. This deal will offer opportunities to the current staff as well as ensure that clients will benefit from sole ownership of BNP Paribas and the investment they will bring”, added Mr Henderson.
Tim Keaney, senior executive vice president and head of global investor services at The Bank of New York, said, “We are very proud of the business that has been built in the Channel Islands and Isle of Man. Now is the right time for the business to move to the next level under the sole ownership of BNP Paribas. Our focus will continue to be on our institutional client base and on the offshore markets of Luxembourg and Ireland, together with the continued development of our business in continental Europe.”
Mr Marson added, “BNP Paribas Securities Services is known for excellent client service and this deal strengthens our client offer in a number of ways. Not only are we welcoming a highly-skilled and committed team from RBS International Securities Services, but we are also building further significant scale to our Jersey operations and extending our geographical coverage in the UK offshore islands, further accompanying our clients in this fast-growing area.”
”We will concentrate on growing the existing client base as well as creating opportunities to further cross-sell BNP Paribas products in this market”, he concluded.
BNP Paribas is offering positions to all staff within RBS International Securities Services.
Staff were given details of the announcement this morning and clients are being contacted to confirm that it will be business as usual during the transition and on completion of the acquisition. The deal will complete once regulatory approvals are in place.
NOTES TO EDITORS
BNP Paribas Securities Services
BNP Paribas Securities Services is a worldwide leading securities services provider to the world's financial institutions, with a local presence in all key European markets as well as in the US and Australasia. With 4,400 dedicated staff in 18 countries, BNP Paribas Securities Services has over 700 clients, including 8 of the world's top 10 investment managers, and a global custody network covering 90 markets. It holds over EUR 3.6 trillion of assets under custody (Dec 2006) and EUR 623 billion of assets under administration for 4,675 funds worldwide. The bank also provides performance, attribution and risk-management analysis for 2,900 investment portfolios, and in 2006 processed over 32 million securities transactions.
BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, and ranks among the world's top 15 banks by market capitalisation. It has around 140 000 employees, 110 000 of whom are based in Europe. The group occupies leading positions in three significant fields of activity: Corporate and Investment Banking, Asset Management & Services and Retail Banking. It is present in 85 countries and has a strong presence in all the key financial centres. Present throughout Europe, in all its business lines, France and Italy are its two domestic markets in retail banking. BNP Paribas enjoys a significant and growing presence in the United States and leading positions in Asia and in emerging markets.
The Royal Bank of Scotland International Limited
RBS international is a leading provider of banking services to personal, corporate, institutional and international personal customers. It is located in Jersey, Guernsey, Isle of Man, and Gibraltar, and employs over 1,700 staff.
The Bank of New York
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
RBS International Securities Services is a market leader in the provision of securities related services in the UK offshore markets of Jersey, Guernsey and the Isle of Man. It provides global custody services, fund administration and corporate trustee services to fund managers and to managers of private wealth clients. With 176 employees in its 3 locations, it holds in excess of £30 billion of assets under custody and £6.2 billion of assets under administration.
Upon closing of the transaction, BNP Paribas Securities Services, the leading European headquartered provider, will have strengthened capabilities in servicing offshore funds, while completing their coverage of the European offshore markets.
Commenting on the agreement, Jacques-Philippe Marson, chief executive officer of BNP Paribas Securities Services said: "As part of our global growth strategy and our commitment to servicing clients, RBS International Securities Services stood out as an attractive opportunity to reinforce our position in the buoyant UK offshore market, and further answer clients' growing needs in this arena.”
Ian Henderson, chief executive of RBS International, commented: “Our Securities Services division has been a successful business for the Bank but it is a specialist sector and our strategy is to concentrate on our core business strengths. This means investing in our banking services for personal, corporate, institutional and international personal customers.”
“The Bank is delighted to have found a buyer that is a major player in this market to invest in the future of this specialist business. This deal will offer opportunities to the current staff as well as ensure that clients will benefit from sole ownership of BNP Paribas and the investment they will bring”, added Mr Henderson.
Tim Keaney, senior executive vice president and head of global investor services at The Bank of New York, said, “We are very proud of the business that has been built in the Channel Islands and Isle of Man. Now is the right time for the business to move to the next level under the sole ownership of BNP Paribas. Our focus will continue to be on our institutional client base and on the offshore markets of Luxembourg and Ireland, together with the continued development of our business in continental Europe.”
Mr Marson added, “BNP Paribas Securities Services is known for excellent client service and this deal strengthens our client offer in a number of ways. Not only are we welcoming a highly-skilled and committed team from RBS International Securities Services, but we are also building further significant scale to our Jersey operations and extending our geographical coverage in the UK offshore islands, further accompanying our clients in this fast-growing area.”
”We will concentrate on growing the existing client base as well as creating opportunities to further cross-sell BNP Paribas products in this market”, he concluded.
BNP Paribas is offering positions to all staff within RBS International Securities Services.
Staff were given details of the announcement this morning and clients are being contacted to confirm that it will be business as usual during the transition and on completion of the acquisition. The deal will complete once regulatory approvals are in place.
NOTES TO EDITORS
BNP Paribas Securities Services
BNP Paribas Securities Services is a worldwide leading securities services provider to the world's financial institutions, with a local presence in all key European markets as well as in the US and Australasia. With 4,400 dedicated staff in 18 countries, BNP Paribas Securities Services has over 700 clients, including 8 of the world's top 10 investment managers, and a global custody network covering 90 markets. It holds over EUR 3.6 trillion of assets under custody (Dec 2006) and EUR 623 billion of assets under administration for 4,675 funds worldwide. The bank also provides performance, attribution and risk-management analysis for 2,900 investment portfolios, and in 2006 processed over 32 million securities transactions.
BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, and ranks among the world's top 15 banks by market capitalisation. It has around 140 000 employees, 110 000 of whom are based in Europe. The group occupies leading positions in three significant fields of activity: Corporate and Investment Banking, Asset Management & Services and Retail Banking. It is present in 85 countries and has a strong presence in all the key financial centres. Present throughout Europe, in all its business lines, France and Italy are its two domestic markets in retail banking. BNP Paribas enjoys a significant and growing presence in the United States and leading positions in Asia and in emerging markets.
The Royal Bank of Scotland International Limited
RBS international is a leading provider of banking services to personal, corporate, institutional and international personal customers. It is located in Jersey, Guernsey, Isle of Man, and Gibraltar, and employs over 1,700 staff.
The Bank of New York
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.