BNP Paribas Securities Services announces cooperation agreement with BMCI in Morocco
08.06.2009 | Group, Press release
BNP Paribas Securities Services is pleased to announce its cooperation agreement with BMCI, which will provide its international clients with local clearing and custody and global corporate trust services in Morocco. The agreement will come into effect from the 1st of July 2009.
Through BMCI Securities Services, BNP Paribas clients will benefit from a local team with over 15 years experience in custody integrated into the Bank's global proprietary network. BMCI Securities Services will be headed up by Sylvie Nouri of BMCI, while Nadia Affane, who will relocate from BNP Paribas Securities Services Paris to BMCI, will manage sales and relationship management.
BMCI, which was created in 1977, is now a 66.21% owned subsidiary of the BNP Paribas Group and has been BNP Paribas Securities Services' sub-custodian since 2004. BNP Paribas Securities Services always aims to create long-term partners which fit well with its strategy and allow the Bank to benefit from local knowledge and expertise. This agreement is another step in BNP Paribas Securities Services' ambition and commitment to provide its clients with the best possible solutions worldwide.
About BNP Paribas Securities Services
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group, delivering independent flexibility and commitment, backed by the strength of a leading universal bank.
Operating across the investment cycle, we provide post-trade administration solutions to buy-side and sell-side financial institutions and issuers. The Bank has a local presence across 26 countries and global coverage of over 100 markets, offering a one-stop shop for all asset classes, both onshore and offshore, across the globe.
With EUR 3.34 trillion (USD 4.65 trillion) assets under custody, EUR 565 billion (USD 786 billion) assets under administration and close to 6,000 funds administered*, BNP Paribas Securities Services is Europe's leading securities services provider.
In the last two years, BNP Paribas Securities Services has opened offices in eight new locations: Singapore, Bahrain, Turkey, Poland, Hungary, India, Hong Kong, and now Morocco, making it present in 26 countries. An on-the-ground presence gives clients the benefit of direct market access, insight into local regulatory contact and market practices. This step demonstrates the Bank's dynamism, innovative capabilities and its ambition to development worldwide and be a truly global institution.
* As at 31 December 2008
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is the Eurozone's leading bank in terms of deposits, and one of the 10 most important banks in the world in terms of net banking income, equity capital and market value. Furthermore, it is one of the 6 strongest banks in the world according to Standard & Poor's. With a presence in 85 countries and more than 205,000 employees, 165,200 of which in Europe, BNP Paribas is a global-scale European leader in financial services. It holds key positions in its three activities: Retail banking, Investment Solutions and Corporate & Investment Banking. The Group benefits from its four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
BMCI (www.bmcinet.com), whose majority shareholder is BNP Paribas Group, is a universal banking corporation serving all client types: private individuals (including Moroccans living abroad), professionals, large companies and institutions, small and medium-sized companies.
Meeting its clients' needs through a network of over 240 branches across Morocco, BMCI offers the expertise and knowledge of its 10 subsidiaries and specialist boutiques. BMCI has a broad range of capabilities including corporate finance, asset management, capital markets transactions, custody and leasing.
The Bank is certified ISO 9001 (2000) for its trade finance capabilities and international transfers. Through BMCI's “BNP Paribas Trade Center” based in Casablanca, BMCI holds a position of reference in international trade business.
In 2008, Fitch confirmed its domestic ratings F1+ and AAA, the highest ratings for a Moroccan company, confirming BMCI's financial stability and its strong position in the Moroccan banking sector.