Securities Services activities' affiliation in France and Italy approved in BNP Paribas S.A.'s General Meeting on May 15, 2001

  • 17.05.2001
At the Annual General Meeting of BNP Paribas S.A. held on May 15, 2001 in Paris, shareholders approved the affiliation of Securities Services activities in France and Italy. In France this is effective from May 16th - it implies switching depositary for all BNP Paribas S.A.'s UCITS - and in Italy, from July 1, 2001. Securities Services businesses in France and Italy thereby join BNP Paribas Securities Services' previously affiliated European activities.

The affiliation of this strategic business line of the BNP Paribas Group is a large scale operation which began in 2000 with the affiliation of Securities Services activities in Belgium, Germany, Greece and Spain. The process is a part of the organization of the BNP Paribas Group into separate operating entities.

"The process will continue in the second half of 2001 with the affiliation of activities in the United Kingdom, Luxembourg and the United States. As BNP Paribas Securities Services' European coverage expands, new branches will also be automatically lodged into this separate operating entity" says Jacques Philippe Marson, Head of BNP Paribas Securities Services.

With its own Management and Supervisory Boards, BNP Paribas Securities Services holds more than 1.4 trillion euros of assets under custody (March 2001) and continues to strengthen its position as the leading pan-european provider of Securities Services for financial institutions.
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