BNP Paribas wins Moroccan custody mandate

BNP Paribas wins Moroccan custody mandate

BNP Paribas Securities Services has finalised a mandate from the European Bank for Reconstruction and Development (EBRD) to provide local custody, settlement, cash and foreign exchange services in Morocco.

BNP Paribas secured the mandate following a competitive tender based on its local tax regulatory expertise and client-oriented approach. The services are to be delivered through BMCI Securities Services, part of the group's Moroccan franchise.

EBRD invests in emerging markets to support the development of competitive private sectors to foster open and democratic market economies. In Morocco, it is focused on raising liquidity via treasury products including cross currencies and others, in order to invest this liquidity back into local financial instruments.

Alessandro Gioffreda, head of Italy and the Mediterranean basin at BNP Paribas Securities Services said, “We are delighted to have won this deal. It is a good example of successful coordination within our organisation, whereby EBRD will benefit from multiple services, including ALM treasury.

"The deal also underpins our strategy to expand our direct custodial clearing model into key emerging markets and puts us in great stead to secure further mandates in the region."

A spokesperson for EBRD commented, “BMCI Securities Services takes an extremely client- and partner-oriented approach to their business and we look forward to working with them."

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