WORLD'S BEST SUB-CUSTODIANS, THE

Global Finance,  Jul/Aug 2005  

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www.standardbank.co.za

WESTERN EUROPE

BNP Paribas

Paris-based BNP Paribas is continuing to expand its sub-custody business in Europe. The bank processed 23 million securities transactions in 2004 and ended the year with euro2.47 trillion in assets under management. It expanded into the Austrian custody market in July 2004, when its Frankfurt branch established a direct link to OeKB, the Austrian central securities depositary.

BNP Paribas provides securities clearing, sub-custody and outsourcing services for broker-dealers and institutional investors in 11 countries in Europe. BNP Paribas Securities Services also offers global issuer services to corporations and financial institutions, including local paying-agent services and global corporate trust. Its Global Fund Services unit offers fund administration, transfer agency, performance measurement, fund compliance and trustee services and outsourcing for institutional investors. The bank also provides financing to support clients' securities-related activities. BNP Paribas launched an automated corporate actions service recently, using the CAMA application developed by London-based Information Mosaic.

www.bnpparibas.com

COUNTRY WINNERS

ARGENTINA

HSBC

HSBC has taken its licks in Argentina, but the wounds are beginning to heal, and its 1997 acquisition of financial services group Roberts SA de Inversiones is starting to pay off. HSBC Argentina earned $156 million in 2004, up from $48 million a year earlier. The bank has links to the central securities depository, the Caja de Valores, and the central bank, as well as ArdenClear, and provides efficient clearing and settlement services. HSBC also has one of the largest insurance businesses in the country and offers a comprehensive range of financial products, including private pensions through a venture with New York Life.

www.hsbc.com.ar

AUSTRIA

Bank Austria Creditanstalt

Bank Austria Creditanstalt, Austria's largest bank, owns a Swift-based high-volume settlement system for Austrian securities. In addition to serving global custodians and international investors, the bank provides custody and fund-administration services to domestic companies and institutions. Its offshore unit in the Cayman Islands offers trust vehicles and custody services, as well as mutual funds. Part of Germany-based HVB, Bank Austria Creditanstalt's first-quarter 2005 earnings rose 49% from a year earlier to euro207 million.

www.ba-ca.com

BRAZIL

Citigroup

Citigroup's Citibank Brazil unit is the largest sub-custodian in the country, with about $57 billion of assets under custody for both local and international investors. The bank has electronic links to the CBLC, the depository and clearing-house for equities, and the CETIP, for clearing corporate bonds. The bank's securities country manager sits on the boards of both institutions and is vice president of the board of the CIP, the payments clearing house. Citibank Brazil offers safekeeping of securities, settlement, corporate actions management, dividend and income collection, and portfolio-valuation services.