Stanbic IBTC has been selected as the custodian for BNP Paribas Securities Services in Nigeria. This decision was made recently following a rigorous selection process that presented Stanbic IBTC as the most suitable custodian.
Stanbic IBTC (www.stanbicibtcbank.com) is a member of Standard Bank Group and a leading financial services provider in Nigeria.
Speaking on Stanbic IBTC's appointment, BNP Paribas Securities Services' Regional Head of Network Management for Europe, Middle East and Africa, Mr Bogart Miheaye, said: "Stanbic IBTC was viewed as the strongest of three candidates in Nigeria, with its longevity and a market footprint that has proven lobbying influence. Taking into consideration the current regulatory environment, Stanbic IBTC in Lagos was the first custodian to offer the segregation of treasury bills at the Central Bank."
Mr Mark Kerns, Global Head of Investor Services for Standard Bank Group, said: "We are delighted with the appointment from BNP Paribas Securities Services in Nigeria and look forward to deepening the existing relationship. This appointment is another strong validation of our custody services leadership in Nigeria as well as testament of our lobbying and market advocacy efforts."
Mr Segun Sanni, Stanbic IBTC's Head of Investor Services, describes the appointment as evidence that Stanbic IBTC is the preferred asset custodian in Nigeria.
"We are pleased with the mandate given to us by BNP Paribas Securities Services in Nigeria. The inclusion of BNP Paribas Securities Services in our custody client portfolio is further evidence that our investments are yielding fruit in retaining Stanbic IBTC as Nigeria's preferred custody services provider," says Mr Sanni.
In common with Standard Bank Group, BNP Paribas Securities Services brings together local connectivity and broad product capability to provide clients with a one-stop solution.
Standard Bank Group offers an array of services to corporates and institutions. Read more about them at www.standardbank.com/cib.
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