Natexis Banques Populaires Appoints The Bank of New York as Global Custodian
Natexis Banques Populaires Appoints The Bank of New York as Global CustodianPARIS, January 11, 2005 - The Bank of New York, a global leader in securities servicing, has been selected by Natexis Banques Populaires (NBP), the wholesale arm of France's fifth largest banking group, to provide global custodian services for its Euro 80 billion of assets under custody across 48 different countries. The Bank of New York will also appoint Natexis as its French sub-custodian for a large proportion of French assets in the Bank's custody.
Commenting on the appointment, Tim Keaney, executive vice president and head of Europe, The Bank of New York, said, "This is a very important mandate for The Bank of New York in a key market where we see significant growth potential. Natexis Banques Populaires is one of the largest insourcers of securities services to banks and private banking units in France as well as to medium size fund managers and we are looking forward to working with them as a global partner to support their business."
Philippe Dupuis, Head of B to B Securities Development, NBP, continued, "To enable Natexis Banques Populaires to expand its securities business globally, we had a desire to select a high quality partner in the custody sector with international capabilities and a strong product set. The Bank of New York fits all these requirements and will be an important part of our strategy of ensuring that our clients benefit from a consolidated product offering across Europe and the US. It is one of the key elements in Natexis Banques Populaires' strategic plan to deliver to our customer base a geographic coverage of 102 countries with associated securities management services including efficient corporate actions and tax reclaim processes. This agreement can be regarded as most significant for both banks and will strengthen their natural positions on their respective market and expertise."
The two banks also intend to develop a closer cooperation across multiple products such as fund administration and transfer agency. Banques Populaires will become the preferred partner for The Bank of New York across multiple products in France while The Bank of New York will be the preferred partner for Natexis Banques Populaires for off-shore securities processing products.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of servicing clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services and Retail Banking. Additional Information on the Company is available at http://www.bankofny.com/.
The listed vehicle of the Banque Populaire Group, Natexis Banques Populaires is a financing, investment banking and services bank, and is currently developing a unique offering in receivables management.
With a network of some 12,000 employees, Natexis Banques Populaires builds long-term domestic and international partnerships with its clientele of large and medium-sized companies, financial institutions and the Banque Populaire Group network.
Drawing on its expertise in a wide range of complementary areas, Natexis Banques Populaires provides not only traditional banking services but also high value-added technology-based services. In order to meet its clients' needs and ensure the highest quality standards, the Bank offers specialist services in each of its businesses.
Natexis Banques Populaires is a major player in the financing market, serving substantially all major French companies. Through its subsidiary Coface, it is one of the world's leading providers of credit insurance and credit management services. At the same time, Natexis Banques Populaires is ranked amongst the leaders in private equity and financial engineering, and plays an active role in debt and equity brokerage. It is also the number one provider of high-tech services. A well-known and highly respected player in the bancassurance and asset management sectors, it is the leading employee savings plan manager in France.
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