BNP Paribas has been granted a licence to provide custody services for China’s Qualified Foreign Investor (QFI) scheme, effective immediately.
This means BNP Paribas can now directly support foreign institutional investors across the full scope of schemes allowing access to China’s equities and bond markets, in addition to providing a full range of foreign exchange services.
BNP Paribas China Limited was one of the first foreign banks to be granted a bond settlement agent licence for the China Interbank Bond Market (CIBM) in 2016. BNP Paribas Securities Services Hong Kong also facilitates participation, via a special segregated account, in China’s Stock Connect schemes, as well as Bond Connect through its membership of the HKMA Central Moneymarkets Unit.
CG Lai, Chief Executive Officer, BNP Paribas China Limited, ssaysaid: “This newest QFI licence complements our cross-border product offering and will help to attract even more foreign investment into China’s bond and equity markets, which are fast becoming amongst the most important markets globally. BNP Paribas is undoubtedly one of the best-positioned foreign banks to support institutional investors in the China market.”
Philippe Kerdoncuff, Head of BNP Paribas Securities Services, China says: “As constraints on foreign participation in China’s markets abate, we expect a wave of renewed interest from offshore institutional investors. The licence also closely follows the removal of quotas and expansion of scope for investments under the QFI scheme, making this an exciting time for new entrants to the onshore custody space.”
BNP Paribas Securities Services has a global and multi-local offering, underpinned by a proprietary network of 27 markets and a global reach covering more than 90 markets.
