BNP Paribas Buys RBS Investment Services JV

Nick Parmee

4 April 2007

BNP Paribas has acquired RBS International Securities Services, a 70:30 joint venture between the Royal Bank of Scotland International and the Bank of New York. RBS ISS operates in the UK offshore markets of Jersey, Guernsey and the Isle of Man. It provides global custody services, fund administration and corporate trustee services to fund managers and to managers of private wealth clients. With 176 employees in its three locations, it holds in excess of £30 billion ($59 billion) of assets under custody and £6.2 billion of assets under administration. With this acquisition BNP Paribas Securities Services will strengthen its capabilities in servicing offshore funds, while completing its coverage of the European offshore markets. It is offering positions to all staff within RBS International Securities Services. Jacques-Philippe Marson, chief executive officer of BNP Paribas Securities Services, said: "RBS International Securities Services stood out as an attractive opportunity to reinforce our position in the buoyant UK offshore market.”