BNP Paribas Securities Services has named Hong Kong-based Philippe Benoît as its new head of the Asia Pacific region, effective January 1.
He succeeds Lawrence Au who remains with the bank as executive adviser, in which new role he will oversee selected key client relationships in the region and act as executive sponsor for key projects in Greater China.
“Our business in Asia Pacific is growing fast, says Patrick Colle, General Manager of BNP Paribas Securities Services. The bank says it has more than tripled its assets under custody over the past five years and is now present in eight markets in the region – Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand and Singapore – employing close to 2,000 people.
“Market participants are increasingly turning to us to help them adapt to the region’ s changing market landscape, which is being transformed by initiatives such as the RMB internationalisation, pension fund reforms and the various cross-border fund passports,” adds Colle. “We see plenty more opportunities in the region as the landscape continues to evolve. Philippe’s role will be to seize these opportunities to take our business in Asia Pacific to the next level.”
Eric Raynaud, CEO of BNP Paribas in Asia Pacific, said: “Over the last five years, Lawrence has built a successful franchise in the region enabling BNP Paribas to become a fast growing market leader in the securities services sector. Philippe will play a key role in furthering these developments and continuing the business growth in Asia Pacific.”
Benoît was previously global head of finance, Legal and ALM Treasury for BNP Paribas Securities Services based in Paris. He joined BNP Paribas Securities Services in 2002 after spending eight years in the banking department of PwC, including two years in New York.