London, Frankfurt – BNP Paribas Securities Services (BNP Paribas) has acquired the third-party securities clearing and settlement activity of Bankhaus Carl F Plump in Germany (Bankhaus Plump), a private banking and asset management firm that is part of the MM Warburg Group.
This activity, based in Bankhaus Plump’s head office in Bremen, encompasses a range of post-trade services, including clearing, settlement and custody, and securities financing provided to German brokers (known as ‘Maklers‘) and securities trading banks (‘Wertpapierhandelsbanken‘).
The acquisition immediately positions BNP Paribas as one of the top 3 providers to these market segments in Germany. Bankhaus Plump will in the future concentrate fully on its private banking business.
As part of the transaction, BNP Paribas has also acquired the technology platform developed by Bankhaus Plump to support this activity, and the bank will also establish a local operation in Bremen – which becomes BNP Paribas Securities Services’ second location in Germany. Approximately 15 staff will transfer from Bankhaus Plump to BNP Paribas.
Gerald Noltsch, Head of BNP Paribas Securities Services in Germany, said “This acquisition marks an important strategic development for us. It enables us to deliver a solution that meets the specific needs of the local broker community here in Germany. There is clear demand in the market for a provider that has both a high-quality service offering and the required commitment to the Securities Services business. Through this acquisition we are demonstrating that commitment – to the market and especially to our clients – to expand, enter new markets and develop new services”.
BNP Paribas Securities Services is a leading securities services provider to the world’s financial institutions, with a local presence in all key European markets as well as in the US and Australasia.
With 3,850 dedicated staff in 18 countries, BNP Paribas Securities Services has over 700 clients, including 8 of the world’s top 10 investment managers, and a global custody network covering 75 markets. It holds over EUR 3 trillion of assets under custody (March 2006) and EUR 538 billion of assets under administration for over 4,000 funds world-wide. In 2005, BNP Paribas Securities Services processed over 27
Celeste Matta-Brown, Corporate Communications Tel: + 44 (0)20 7595 4653
Shani Halstead, Corporate Communications Tel: + 44 (0)20 7595 2436