Stanbic IBTC, a member of Standard Bank Group, has been selected as the custodian for BNP Paribas Securities Services in Nigeria.
BNP Paribas Securities Services’ regional head of network management for Europe, Middle East and Africa, Bogart Miheaye, said: “Stanbic IBTC was viewed as the strongest of three candidates in Nigeria, with its longevity and a market footprint that has proven lobbying influence. Taking into consideration the current regulatory environment, Stanbic IBTC in Lagos was the first custodian to offer the segregation of treasury bills at the Central Bank.”
Segun Sanni, Stanbic IBTC’s head of investor services, described the mandate as evidence that the company is the preferred asset custodian in Nigeria.
“We are pleased with the mandate given to us by BNP Paribas Securities Services in Nigeria. The inclusion of BNP Paribas Securities Services in our custody client portfolio is further evidence that our investments are yielding fruit in retaining Stanbic IBTC as Nigeria’s preferred custody services provider.”
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