The group has had a presence here since 1979 and the full branch and trust company already offered private banking and wealth management and a dealing, transaction and advisory service catering for international clients and local financial institutions and intermediaries.
David Myatt, chief executive and head of territory, explained: ‘We already had a dealing room and an execution service, following our acquisition of Cogent in 2003, but until now we did not have a custody service.
BNP Paribas is a global custodian, one of the top five in the world and possibly the leader in Europe, and that’s what we’re bringing to Jersey.
‘We were encouraged by the modifications to the regulation of funds in the Island – that was the stimulus for taking this action now.
The first deals have gone through this week and we have no doubt that it will work successfully.
Mr Myatt is also hoping that the new service will prompt a ‘renaissance’ of the BNP Paribas name, which originates from the merger of two banking groups dating back to 1848.
The offices in Anley Street currently employ over 100 staff, who also service business in Guernsey and the Isle of Man.
Jersey also acts as a gateway to the bank’s extensive network worldwide, which has over 2000 offices in 85 countries.
