BNP Paribas has opened new offices in Colombia and Chile, and plans to offer local investors access to its full global product offering including structured products, a spokesperson at the bank told SRP.
Investors in Colombia and Chile will be able to access the bank's global custody product offering and fund distribution support, as well as market and financial services. The French bank will also seek to support other global banks and institutional investors in operating and investing in Colombia and Chile.
"Last year, we said that we were going to increase our scale and our ability to service global clients with truly innovative solutions, and launching our services in Colombia and Chile is a key milestone in realising this ambition," said BNP Paribas Securities Services chief, Patrick Colle. "With initiatives around Integrated Latin American Market (MILA) mirroring developments in Europe and Asia where we are already a leading player, we feel that we have a competitive edge in helping clients understand the landscape and maximise their investment opportunities."
In tandem with the new offices, BNP Paribas has appointed Claudia Calderon as head of Colombia, while Emiliano Martinez will head up the bank's business in Chile. Calderon has previously worked at Santander Investment Trust and Cititrust Colombia, and Martinez joins from the BNP Paribas group's asset management division.
It appears that other structured product providers have recently seen a gap in the market and are keen to get underway with operations in Colombia. As reported by SRP, Itau Unibanco gained approval to open an office in Colombia and has plans to enter the derivatives market, including the structured products market.