AIA has appointed BNP Paribas to take responsibility for its OTC derivatives operations in Hong Kong and Singapore.
As part of the arrangement BNP Paribas will provide AIA, the largest independent pan-Asian life insurance group, with trade and collateral management as well as trade repository reporting in Hong Kong and Singapore.
“We have been impressed with the expertise and regulatory knowledge demonstrated by BNP Paribas Securities Services in implementing the OTC derivatives service solution for us,” said Kong Siew Cheong, AIA regional director of investment management.
“Each of our locations has its unique operational and regulatory challenges and the team is able to partner with us to find flexible and effective solutions,” he added.
Philippe Benoit, head of Asia Pacific at BNP Paribas Securities Services, said: “AIA is a leading insurer across Asia Pacific and we are delighted to be supporting such a high quality and forward-thinking business. We look forward to continuing the on-boarding process and partnering with them further in other service areas.”