HSBC Securities Services (HSS) has begun to offer sub-custody and clearing services in Germany through the integration of the parent bank's domestic custody provider HSBC Trinkaus into its global network.
The services, to be offered to cross border banks and broker dealers who appoint HSBC as their sub-custody and clearing service provider in the country, expands on HSBC Trinkaus's 40 year history of providing asset servicing, settlement and clearing services to local institutions.
Colin Brooks, global head of sub-custody and clearing at HSBC told Global Custodian the move comes as HSBC seeks to be more streamlined and to align its businesses more closely. Furthermore, the move also fits the objectives of a bank-wide efficiency programe announced in May last year , as well as making the existing domestic services in Germany available to cross-border investors, he added. HSS in Germany is headed up by Dr. Christiane Lindenschmidt and currently offers fund services, global custody and domestic clearing. Gert Goetz, formerly head of HSBC Trinkhaus, becomes head of sub-custody and clearing in Germany.
"HSBC Trinkaus holds a strong position in the local securitiesclearing market and it is a natural next step to extend provision ofthese services to our cross-border global custodian and broker-dealerclients. The service will further strengthen HSBC Securities Services’sub-custody and clearing network and our product range in Germany," added Brooks in a press release.
The HSBC sub-custody and clearing network now expands to cover 40 markets across Asia Pacific, the Middle East and North Africa, Europe and Latin America. "We are also actively looking at opportunities to expand into additional markets in Asia Pacific and Latin America," said Brooks.
Reporting by: Janet Du Chenne, Global Custodian, an Asset International publication