BNP Paribas Securities Services has been granted a banking licence by the Hong Kong Monetary Authority.

The announcement was made three weeks after it was granted a banking licence in Singapore. However, it is still subject to further regulatory approvals from the Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing limited (HKEx).

Bruno Campenon, head of BNP Paribas Securities Services in Hong Kong, said: "We are delighted to be granted this licence as it marks an important step in the development of a unique custodian bank in the Hong Kong market. We still have more steps to go but we are confident that we will be able to further support our clients' growth ambitions in this region and to give them access to our fully integrated and personalised clearing and custody solutions."