The Asian Infrastructure Investment Bank (AIIB), a Chinese-led, multilateral development bank, has awarded a $20 billion custody mandate to BNP Paribas.
The French firm will provide master custody “and other value-added services” as the Beijing-based organisation puts in place its liquidity investment structures.
In a statement, BNP Paribas’ Asia Pacific chief executive Eric Raynaud said his firm was complementary to “AIIB’s lean, clean and green ethos”.
Launched in 2014, the AIIB has been seen as a rival to the World Bank and Asian Development Bank in which China, and not the US or Japan, will be the pivotal member.
The AIIB currently counts more than 50 countries as member states. Japan and the US are notable exceptions.
©2017 funds global asia