BNP Paribas’s Securities Services business has won a mandate to provide custody, fund administration, performance reporting, cash, and FX solutions for Medibank. The private health insurance and services firm, which is listed on the Australian Securities Exchange, currently holds AU$3.7 billion in funds under management.
The new partnership comes after “several key mandates” attained by BNP Paribas’ Securities Services in 2024 as part of its growth strategy with insurance clients in Australia. According to a press release, the bank currently provides custody services to three of Australia’s top five insurers.
