APRA Revokes BNP Paribas Securities Services’ ADI License

The Australian Prudential Regulation Authority (APRA) has revoked BNP Paribas Securities Services' authorised deposit-taking institution (ADI) licence under the Banking Act 1959.

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This local action is at the request of the entity and is in line with a restructure of the BNP Paribas Group. BNP Paribas will continue to remain an ADI in Australia.

In August, BNP Paribas (BNPP.PA) reported better than expected profit in the second quarter after bad loan provisions dipped and business remained buoyant in both investment and retail banking, amid torrid global markets and an economic slowdown.

Also, a few weeks ago, the group has named John Ferrara as Head of Institutional Investors Sales and Relationship Management, Americas for BNP Paribas Securities Services, the bank's wholly owned subsidiary.

Source: APRA