Standard Chartered Bank has won the mandate for Barclays Capital's custody business in Taiwan and Korea.
The bank is already Barclays' custody provider in Japan, Hong Kong, Singapore, Indonesia, the Philippines and Malaysia.
Earlier this year, Barclays Capital undertook a review of its Asia Pacific trade and custody activities, with the intention to consolidate its portfolio of securities with a maximum of two providers within the region, and to achieve the cost savings requested by its traders.
"Standard Chartered fought off tough competition, and we are delighted that not only have we retained Barclays' key Asian markets, we have also managed to broaden our market coverage within the region to cover almost all markets where the bank has a strong securities services presence," says Paul Hedges, global head of securities services at Standard Chartered.
The business win is particularly significant for Standard Chartered as it builds on the strong existing strategic relationship which the bank has had with Barclays over the last eight years.
"We are looking forward to building on our partnership with Barclays even further to deliver greater efficiencies and business opportunities for the future," adds Hedges.
Standard Chartered's Securities Services clients comprise the world's largest global custodians, broker dealers, fund managers and institutional investors from North America, Europe and Asia. The bank is a leader in Asian sub-custody and proven premier supplier of custody, funds services and local custody activities, with a network that spans 15 major and emerging markets in Asia.
