Natexis Banques Populaires, Paris, hired Bank of New York as the first global custodian for 80 billion euros ($105 billion) in assets Natexis has under custody in 48 countries, confirmed Veronique Davet-Fournier, Natexis spokeswoman. As global custodian, Bank of New York will act as an agent for NBP, using its network of subcustodians for the French bank's assets outside of France.
Ivan Royle, a Bank of New York spokesman, said Bank of New York also hired NBP as one of its subcustodians for French assets in the New York bank's custody. "We expect them to be managing a large proportion" of those assets, he said, declining to provide specific numbers. Natexis Banques Populaires had used about 50 subcustodians, Ms. Davet-Fournier said.