BNP Paribas executive to exit

David Braga, the chief executive of BNP Paribas Securities Services will depart the firm at the end of the year.

A spokesperson said with BNP Paribas Securities Services' strategy clearly defined, the business is ready for its next step.

"In this context, with David Braga having filled the role as the Australasia CEO for six-and-a-half years, we have mutually agreed that it is the right time for a change."

The spokesman acknowledged Braga's contribution to the firm over the years, saying he had overseen growth in business revenues and developments in the sustainability of the business through the growth of the NZ and local custody and clearing (LCC) markets.

"Importantly, we have been able to support our clients to meet their strategic priorities over this period," she said.

"We would like to thank David for his contributions and wish him well in his future endeavours."

David Banks, currently the chief operating officer for the securities services in Australasia, will run the business until a  replacement for Braga has been found.

The bank plans to start searching for a new head of securities services, who will lead the business into the next stage of its evolution.

Before joining BNP Paribas, Braga spent 14 years at J.P. Morgan and ten years at Bankers Trust before that.