...IDRs Aligned with Parents: BNP Paribas Securities Services' (BP2S) IDRs are aligned with those of its 100% shareholder, BNP Paribas (BNPP, A+/Stable), reflecting Fitch Ratings' view that there is an extremely high probability that BNPP would support its subsidiary, if required. Strong Integration with BNPP: BP2S is fully integrated within the BNPP group. Its risk management department reports to BNPP's Global Risk Management department, which coordinates credit lines and exposures at the group level. BP2S has been fully integrated into BNPP's newly established corporate and institutional banking division, since January 2015. This should lead to further synergies between the securities and the corporate and investment banking businesses. Strategic Importance to BNPP: BNPP considers the securities services business, which is housed in BP2S, as a core activity. This business has grown consistently over the last 15 years, through acquisitions as well as organically, and BP2S is now a significant...
