BNP Paribas plans to create 50 jobs through the expansion of its operations in Dublin's International Financial Services Centre. BNP Paribas Securities Services, a wholly-owned subsidiary of the French-based bank, has set up a Dublin branch offering global custody, fund administration, trustee and transfer agency service to Irish and non-Irish domiciled funds.

Mr Michel Laurent, head of European investor services at BNP Paribas, said there would be significant mutual benefits to be shared between the banks existing operations here and the new services. BNP Paribas now offers securities services in 10 of the 12 euro zone markets and is one of the largest global custodians in the euro zone with €2,000 billion (£1,575 billion) in assets and 2,000 employees. The group aimed to become the largest pan-European global custodian player, said Mr Laurent.

The bank will develop its new Irish operation organically but was interested in taking partners in other markets to achieve its growth targets, he said. The Irish operation has signed its first client, Swiss Life Asset Management with 11 funds and €1 billion of assets and has several clients in the pipeline, according to Mr Kevin Potts who is heading the new funds administration operation.

BNP Paribas competitors in Dublin include Deutsche Bank, AIB/Bank of New York, Chase, Citibank and Bank of Ireland. "It is our ambition to join the league of the top five," Mr Laurent said.

The services are being offered through two separate legal entities: BNP Paribas Securities Services Dublin will offer trustee and custody services to Irish domiciled funds while BNP Paribas Fund Services (Ireland) will offer transfer agency services, fund administration and depository banking.

BNP Paribas has operated in Dublin since 1973 concentrating on wholesale corporate banking services including treasury, foreign exchange interest rate and capital markets products.

The bank employs 140 people and last year arranged syndicated loans of €3.9 billion for Irish borrowers.