Winners’ Circle: Subcustodians

REIGNING SUPREME


By Kathryn Tully


Global Finance evaluates the Best of the Best Subcustodians in The Winners' Circle: An ongoing look at the top awards winners over the magazine's 25-year history, launched as part of our 25th Anniversary in 2012.

 

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Since 2003, Global Finance has given awards to the best subcustodians around the world, based on a range of objective and subjective criteria that includes customer relations, market share, the range of assets serviced, quality of service, competitive pricing, post-settlement operations, backup systems, direct links to depositories, financial soundness and safety, technology platforms and knowledge of local regulations and practices.

 

Among the regional awards, BNY Mellon comes out top in North America with three wins, not surprising given it is the world's largest custodian, with over $27 trillion in assets under management, and has the largest global network of subcustodians.

 

BNP Paribas is the undisputed overall winner in Western Europe, where it is the dominant provider of clearing, settlement, custody and back-office securities services, and consequently has come out on top of our ranking for nine years in a row.

 

Citi is the leader in Latin America with nine straight wins, where it has the biggest proprietary custody network in the region, while Standard Bank and Nedbank tie for the overall winning position in Africa. UniCredit leads the pack in Central and Eastern Europe with five wins, while SEB has placed first most often in the Nordic Region, also with five wins.

 

HSBC wins in Asia with five first places, closely followed by Standard Chartered. HSBC has also dominated its competitors since 2003 in the Middle East and the Caribbean.

 

The regional awards for subcustody do not capture the predominance of HSBC among Global Finance's 71 country awards. Since 2003 the bank has been a country winner 108 times, while Citi has won 44 times and BNP Paribas 20 times. HSBC has also come top the most times in 18 countries across the globe, from Australia to Ireland, over the past nine years.

 

HSBC's subcustody and clearing network now covers 40 markets across Asia Pacific, MENA, Europe and Latin America, and it is expanding into even more markets, particularly in Asia Pacific and Latin America.

 

COUNTRY WINNER

North America

Bermuda

Bank of Bermuda
Canada CIBC Mellon
Mexico Banamex
US Bank of New York Mellon
Western Europe 
Austria UniCredit
Belgium KBC Securities / BNP Paribas / ING
Denmark Danske Bank
Finland Nordea
France BNP Paribas
Germany Deutsche Bank
Iceland Islandsbanki
Ireland HSBC
Italy Intesa Sanpaolo
Luxembourg KBL European Private Bankers
Netherlands BNP Paribas
Norway Nordea
Portugal BES
Spain Santander
Sweden SEB
Switzerland Credit Suisse
UK HSBC
Asia
Armenia Prometey Group
Australia HSBC
China ICBC
Georgia Bank of Georgia
Hong Kong HSBC
India Deutsche Bank / Standard Chartered / HSBC
Indonesia HSBC
Japan Sumitomo Mitsui Banking 
Kazakhstan HSBC
Malaysia HSBC
New Zealand HSBC 
Philippines HSBC
Singapore DBS Group
South Korea HSBC
Sri Lanka Citi
Taiwan HSBC
Thailand Bangkok Bank 
Vietnam HSBC
South America
Argentina Citi
Brazil Citi
Chile Citi
Colombia Citi
Paraguay Itaú Paraguay
Peru Citi
Uruguay Itaú Unibanco
Venezuela Citi
Central & Eastern Europe
Croatia Zagrebacka Banka
Cyprus Citi / Marfin Laiki Bank
Czech Republic CSOB
Greece Eurobank EFG
Hungary UniCredit
Poland UniCredit
Romania ING
Russia ING
Slovakia ING / CSOB
Turkey Garanti Bank
Ukraine RZB
Middle East
Bahrain HSBC
Egypt CIB
Israel Bank Hapoalim
Jordan HSBC 
Kuwait HSBC
Lebanon HSBC
Oman HSBC
Qatar HSBC
Saudi Arabia SABB
UAE HSBC
Africa
Nigeria Stanbic IBTC Bank
South Africa Nedbank

REGION WINNER
REGION WINNER  RUNNER UP
North America Bank of New York Mellon Citi
Western Europe BNP Paribas n/a
CEE UniCredit RBI
Latin America Citi n/a
Nordic Countries SEB n/a
Asia HSBC Standard Chartered
Middle East HSBC Standard Chartered
Africa Nedbank / Standard Bank Standard Chartered
Caribbean HSBC Republic Bank

 

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