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.
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.
|
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 | 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 |
