This year marks the 20th anniversary of Global Custodian, as well as the 20th anniversary of our survey of agent banks in emerging markets.
The survey has grown considerably across the past two decades-it has, in fact grown to cover 64 markets from an initial 11 markets covered at its inception-and witnessed a great deal of change, from the markets covered to the institutions and the services that they offer, to the format, process and size of this survey. In particular, the survey now offers ratings from three distinct classes of client: leading clients, cross-border non-affiliated clients (cb/na), and domestic clients.
Despite the massive economic gyrations of the last year, which have had varying effects on sub-custodian banks and their clients, the scores suggest respondents have felt and exerted pressure, but in most cases experienced business as usual.
Citi, has the broadest reach of all the globally rated providers (Citi, HSBC Securities Services and Deutsche Bank) with regional ratings in Americas and Caribbean, Asia and Central and Eastern Europe. The bank has risen to Top Rated in Brazil, China, Cyprus, Poland, Sri Lanka, Taiwan and Vietnam this year, while maintaining its Top Ratings in India, Mexico, Peru, Philippines, Thailand, Turkey and Venezuela. The bank is now rated in 26 emerging markets, the most of any bank within the survey.
HSBC, the bank with the second broadest reach in the survey (rated in 22 markets) gained a leading client rating in Brazil and a top rating in Bangladesh, in addition to the top ratings it held in Argentina, China, India, Indonesia, Malaysia, Philippines, Sri Lanka, Taiwan, Thailand and Vietnam for leading and cross-border clients.
Deutsche Bank picked up a new top rating in Turkey and two new leading ratings in Indonesia and Russia, while retaining its top ratings in eight other markets.
The French Bank Société Générale Securities Services continues to expand its coverage in the emerging market, gaining new domestic ratings in Egypt, Romania and Russia, while regaining its cb/na rating in Croatia.
Regions
Leading Top
Rated
Leading
Commended
CBNA Top Rated
CBNA Commended
Americas
and Caribbean
Santander (4)
Citi (6), Banco Itau/Itau
Unibanco (4)
Santander (3), Citi (0), Banco
Itau/Itau Unibanco (0)
Asia
Citi (11), Deutsche Bank (10),
HSBC (9), SCB (9)
Citi (11), Deutsche Bank (10),
HSBC (10)
SCB (2)
Central
and Eastern Europe
ING Bank (8), SEB (5)
UniCredit (5), Citi (3), Swedbank (1)
Deutsche Bank (11)
ING Bank (0), UniCredit (1), SEB
(4), Citi (0), Swedbank (2)
Middle
East and North Africa
HSBC (1)
HSBC (0)
Sub-Saharan
Africa
Stanbic Bank (1), Barclays Bank
(0)
Stanbic Bank (1), Barclays Bank
(1)
Global
HSBC (9), Deutsche Bank (10),
Citi (8)
HSBC (9), Deutsche Bank (10),
Citi (5)
League Table: Global
Emerging
Markets
Leading Top Rated Company
Argentina
Banco Santander Rio
Bangladesh
HSBC Securities Services, Standard Chartered Bank
Brazil
Itau Unibanco, Citi
Bulgaria
UniCredit Bulbank
Chile
Banco Santander Chile
China
Citi, HSBC Securities Services, Standard Chartered Bank
Cyprus
BNP Paribas Securities Services, Citi
Estonia
Swedbank
Hungary
ING Bank-Hungary Branch, UniCredit Bank Hungary
India
Citi, HSBC Securities Services, Standard Chartered Bank
Indonesia
HSBC Securities Services
Kazakhstan
ATF Bank (UniCredit)
Lithuania
SEB
Malaysia
HSBC Securities Services
Mexico
Citi
Peru
Citi
Philippines
HSBC Securities Services
Poland
Citi, ING Bank, UniCredit
Russia
ING Bank (Eurasia)
Slovak Republic
ING Bank
Sri Lanka
Citi, HSBC Securities Services, Standard Chartered Bank
Taiwan
Citi, HSBC Securities Services, Standard Chartered Bank
Thailand
Citi, HSBC Securities Services, Standard Chartered Bank
Turkey
Citi, Deutsche Bank
Ukraine
ING Bank Ukraine
Venezuela
Citi
Vietnam
HSBC Securities Services, Standard Chartered Bank
Top-Rated and Commended Banks
Country
Leading Top
Rated
Leading
Commended
CBNA Top Rated
CBNA Commended
Domestic Top
Rated
Domestic
Commended
Argentina
Santander (7)
HSBC (10), Citi (1)
HSBC (7)
Citi (0), Santander (2)
Deutsche Bank (7), Santander (9),
Citi (8)
HSBC (0)
Bahrain
HSBC (3)
HSBC (5)
HSBC (0)
Bangladesh
HSBC (6), SCB (7)
SCB (1), HSBC (1)
Bosnia-Herzegovina
RZB (9)
RZB Group (9), UniCredit (6)
UniCredit (9)
Botswana
Barclays Bank (0)
Stanbic Bank (0), Barclays Bank
(0)
Brazil
Itau Unibanco(9), Citi (6)
HSBC (4)
Citi (0), Itau Unibanco (2)
Itau Unibanco (9)
Bradesco (0), Santander (0),
Deutsche Bank (3), Citi (0)
Bulgaria
UniCredit (9)
ING Bank (0), RZB Group (5)
RZB Group (6)
UniCredit (5), ING Bank (0),
Eurobank EFG (10)
UniCredit (8)
Eurobank EFG (4)
Chile
Santander (7)
Citi (0)
Citi (0), Santander (4)
Santander (5)
China
Citi (9), HSBC (8), SCB (5)
HSBC (9), Citi (10)
SCB (4)
ICBC (10), CCB (10)
Colombia
Santander (1), Citi (2)
Citi (0), Santander (1)
Santander (8)
Citi (2)
Croatia
PBZ (4), UniCredit (0)
RZB Group (8)
UniCredit (0), PBZ (0), SGSS (9)
SGSS (9), UniCredit (8)
Cyprus
BNPPSS (10), Citi (9)
Eurobank EFG (9)
Eurobank EFG (9), BNPPSS (9),
Hellenic Bank (9)
Citi (3)
Czech Republic
Citi (2), ČSOB (1), UniCredit (4)
Deutsche Bank (8)
UniCredit (0), Citi (0), ČSOB
(1), ING Bank (1)
Česka spořitelna (1), Deutsche
Bank (1), ING Bank (3), ČSOB (7), UniCredit (0), SGSS (7)
Ecuador
Banco de la Produccion (2)
Egypt
Citi (1), HSBC (4)
HSBC (0), Citi (0)
SGSS (9)
Estonia
Swedbank (5)
SEB (4)
Swedbank (0), SEB (1)
Swedbank (1)
Ghana
Barclays Bank (0)
Barclays Bank (1), Stanbic Bank
(5)
Stanbic Bank (0)
Hungary
ING Bank (10), UniCredit (7)
Citi (7)
Deutsche Bank (11), KBC (10), ING
Bank (6), RZB Group (9)
UniCredit (3), Citi (1)
Deutsche Bank (9)
ING Bank (0), UniCredit (2), KBC
(0)
India
Citi (11), HSBC (9), SCB (10)
HSBC (11), Deutsche Bank (10),
SCB (10), Citi (11)
Deutsche Bank (9), HSBC (9), SCB
(9), Citi (9)
Indonesia
HSBC (10)
Citi (3), Deutsche Bank (8), SCB
(4)
Deutsche Bank (5)
HSBC (7), SCB (0), Citi (3)
Deutsche Bank (9), Citi (9)
HSBC (0), SCB (0)
Israel
Bank Hapoalim (0), Bank Leumi
(3), Citi (5)
Bank Leumi (0), Bank Hapoalim
(0), Citi (0)
Jordan
HSBC (3)
HSBC (0)
Kazakhstan
UniCredit (6)
HSBC (1)
UniCredit (9)
HSBC (0)
UniCredit (10)
Kenya
Stanbic Bank (2), Barclays Bank
(0)
Barclays Bank (0), Stanbic Bank
(2)
Barclays Bank (9)
Stanbic Bank (0)
Kuwait
HSBC (4)
HSBC (0)
Latvia
SEB (3), Swedbank (0)
SEB (8)
Swedbank (0)
SEB (0)
Lebanon
HSBC (2)
HSBC (1)
HSBC (9)
Lithuania
SEB (5)
Swedbank (2)
SEB (4), Swedbank (3)
SEB (1)
Malaysia
HSBC (9)
Citi (4), Maybank (6), SCB (0)
HSBC (7), SCB (0), Maybank (4),
Citi (3)
Deutsche Bank (8)
Maybank (0), Citi (3), SCB (0)
Malta
HSBC (1)
HSBC (0)
Mauritius
Barclays Bank (0), HSBC (0)
Barclays Bank (6), HSBC (0)
Barclays Bank (0)
Mexico
Citi (10)
Santander (2)
Citi (2), Santander (0)
BBVA (8)
Citi (0), Santander (1)
Morocco
Citi (0), SGSS (0)
Citi (0)
Namibia
Stanbic Bank (0)
Nigeria
Stanbic Bank (0)
Stanbic Bank (1)
Stanbic Bank (1), UBA (0)
Oman
HSBC (3)
HSBC (1)
Pakistan
Citi (1), Deutsche Bank (5), SCB
(0)
Deutsche Bank (5)
Citi (0), SCB (0)
Deutsche Bank (8)
Palestine
HSBC (1)
HSBC (3)
Peru
Citi (6)
Banco de Credito Del Peru (8), Scotia Capital (4)
Citi (1)
Philippines
HSBC (10)
Citi (4), SCB (3)
Citi (10)
HSBC (5), SCB (0)
Deutsche Bank (9), HSBC (9)
SCB (0)
Poland
Citi (7), ING Bank (6), UniCredit
(10)
Deutsche Bank (11), ING Bank (8),
Bank Millennium (11)
Citi (0), UniCredit (7)
Deutsche Bank (9), ING Bank (5)
Bank Millennium (1)
Qatar
HSBC (2)
HSBC (0)
Romania
Citi (0), ING Bank (0), UniCredit
(5)
RZB Group (7)
UniCredit (1), ING Bank (0), Citi
(0), Eurobank EFG (8)
ING Bank (5), Eurobank EFG (5)
SGSS (9)
Russia
ING Bank (10)
Citi (4), Deutsche Bank (6), JSC
Bank VTB (6), UniCredit (2)
Deutsche Bank (10), RZB Group
(9), VTB Bank (10), UniCredit (6)
ING Bank (7), Citi (0)
VTB Bank (9), Deutsche Bank (9),
UniCredit (10)
SGSS (0), ING Bank (2), Sberbank
(2)
Saudi Arabia
HSBC (0)
HSBC (9)
Serbia-Montenegro
RZB (2), UniCredit (2)
UniCredit (0), RZB Group (1)
Slovak Republic
ING Bank (4)
ČSOB (3), UniCredit (0)
UniCredit (0), ČSOB (1), ING Bank
(2)
ČSOB (2), ING Bank (1)
Slovenia
UniCredit (0)
Sri Lanka
Citi (6), HSBC (7), SCB (6)
Deutsche Bank (9)
HSBC (1), SCB (3), Citi (5)
Deutsche Bank (9)
Slovenia
UniCredit (0)
Swaziland
Stanbic Bank (1)
Taiwan
Citi (6), HSBC (10), SCB (10)
SCB (9), Deutsche Bank (10)
HSBC (7), Citi (2)
Citi (9), Deutsche Bank (10)
Thailand
Citi (7), HSBC (10), SCB (7)
HSBC (9), Bangkok Bank (9)
SCB (0), Citi (5)
Citi (9), HSBC (9), Kasikornbank
(9)
TMB Bank (9), SCB (0), Bangkok
Bank (5), Deutsche Bank (0)
Turkey
Citi (4), Deutsche Bank (10)
Deutsche Bank (10)
Citi (0), BNPPSS (10)
Deutsche Bank (1)
Uganda
Barclays Bank (0)
Barclays Bank (0)
Barclays Bank (0)
Ukraine
ING Bank (4)
UniCredit (5)
UniCredit (6)
ING Bank (1), SEB (4)
SEB (6), UniCredit (6), ING Bank
(0)
United Arab Emirates
HSBC (1)
HSBC (3)
HSBC (0)
Uruguay
Banco Itau (1)
Banco Itau (0)
Venezuela
Citi (4)
Banco de Venezuela (2)
Citi (0)
Vietnam
HSBC (7), SCB (4)
Citi (1)
Deutsche Bank (9), Citi (8)
HSBC (4), SCB (5)
HSBC (0), Deutsche Bank (0)
Zambia
Barclays Bank (0)
Barclays Bank (0), Stanbic Bank
(0)
Zimbabwe
Barclays Bank (0)
Barclays Bank (0)
Stanbic Bank (0)
The full results of the Agent Banks in Emerging Markets Surveys, and a full explanatory methodology, can be accessed by subscribers here.
The data published here represents only a fraction of the vast amount of information collected through the survey. Full research reports, based on the survey data, are available in a variety of formats. Please contact our Director of Research, Muzaffar Karabaev, at mkarabaev@www.globalcustodian.com for details.