[ S U R V E Y | A G E N T B A N K S I N M A J O R M A R K E T S ]
Germany
In Germany , the Electronic Securities
Act was adapted at the end of 2023 , to allow the issuance of registered equities onto a DLT . Meanwhile , the 2021 German Act on the Modernisation of the Relief of Withholding Taxes and the Certification of Capital Gains Tax has been amended to introduce a new Tax Reporting Regime , which will mandatorily apply to German Withholding Tax Agents in April 2025 for all German dividend payments . The aim of which is to introduce full transparency of tax withheld on dividend payments , along the chain of custody , and to avoid over-refunding by the German Tax Authorities . Taking a look at the data , Germany sits within the Good category for a second year running , with an increase of 12 basis points to reach 5.49 . Overall , almost every category saw an uptick in rating . Relationship Management experienced the most impressive shift , jumping up 47 basis points to 6.35 .
BNP Paribas In line with the German average , all but one of BNP Paribas ’ scores sit at Good . The exception , Asset Safety and Risk Management , scored 6.10 to sit within the Very Good range . This category has not only received the highest score , but also seen the largest uptick in rating over the last 12 months . Many respondents report an “ excellent service ” received from the bank , while another added that “ BNP makes us more than aware of any market alerts and how to resolve these ”. There has also been a drop in rating for some categories . Most notable is Securities Lending ( 5.16 ) falling 84 basis points . One client acknowledged the difficult market conditions of the past year , which may have impacted the bank ’ s scores .
Deutsche Bank The headline news for Deutsche Bank in Germany is that every category has seen a significant improvement in its score from last year . Even the smallest shift , seen in the Asset Servicing category , jumped by 0.47 . One client was particularly impressed by the “ excellent management of assets and events ”. Relationship Management ( 6.47 ) saw the largest uptick , up 105 basis points , with clients using words such as “ perfect ” and “ excellent ” to describe the Deutsche
Germany |
Germany 2024 |
Germany 2023 |
Global Average |
Difference to Global |
Account Management |
5.67 |
5.49 |
5.83 |
-0.16 |
Asset Safety and risk management |
5.73 |
5.48 |
5.73 |
0.00 |
Asset Servicing |
5.59 |
5.37 |
5.59 |
0.00 |
Cash Management and FX |
5.38 |
5.25 |
5.46 |
-0.09 |
Client Service |
5.76 |
5.58 |
5.84 |
-0.08 |
Data Services |
5.51 |
5.32 |
5.44 |
0.07 |
Service Innovation |
5.33 |
5.28 |
5.43 |
-0.11 |
Liquidity Management |
5.41 |
5.30 |
5.41 |
0.00 |
Pricing |
5.16 |
5.15 |
5.20 |
-0.05 |
Regulation and Compliance |
5.45 |
5.43 |
5.57 |
-0.12 |
Relationship Management |
6.35 |
5.88 |
6.15 |
0.20 |
Securities Lending |
4.86 |
5.16 |
5.17 |
-0.31 |
Technology |
5.13 |
5.17 |
5.33 |
-0.20 |
Average |
5.49 |
5.37 |
5.55 |
-0.06 |
56 Global Custodian Fall 2024