GC Spring 2021 | Page 54

[ S U R V E Y | A G E N T B A N K S I N F R O N T I E R M A R K E T S ]

East Africa

The three markets of Kenya , Uganda and Tanzania together accounted for 6 % of total ABFM responses . Although probably the smallest market on the region , Tanzania this year accounts for some 40 % of responses , but across all three , Standard Chartered again dominates , with Stanbic also receiving a number of responses . Relationship Management appears to be the best appreciated service area with just over 63 % of respondents rating it excellent . No category scores for the region as a whole fall below Satisfactory ( 4.00-4.99 ). While Cash Management and FX is the lowest such score , this may be a function of local regulations coming up against investor expectations . While also somewhat at the mercy of regional infrastructure , Technology could be an area where , with further investment , some greater competitive differentiation is achievable at an individual provider level . One respondent suggests that the web user interfaces might be a place to start . Overall , the three markets record similar average scores , comfortably in the Good range ( 5.00-5.99 ).

Standard Chartered Bank In Kenya , the largest market in the region , Standard Chartered claims the largest custodian market share for both foreign and local clients . In Tanzania , the bank actively participates in industry committees and engages closely with regulators , suggesting these roles are key in helping to shape market developments such as market operating rules . In reference to Tanzania , one client notes that compliance and KYC requests “ can be a bit cumbersome , but as a client , we understand the necessity .” Standard Chartered itself points to its advanced risk management framework that is universally applied across the network to standardise compliance and asset safety benefits . In Uganda , says the bank , “ This strength was recognised by the capital markets authority in an announcement that Standard Chartered ’ s Trustee Services business is the most compliant trustee in the market .”
Regional scores
East Africa 2021
Previous year
Difference
Account Management
5.67
4.33
1.34
Asset Safety
5.09
5.82
-0.73
Asset Servicing
5.36
5.66
-0.30
Cash Management and FX
4.50
6.65
-2.15
Client Service
5.78
5.77
0.01
Liquidity Management
5.67
4.00
1.67
Pricing
4.83
4.53
0.30
Regulation and Compliance
5.44
6.03
-0.59
Relationship Management
6.11
4.17
1.94
Risk Management
5.44
5.65
-0.21
Technology
4.82
4.89
-0.07
Market scores
Kenya
Tanzania
Uganda
Account Management
5.75 ( 82 %)
6.00 ( 86 %)
5.00 ( 71 %)
Asset Safety
5.00 ( 71 %)
5.00 ( 71 %)
5.50 ( 79 %)
Asset Servicing
5.20 ( 74 %)
5.25 ( 75 %)
6.00 ( 86 %)
Cash Management and FX
4.25 ( 61 %)
4.67 ( 67 %)
5.00 ( 71 %)
Client Service
6.00 ( 86 %)
5.67 ( 81 %)
5.50 ( 79 %)
Liquidity Management
5.67 ( 81 %)
6.00 ( 86 %)
5.00 ( 71 %)
Pricing
4.67 ( 67 %)
5.50 ( 79 %)
4.00 ( 57 %)
Regulation and Compliance
5.50 ( 79 %)
5.67 ( 81 %)
5.00 ( 71 %)
Relationship Management
6.50 ( 93 %)
6.00 ( 86 %)
5.50 ( 79 %)
Risk Management
5.50 ( 79 %)
5.67 ( 81 %)
5.00 ( 71 %)
Technology
4.60 ( 66 %)
4.75 ( 68 %)
5.50 ( 79 %)
Provider scores ( Regional )
East Africa 2021
Standard Chartered Bank
Account Management
5.67
5.67
Asset Safety
5.09
5.09
Asset Servicing
5.36
5.36
Cash Management and FX
4.50
4.50
Client Service
5.78
5.78
Liquidity Management
5.67
5.67
Pricing
4.83
4.83
Regulation and Compliance
5.44
5.44
Relationship Management
6.11
6.11
Risk Management
5.44
5.44
Technology
4.82
4.82
54 Global Custodian Spring 2021