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India
Standard Chartered Bank
“The SCB Mumbai team are very friendly and helpful,” writes a
client. He is not alone in this view, since, on an excellent turnout
by clients, SCB has scored strongly and consistently across every
area, and none better than client service. On this evidence, from
a larger cohort of clients than any other provider, SCB can justly
claim to be the custodian to beat in India.
Citi
These results are much less pleasing than those of 2017, but the
overall outcome is dictated by less-than-stellar returns in a small
number of areas, two of which are driven by pricing considera-
tions rather than service issues.
Deutsche Bank
“Easy to approach and very pro-active in solving any require-
ments,” is how one respondent sees Deutsche Bank in India, and
the bank does receive some of its best scores for client service
and relationship management. The averages, nevertheless, fall
short of the exceptional levels achieved in 2016 and 2017. Im-
portantly, Deutsche collects one of its best scores in regulation
and compliance. “Deutsche Bank leads the market in advocacy
initiatives and has demonstrated client interest at key market
forums,” as a client puts it.
HSBC
A client says the bank provides a “good service,” but average
scores down on last year speak of a service that is less-than-good
in almost every area. Clients still believe in the balance sheet
(and remain confident that the relationship is in good hands) but
are arguing strongly for more investment in service quality and
better value in core, banking and value-added services.
BNP Paribas Securities Services
A small number of respondents mark BNP Paribas either gener-
ously or extremely generously across all but a handful of service
areas. Predictably, the bank is seen as expensive. Less predicta-
bly, for a bank with an obvious interest in developing new digital
and data services, average scores also dip somewhat in technolo-
gy and innovation.
Edelweiss
The securities services arm of the diversified Indian finan-
cial services conglomerate services a sizeable group of mainly
buy-side institutions, which award the firm exceptionally high
average scores.
Others
Responses were received from clients of three indigenous pro-
viders – ICICI Bank (which received exceptionally high scores),
Kotak Mahindra Bank (whose rate of response was down last
year too) and the Stockholding Corporation of India – but not in
sufficient numbers to assess the quality of their services accu-
rately. Respondents also assessed two global providers with local
operations, J.P. Morgan and SGSS.
WEIGHTED AVERAGE SCORES
Edelweiss
Deutsche Bank
BNP Paribas
Standard
Chartered Bank
Citi
HSBC
Share of validated responses (%) 35% 17% 6% 24% 6% 8%
Relationship management 6.51 6.04 4.90 5.34 5.33 4.64
Market
Average Global Average
5.46 5.30
Client service 6.68 5.84 6.90 5.50 5.67 5.12 5.62 5.56
Account management 6.55 5.60 5.45 5.32 5.10 4.71 5.30 5.14
Asset safety 6.54 5.89 6.00 5.35 n/a 3.91 5.40 4.60
Risk management 6.71 6.16 5.82 5.71 5.45 5.00 5.76 5.50
Liquidity management 6.50 5.60 3.83 5.33 5.08 4.76 5.29 5.14
Regulation and compliance 6.28 4.97 6.50 4.84 n/a 4.50 4.93 4.84
Innovation 6.44 5.96 5.50 5.03 4.00 4.11 5.26 4.75
Asset servicing 6.72 6.00 6.67 5.61 5.88 4.76 5.66 5.52
Pricing 6.31 6.15 5.24 5.45 4.83 5.19 5.51 5.28
Technology 6.53 5.97 5.38 5.58 5.25 4.86 5.63 5.41
Cash management and FX 6.40 5.92 5.00 5.40 5.91 4.92 5.60 5.42
Total 6.51 5.87 5.51 5.38 5.18 4.76 5.46 5.23
70
Global Custodian
Winter 2018