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Turkey
TEB Securities Services
It was always going to be difficult for BNP Paribas – which
services this market via its strategic partnership with TEB – to
match its outstanding performance here a year ago, but it comes
close, and on the back of a higher rate of response than any other
provider too. The average scores are rich in appreciation of the
financial strength of the bank, the quality of its people, and the
balance it strikes between risk and innovation. One client likes
the service so much he is concerned that a shrinkage in the busi-
ness he gives to TEB will dent the service he receives.
The average client is still surprised that it is so cumbersome
to open and close accounts at the bank, believes that settling
transactions in Turkey ought not to be so hard, and indicates
that cash, credit and securities ought to be less expensive. They
hold that custody and transactions fees in Turkey are too high
as well. TEB is not immune to the industrywide inefficiencies in
complex asset servicing tasks such as corporate actions notifica-
tions and proxy voting either.
Deutsche Bank A.Ş. Turkey
The German bank expects to do well in Turkey, where its custo-
dy team is experienced as well as eager. The RMs and CSOs in
Istanbul would expect to collect plaudits from clients and – at
the detailed level in particular – they certainly do. Clients also
find no fault with the bank’s rates of settlement, and have only
highly specific complaints about asset servicing. They are less
happy about the spreads and transparency in treasury services
and think the bank could do a better job in containing fees and
charges and the costs of credit, collateral and stock borrowing.
They also indicate that the technology would benefit from some
investment. Though the overall outcome is less pleasing than it
was in 2017, Deutsche Bank Istanbul is getting the core services
right.
Citi
After a testing 2017, Citi has maintained its ranking here. The
client service is market-leading, and respondents agree the
relationship is in rude health both now and for the foreseeable
future.
Settlement proceeds efficiently, and the bank helps its clients
economise on sourcing and maintaining the cash and securities
to avoid trade fails. Income is collected and credited efficiently,
but corporate actions, proxy voting and tax services all need
management attention. Clients would also like less documen-
tation and more explanation. Though they do not think Citi is
an expensive provider, in what was always seen as an expensive
market, they do think more could be done to cut the costs of
trading this market.
Turkiye Is Bankasi
The indigenous alternative did not receive enough responses
to maintain its rated status. However, the responses submitted
indicate clients are happy with the biggest bank in Turkey as a
counterparty, regard their relationship with the bank as strong,
and consider its pricing more than fair.
WEIGHTED AVERAGE SCORES
Citi TEB Securities Services /
BNP Paribas Deutsche Bank Turkiye is Bankasi
Share of validated responses (%) 0.18 0.42 0.33 0.06
Relationship management 4.81 5.50 5.44 n/a
Market Average Global Average
5.36 5.30
Client service 5.53 5.40 5.40 n/a 5.50 5.56
Account management 4.73 4.42 5.15 n/a 4.75 5.14
Asset safety 4.29 5.14 4.23 n/a 4.52 4.60
Risk management 5.58 5.92 5.42 n/a 5.62 5.50
Liquidity management 5.55 5.47 4.87 n/a 5.22 5.14
Regulation and compliance 5.14 5.10 4.90 n/a 5.06 4.84
Innovation 4.27 4.84 4.11 n/a 4.55 4.75
Asset servicing 5.62 5.17 5.43 n/a 5.43 5.52
Pricing 5.61 5.78 5.03 n/a 5.41 5.28
Technology 5.29 5.17 5.06 n/a 5.19 5.41
Cash management and FX 5.64 5.14 5.44 n/a 5.38 5.42
Total 5.19 5.17 5.07 n/a 5.16 5.23
84
Global Custodian
Winter 2018