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Austria
BNP Paribas Securities Services
The French bank has offered custody, clearing and settlement
here from its Frankfurt office for many years. The details of the
scoring suggest the bank has got the right client-facing team in-
stalled in Germany, but it could do better in asset servicing. The
scores are also suffused by a collective sense that the bank could
do more to contain the costs for its clients, not only in terms of
the explicit fees it charges but across liquidity, collateral and
credit as well.
Raiffeisen Bank International
The Raiffeisen model is based on giving clients access to mul-
tiple markets in Central and Eastern Europe through a single
hub. This is reflected in perceptions that the model reduces
operational risk – that trades will settle on time and assets will
be safe – but at some cost in direct human interaction. That said,
one client has experienced “great response times and overall
service.” The strong returns to asset servicing of 2017 are not
repeated this year.
UniCredit Bank Austria
Like its local rivals, UniCredit operates Vienna as a hub.
Clients can use it as a single window in Central and Eastern
European markets as an alternative to dealing directly with
15 markets in its wider network. This complicates the task of
discerning exactly what clients like and dislike in Austria in
particular, but one message is clear: The banks needs to spend
more on technology.
Erste Group Bank AG
Though it received a small number of responses, the outcome
for Erste is more than respectable across all areas. Its strong
showing in cash management was not sustained this year, but
the details show the banks does get credit for the efforts it has
made to simplify account-opening. Like its indigenous rivals,
Erste services custody clients not only in its home country but
in Germany, Central and Eastern Europe (Czech Republic,
Hungary, Romania and Slovakia) and Southern Europe (Croatia,
Macedonia and Serbia) as well. This is evidence of commitment,
as is the investment in new services.
Deutsche Bank
TARGET2-Securities had not yet opened when Deutsche opted
to service Austria from Vienna rather than remotely from
Frankfurt. The German bank has since pioneered a model in
which local asset servicing is linked to centralised settlement.
The assessment by the limited number of respondents Deutsche
attracted in this market suggests they like what they are getting.
Citi
In this market, as in others, Citi is best judged by its own
criteria: an ability to achieve a high level of responsiveness to
queries and an even higher level of automated settlement for
broker-dealing clients, while keeping as close as possible to the
market cut-off times. Though Austria is one of 14 markets the
bank services in western Europe, Citi did not receive enough
responses to support a separate assessment here.
WEIGHTED AVERAGE SCORES
BNP Paribas Raiffeisen Bank
International UniCredit Bank
Austria Erste Group
Bank Deutsche
Bank Citi
Market share (% of responses) 41% 24% 16% 16% 3% 0%
Relationship management 5.89 4.50 5.12 6.22 n/a Client service 5.51 4.31 5.68 5.92 n/a Account management 5.70 5.42 5.74 5.67 Asset safety 5.93 6.23 5.70 6.15 Risk management 4.94 5.48 6.04 Liquidity management 4.71 5.75 4.98 Regulation and compliance 5.40 5.63 Innovation 5.54 4.90 Asset servicing 4.62 Pricing 4.78 Technology Cash management and FX Total
76
Global Custodian
Market Average Global Average
n/a 5.45 5.20
n/a 5.39 5.40
n/a n/a 5.69 5.44
n/a n/a 6.08 5.68
5.56 n/a n/a 5.66 5.46
6.00 n/a n/a 5.17 4.89
5.84 6.33 n/a n/a 5.89 5.64
5.42 5.84 n/a n/a 5.47 5.18
4.65 5.41 5.79 n/a n/a 5.10 5.09
4.35 4.89 5.78 n/a n/a 4.90 4.82
5.29 4.47 5.41 5.33 n/a n/a 5.32 5.28
3.59 3.08 5.69 4.19 n/a n/a 4.10 4.25
5.18 4.81 5.52 5.71 n/a n/a 5.40 5.24
Fall 2018