[ S U R V E Y
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A G E N T
B A N K S
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E M E R G I N G
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Poland
BNP Paribas Securities Services
The leading European custody network had to be in the biggest
and most dynamic capital market in CEE and, since opening in
Warsaw in 2008 with in-house clients only, BNP Paribas has
built a strong following.
No provider attracted more respondents in Poland this year,
and their collective verdict is as close to perfection as makes
no difference. In fact, it is actually an advance on the already
flattering scores of a year ago.
Raiffeisen Bank International
RBI builds on its strong showing of a year ago, with a fine set of
scores from a relatively small group of clients. With scores this
good, searching for points of vulnerability becomes an exercise
in gratuitousness, but even RBI is not totally immune to the
client interest in cost saving and a wider range of choices in cash
and FX.
Citi
Though a client has experienced “very good service,” and the
scores recorded by Citi Warsaw are superior to those in most of
the markets the bank serves, the averages do not keep up with
the pace set by the other network providers here. However,
Citi is not going anywhere: It is deeply entrenched in Poland
not only through its 17-year-old merger with Bank Handlowy
but through its operations and technology centres in Warsaw,
Olsztyn and Lodz.
Bank Pekao
This is the second year in which Pekao has taken part in the sur-
vey as an independent entity since UniCredit sold its stake in the
bank. The averages conceal as much as they tell. Pekao is a bank
that would like to be judged by the quality of its people and the re-
lationships they forge – across all products, not just custody – and
by that criterion at least it retains a claim on the loyalty of clients.
ING Bank Śląski S.A
Śląski was the operation that was excluded from the sale to Citi
of the ING sub-custody network in CEE in 2013, and the clients
that it services here continue to like what they get. The outcome
is not as good as it was in 2017, but the only scintilla of doubt in
a reassuringly high and consistent set of scores is whether the
bank will stay in the business.
Others
As befits the largest market in the region, investors are not short
of choice in Poland. PKO Bank Polski attracted responses, which
between them suggest that, fees and spreads apart, it delivers
a good service. Santander Securities Services also looks after
clients in the Polish market, and the data received suggests they
are extremely happy. Deutsche Bank Warsaw has not appeared
in this survey for a while, but it continues to provide a service,
though the responses received point to a limited range of servic-
es. Société Générale Securities Services offers a full service in
Warsaw, but did not get enough responses to be rated.
WEIGHTED AVERAGE SCORES
BNP Paribas
Raiffeisen
Bank
ING Bank
Slaski
Citi
Bank Pekao
Société
Générale
Share of validated responses (%) 27% 16% 11% 13% 16% 7%
Relationship management 6.69 6.40 5.81 4.76 4.82 n/a
Market
Average Global Average
5.71 5.30
Client service 6.82 6.67 5.67 5.20 4.30 n/a 5.74 5.56
Account management 5.85 6.72 5.81 4.66 4.29 n/a 5.42 5.14
Asset safety 6.00 6.00 5.25 5.00 3.25 n/a 5.08 4.60
Risk management 6.41 6.59 6.00 4.91 5.11 n/a 5.82 5.50
Liquidity management 6.57 6.50 5.83 5.12 4.92 n/a 5.85 5.14
Regulation and compliance 6.60 6.50 5.09 5.00 4.60 n/a 5.43 4.84
Innovation 6.49 5.64 5.73 4.47 4.00 n/a 5.43 4.75
Asset servicing 6.85 6.61 5.94 5.05 4.83 n/a 5.74 5.52
Pricing 6.36 6.27 5.72 5.09 4.45 n/a 5.72 5.28
Technology 6.77 6.59 5.59 5.32 5.12 n/a 5.85 5.41
Cash management and FX 6.52 6.29 5.62 5.12 4.39 n/a 5.47 5.42
Total 6.47 6.39 5.69 4.95 4.50 n/a 5.62 5.23
Winter 2018
globalcustodian.com
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