[ S U R V E Y
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A G E N T
B A N K S
I N
E M E R G I N G
M A R K E T S ]
Russia
Sberbank of Russia
“I can only compare to our previous operator, and for sure
Sber is well above in all categories,” writes a client. The bank
has exceeded his expectations in terms of client service (“We
were positively surprised by the high level of commitment
and dedication from the ops staff”), bespoking services (“a full
tailor-made service, including SWIFT development at their end
to support the full scope of services”), guaranteeing compliance
(“always supportive in our initiatives aiming to enhance our reg-
ulatory framework”), innovating (“a tailor-made solution of our
capital market product that worked from day one”) and pricing
competitively (“a special pricing scheme that is satisfying both
entities”). Sberbank has convinced the market it is committed
for the long-term and willing to do whatever it takes to build a
securities services franchise in Moscow.
Raiffeisen Bank International
Raiffeisen, which has a retail branch network in Russia as well
as dealing desks and a custody arm, achieves an outstanding set
of scores, which falter in client service and pricing only.
Société Générale Securities Services
The French bank has had a busy period onboarding clients since
Deutsche Bank exited the Russian market. It is clearly doing a
good job. Excellent scores are accompanied by praise for inno-
vative technology (“Stable and convenient for [the] customer,
they are better than any other provider’s we have worked with
on this market”) and a reassuring presence (“The main target of
opening [an] account at this provider was to increase asset safety
,and we still believe it was a good choice of provider”).
UniCredit Group
UniCredit earns scores that are both respectable and consistent,
though somewhat lower than those of 2017. Respondents have
predictable grumbles (excessive paperwork, shortcomings in
asset servicing, variability in the quality of staff ), but the overall
performance is quietly impressive.
Citi
A handful of respondents mark Citi down by comparison with
last year. Fees and spreads remain issues but, as always for Citi,
there are solid scores for settlement, technology and client
service.
VTB Bank
VTB does not own the major foreign relationships in its home
market, but the small number of lower profile clients that use
its services consider them perfect for their needs. One even says
that he is not looking for anything more from the bank.
Other
J.P. Morgan self-clears in Russia, which was one of the first mar-
kets to be chosen when the bank decided to in-source its needs
in 2011, as part of a plan to grow a direct custody and clearing
business.
WEIGHTED AVERAGE SCORES
VTB Bank
Raiffeisen Bank
International
Société Générale
Securities Services
Sberbank
UniCredit
Citi
Share of validated responses (%) 11% 18% 14% 30% 14% 11%
Relationship management 6.61 6.74 6.27 5.78 4.94 4.65
Market
Average Global Average
5.87 5.30
Client service 6.90 6.63 6.23 5.49 4.92 5.17 5.89 5.56
Account management 7.00 6.47 6.32 5.79 4.92 5.28 5.95 5.14
Asset safety n/a 6.11 6.30 3.29 5.10 3.82 5.00 4.60
Risk management 6.94 6.04 6.83 5.90 5.09 5.14 5.98 5.50
Liquidity management 7.00 6.43 6.19 5.17 5.23 5.00 5.80 5.14
Regulation and compliance 7.00 6.75 5.56 4.77 5.10 4.56 5.34 4.84
Innovation 7.00 5.34 5.55 4.55 4.87 4.50 5.28 4.75
Asset servicing 6.87 6.19 6.72 5.74 5.33 5.65 6.04 5.52
Pricing 6.91 6.68 6.27 5.12 5.03 4.87 5.81 5.28
Technology 6.96 6.31 6.41 5.71 5.51 5.33 6.10 5.41
Cash management and FX 6.82 6.13 6.76 5.57 5.14 5.31 5.97 5.42
Total 6.91 6.33 6.30 5.39 5.08 5.04 5.81 5.23
Winter 2018
globalcustodian.com
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