The past year has been a perfect storm for transaction banking, with banks battered on all sides by the eurozone crisis – posing liquidity issues for some European banks – and regulatory change, such as Basle III, which has a direct impact on transaction banks’ ability to serve their clients. At the same time, competition has intensified – including from non-traditional players such as technology companies – and costs have increased.
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| Tom Isaac, global head, client and sales management for financial intermediaries, at Citi Transaction Services |
“It’s certainly been a challenging year,” says Tom Isaac, global head, client and sales management for financial intermediaries, at Citi Transaction Services.
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