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Banking

Cash management survey 2010: The rise of a local elite

Local banks’ networks are crucial to global cash managers’ penetration of emerging markets. But the skills some of these local banks are developing put them on track to become regional leaders. Laurence Neville reports.

GIVEN THE SCRAMBLE by global companies and banks to tap the growth of some emerging markets, it is easy to overlook one of the most important dynamics in the increasing importance of developing markets to the global economy. With just a handful of exceptions, global banks are unable to fully facilitate their clients’ cash management requirements in emerging markets: they must rely on domestic banks’ networks. In response to this – and strong domestic demand growth – emerging market banks are growing their cash management capabilities. With huge investment required, few banks are choosing to build everything themselves. However, amid the many thousands of domestic banks in the world’s largest emerging markets, a handful stand out in their ambition to develop truly world-class technology, products and services.

As emerging market firms increasingly expand outside their home markets and regions, the internationalization of the domestic market banks they work with is all but inevitable.

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