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Foreign Exchange

International cash management review 2010: ICM services in Latin America

Euromoney’s annual survey of the ICM services available in Latin America covers 10 banks: Bank of America Merrill Lynch, BBVA, Banco Bradesco, Banco Itaú, Citi, Deutsche Bank, HSBC, JP Morgan, RBS and Santander.

The survey results for Latin America given in Table 4 show: (click here to see Table 4: International cash management services in Latin America 2010)

  • A variety of ICM strategies for the region, from focusing on global scope and local expertise to providing solutions to suit transactional needs, to helping clients optimize working capital and expand within Latin America and to other regions

  • Two of the banks have a single global processing system

  • Citi has its own branches in 21 countries and only one partner bank; its closest rival HSBC has its own branches in 12 countries

  • Only four of the banks have significant in-country branch coverage, BBVA with 6,000-plus, Bradesco with almost 8,000, Itaú with almost 5,000, and Santander with 4,500-plus

  • Mass payment and collection services vary greatly, Citi has the widest own branch country coverage with 20, followed by HSBC with 12

  • Five of the banks provide multilateral netting services; Citi and RBS have the greatest country coverage

  • Notional pooling is only available from Citi

  • Sweeping services are available from several of the banks; Citi has by far the greatest coverage in 22 countries, with its closest rival Bradesco in 11; overnight sweeping is available in very few countries

  • Six of the banks have online investment portals, with three offering other financial institutions’ investment products as well as their own

  • Five of the banks offer automated sweeping services into money market funds

  • All the banks offer ICM services in other regions

  • Customer service support is generally available only during normal office hours.

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