Citi overhauls HSBC in Asiamoney 2011 FX poll
Citigroup has topped Asiamoney’s poll of foreign-exchange trading banks in Asia, rising two places to dethrone HSBC as the region’s most popular bank for FX service provision. Asiamoney, a sister publication of EuromoneyFXNews, ranks banks on the basis of client service ratings.
Citi jumped two places to top the rankings for service provision to financial institutions, switching places with HSBC, while BNP Paribas maintained its second position. Meanwhile, Citi maintained its poll position with non-financial companies, where the top three banks remained unchanged, with HSBC holding second position and Standard Chartered third. The rankings are based on submissions from 1,826 senior treasury and financial executives based in the Asia-Pacific region, representing some 1,674 institutions – 254 financial and 1,420 non-financial companies. For full results from Asiamoney's 21st FX Poll, including extended rankings and an editorial review, see www.asiamoney.com.
The results contrast the qualitative results from Euromoney’s 2011 FX survey, where Asian respondents ranked HSBC and Barclays Capital and Deutsche Bank statistically tied in first place. Citi ranked three places behind them, and BNP was one spot behind in seventh.
According to Euromoney’s 2011 FX volume survey, Citi is the third-largest regional FX bank with a market share of 10.18%, with HSBC in fourth place with a market share of 9.31%, behind both Deutsche Bank and Barclays Capital. Both European banks maintained their respective fourth and fifth rankings in Asiamoney’s poll. Deutsche dominates the volume stakes with a market share almost twice as large as BarCap.
The data suggests that domestic banks still hold favour in many countries when it comes to FX service provision. Australia New Zealand Bank remained the most popular FX bank in Australia, while Korea Exchange Bank and Bank of China both maintained their hold over their domestic markets.
HSBC stayed top in Hong Kong for financial and corporate trading and DBS was top among Singaporean financials – though OCBC was voted the most popular bank in Singapore among corporates. CIMB (Malaysia) and RCBC (the Philippines) remained the preferred banks among financials and corporates in their respective countries.