Global investors rely on local sub-custodians for services that go beyond trade settlement and safekeeping of assets to include supporting clients as an adviser on local market developments and providing insight into the local regulatory environment. In our 22nd edition of the World’s Best Sub-Custodian Banks, we recognize institutions in 83 countries across the globe that continue to deliver comprehensive post-trade services.
For many of our winners, ongoing product and process innovation and technology upgrades continue to improve standardization and automation of services critical for operational efficiency and effective risk management. Leadership in their respective regions includes high levels of representation with industry associations to help shape the sector in accordance with best practices, in response to infrastructure and regulatory changes.
With the recent move to a shortened settlement cycle, from two days after the trade date (T+2) to one day (T+1), in the US, Canada, and parts of Latin America, sub-custodians have been an invaluable resource to their clients on the impact of this shift and its benefits. These include reduced counterparty risk, better market liquidity, and an overall improvement in operational efficiency. In Latin America, local sub-custodians are trusted advisers on all market developments, including the planned integration of Chilean, Colombian, and Peruvian exchanges into a regional bourse.
Most sub-custodians embrace advanced technologies, including artificial intelligence (AI) and data analytics, which they leverage to refine their custody infrastructure and improve service quality.
Methodology
In selecting the institutions that reliably provide the best services in 83 countries and seven geographic regions, Global Finance’s editorial board considered market research, input from expert sources, and entry information from the banks themselves. The criteria included customer relations, quality of service, competitive pricing, smooth handling of exception items, technology platforms, post-settlement operations, business continuity plans, and knowledge of local markets, regulations, and practices.
Regional, Country, And Territory Winners
| Africa | Rand Merchant Bank |
|---|---|
| Botswana | Standard Chartered |
| Côte d’Ivoire | SGSS Côte d’Ivoire |
| Egypt | Banque du Caire |
| Ghana | Standard Chartered |
| Kenya | Stanbic Bank Kenya |
| Mauritius | Standard Chartered |
| Morocco | SGSS Morocco |
| Mozambique | Standard Bank Mozambique |
| Namibia | Standard Bank Namibia |
| Nigeria | Stanbic IBTC Bank |
| South Africa | Rand Merchant Bank |
| Tunisia | UIB/SGSS Tunisia |
| Asia-Pacific | DBS |
|---|---|
| Australia | BNP Paribas |
| China | China Construction Bank |
| Hong Kong | Standard Chartered |
| India | DBS |
| Indonesia | Standard Chartered |
| Japan | MUFG |
| Malaysia | Standard Chartered |
| Mongolia | Khan Bank |
| New Zealand | HSBC |
| Pakistan | Standard Chartered |
| Philippines | Standard Chartered |
| Singapore | DBS |
| South Korea | Hana Bank |
| Sri Lanka | Standard Chartered |
| Taiwan | CTBC |
| Thailand | Bangkok Bank |
| Vietnam | Standard Chartered |
| Central & Eastern Europe | Unicredit |
|---|---|
| Armenia | AraratBank |
| Bosnia & Herzegovina | UniCredit Bank |
| Bulgaria | UniCredit Bulbank |
| Croatia | OTP Croatia |
| Czech Republic | Komercni banka (SGSS) |
| Estonia | SEB |
| Georgia | Bank of Georgia |
| Hungary | UniCredit Bank Hungary |
| Kazakhstan | Eurasian Bank |
| Latvia | SEB |
| Lithuania | SEB |
| Poland | Bank Pekao |
| Romania | BRD Group Societe Generale |
| Serbia | UniCredit Bank Serbia |
| Slovakia | CSOB |
| Slovenia | UniCredit Bank Slovenia |
| Turkey | TEB |
| Latin America | Citi |
|---|---|
| Argentina | Citi |
| Brazil | Bradesco |
| Chile | Banco de Chile |
| Colombia | Citi |
| Mexico | Citibanamex |
| Panama | Citi |
| Paraguay | Banco Itaú Paraguay |
| Peru | Citi |
| Uruguay | Banco Itaú Uruguay |
| Middle East | First Abu Dhabi Bank |
|---|---|
| Bahrain | First Abu Dhabi Bank |
| Jordan | Bank of Jordan |
| Kuwait | First Abu Dhabi Bank |
| Oman | Standard Chartered |
| Qatar | Standard Chartered |
| Saudi Arabia | First Abu Dhabi Bank |
| United Arab Emirates | First Abu Dhabi Bank |
| North America | CIBC Mellon |
|---|---|
| Canada | CIBC Mellon |
| United States | State Street |
| Western Europe | BNP Paribas |
|---|---|
| Austria | UniCredit Bank Austria |
| Belgium | BNP Paribas |
| Cyprus | Eurobank |
| Denmark | SEB |
| Finland | SEB |
| France | Societe Generale Securities Services |
| Germany | Commerzbank |
| Greece | Eurobank |
| Iceland | Islandsbanki |
| Ireland | JP Morgan |
| Italy | BNP Paribas |
| Luxembourg | BNP Paribas |
| Netherlands | BNP Paribas |
| Norway | SEB |
| Portugal | Novo Banco |
| Spain | BBVA |
| Sweden | SEB |
| Switzerland | Societe Generale Securities Services |
| United Kingdom | HSBC |
