GREENWICH
ASSOCIATES
2012 Greenwich Leaders: Asian Corporate Finance
March 2012
Every year, Greenwich Associates interviews senior financial
executives at the largest companies in Asia. These executives are asked to name the banks they use for general
corporate banking, cash management, capital advisory
services, and trade finance; to quantify the share of their
business allocated to each provider; and to rate these banks
according to a series of important criteria. Banks receiving
the highest number of citations as service providers are
named Greenwich Share Leaders. Banks receiving quality
ratings that exceed those of competitors by a statistically
significant margin are named Greenwich Quality Leaders.
Among the highlights from this year’s research:
• China: The major Chinese banks have a strong presence
with corporates in China, led by Bank of China, ICBC
and China Construction Bank. However, clients continue
to consider the service quality and product capabilities
of foreign banks to be stronger than those of Chinese
banks, even within the domestic market and despite
progress by local banks over the past few years.
• Hong Kong: HSBC has established a clear leadership
position in Hong Kong both in corporate banking and
in cash management. The bank’s large presence is also
reflected in its qualitative leadership in corporate banking, although Standard Chartered Bank and Citi join as
Greenwich Quality Leaders in cash management services.
• India: HDFC and State Bank of India rank among the
leaders in corporate banking, along with Citi, HSBC
and Standard Chartered Bank. Companies name Citi,
Deutsche Bank and HSBC as the Quality Leaders in corporate banking. In cash management, HDFC has the
largest market penetration. Axis Bank and Deutsche
Bank rank among the Greenwich Quality Leaders in
this group.
• Singapore: Corporate banking in Singapore is led by a
mixture of major foreign banks, DBS Bank and OCBC.
Foreign banks generally dominate cash management,
with DBS Bank ranking just outside the top three. DBS
Bank also joins foreign competitors as a Quality Leader
in corporate banking. The 2012 Greenwich Quality
Leaders in cash management are Citi, Deutsche Bank
and J.P. Morgan.
GREENWICH REPORT
• South Korea: Contrary to most other Asian markets,
several local Korean banks are counted as strong competitors to foreign banks in terms of product capabilities
and services both in corporate banking and cash management. This high level of quality has helped local banks
capture a leading position in terms of market share.
• Trade Finance: Across Asia, the banks with the largest
market penetration in trade finance are HSBC, Citi,
Standard Chartered Bank, Deutsche Bank, and The
Royal Bank of Scotland. Included in the list of 2012
Greenwich Quality Leaders in Trade Finance are J.P.
Morgan, which has only recently started to build up its
trade finance business in Asia, and DBS Bank, which
has strong regional ambitions for its transaction bank.
The following tables list the 2012 Greenwich Share and
Quality Leaders in Asian Corporate Banking, Debt
Capital Markets, Cash Management, and Trade Finance.
Consultants Markus Ohlig and Fion Tan specialize in Asian
corporate banking and finance.
Methodology
From September to November of 2011, Greenwich Associates
conducted 552 interviews in large corporate banking, 148 in debt
capital markets, 795 interviews in large corporate cash management, and 281 in trade finance with financial officers (e.g.,
CFOs, finance directors and treasurers) at companies in China,
Hong Kong, India, Indonesia, Malaysia, the Philippines,
Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Subjects covered included product demand, quality of coverage,
and capabilities in specific product areas.
The findings reported in this document reflect solely the views
reported to Greenwich Associates by the research participants.
They do not represent opinions or endorsements by Greenwich
Associates or its staff. Interviewees may be asked about their use
of and demand for financial products and services and about
investment practices in relevant financial markets. Greenwich
Associates compiles the data received, conducts statistical analysis
and reviews for presentation purposes in order to produce the
final results.
© 2012 GREENWICH ASSOCIATES
Greenwich Share Leaders — 2012
GREENWICH
ASSOCIATES
2012
Greenwich
Share Leader
Asian Large Corporate Banking Market Penetration
Asian Debt Capital Markets Market Penetration
Penetration1
Statistical Rank
HSBC
74%
1
Citi
59%
Standard Chartered Bank
Market Penetration3
Statistical Rank
HSBC
55%
1
2T
Standard Chartered Bank
39%
2
58%
2T
Citi
28%
3
Deutsche Bank
34%
4
Deutsche Bank
25%
4
ANZ Bank
28%
5T
DBS Bank
12%
5T
J.P. Morgan
12%
5T
Bank
Market
Note: Based on 551 respondents.
Bank
Note: Based on 148 respondents.
Asian Large Corporate Cash Management Market Penetration
Asian Large Corporate Trade Finance Market Penetration
Market Penetration1
Statistical Rank
HSBC
51%
1
Citi
45%
2
HSBC
47%
1
Standard Chartered Bank
33%
3
Citi
37%
2T
Deutsche Bank
22%
4
Standard Chartered Bank
35%
2T
Bank of China
14%
5
Deutsche Bank
24%
4
The Royal Bank of Scotland
16%
5
Bank
Note: Based on 795 respondents.
Bank
Market Penetration4
Statistical Rank
Note: Based on 281 respondents.
Note: Proportion of companies interviewed that consider each bank an important provider of: 1corporate banking services; 2corporate cash management services; 3investment
banking services; 4trade finance services. Leaders are based on top 5 leading banks including ties. Sources: 2011 Asian Large Corporate Banking, Asian Large Corporate Cash
Management, Asian Debt Capital Markets, and Asian Large Corporate Trade Finance Studies
Greenwich Quality Leaders — 2012
GREENWICH
ASSOCIATES
2012
Greenwich
Quality Leader
Asian Large Corporate Banking Quality
Asian Debt Capital Markets Quality
Bank
Bank
Citi
HSBC
HSBC
Note: Based on 148 respondents.
Note: Based on 551 respondents.
Asian Large Corporate Trade Finance Quality
Asian Large Corporate Cash Management Quality
Bank
Bank
Deutsche Bank
Deutsche Bank
HSBC
Note: Based on 609 respondents.
DBS Bank
HSBC
J.P. Morgan
The Royal Bank of Scotland
Note: Based on 281 respondents.
Note: Leaders cited in alphabetical order including ties. Sources: 2011 Asian Large Corporate Banking, Asian Large Corporate Cash Management, Asian Debt Capital Markets,
and Asian Large Corporate Trade Finance Studies
2
GREENWICH REPORT
Greenwich Share and Quality Leaders — 2012
Large Corporate Banking by Country
GREENWICH
GREENWICH
ASSOCIATES
ASSOCIATES
2012
2012
Greenwich
Greenwich
Share Leader
Asian Large Corporate Banking
Market Penetration
Quality Leader
Market
Penetration
Statistical Rank
ICBC
79%
1T
Citi
Bank of China
76%
1T
HSBC
HSBC
66%
3T
Standard Chartered Bank
China Construction Bank
63%
3T
HSBC
89%
1
Standard Chartered Bank
67%
2
Bank of China
59%
3
Citi
77%
1T
Citi
HSBC
77%
1T
Deutsche Bank
HDFC
70%
3T
HSBC
State Bank of India
69%
3T
Standard Chartered Bank
68%
3T
HSBC
75%
1
Bank of America Merrill Lynch
Citi
59%
2
Citi
DBS Bank
49%
3T
DBS Bank
OCBC
48%
3T
Deutsche Bank
Standard Chartered Bank
48%
3T
HSBC
China (70)
Asian Large Corporate Banking Quality
China (70)
Hong Kong (88)
Hong Kong (88)
India (87)
HSBC
India (87)
Singapore (69)
Singapore (69)
Standard Chartered Bank
South Korea (53)
South Korea (53)
Korea Exchange Bank
76%
1
HSBC
68%
2T
Export Import Bank of Korea
Shinhan Bank
68%
2T
HSBC
Standard Chartered Bank
64%
2T
Korea Development Bank
Woori Bank
64%
2T
Korea Exchange Bank
Citi
Shinhan Bank
Note: Numbers in parentheses reflect number of respondents. Market Penetration is the proportion of companies interviewed that consider each bank an important provider of corporate
banking services services. Country leaders are based on top 3 leading banks including ties. Quality leaders are cited in alphabetical order including ties.
Source: 2011 Asian Large Corporate Banking Study
GREENWICH REPORT
3
Greenwich Share and Quality Leaders — 2012
Large Corporate Cash Management by Country
GREENWICH
GREENWICH
ASSOCIATES
ASSOCIATES
2012
2012
Greenwich
Greenwich
Share Leader
Asian Large Corporate Cash
Management Market Penetration
Quality Leader
Market
Penetration
Statistical Rank
Bank of China
68%
1
Citi
ICBC
58%
2
Deutsche Bank
HSBC
51%
3
HSBC
China (108)
Asian Large Corporate Cash Management Quality
China (63)
J.P. Morgan
Hong Kong (97)
Hong Kong (63)
HSBC
77%
1
Citi
Standard Chartered Bank
39%
2
HSBC
Bank of China
33%
3T
Citi
31%
3T
HDFC
59%
1
Citi
47%
2T
Citi
HSBC
46%
2T
Deutsche Bank
India (137)
Standard Chartered Bank
India (115)
Axis Bank
HDFC
HSBC
Standard Chartered Bank
Singapore (88)
Singapore (106)
1
Citi
44%
2
Deutsche Bank
26%
3T
25%
3T
Korea Exchange Bank
57%
1T
HSBC
Woori Bank
57%
1T
Korea Development Bank
Shinhan Bank
46%
3
Citi
58%
HSBC
Deutsche Bank
Standard Chartered Bank
South Korea (63)
J.P. Morgan
South Korea (47)
Korea Exchange Bank
Shinhan Bank
Note: Numbers in parentheses reflects number of respondents. Market Penetration is the proportion of companies interviewed that consider each bank an important provider of
corporate cash management services services. Based on responses from financial officers for Asian large corporate cash management. Country leaders are based on top 3
leading banks including ties. Quality leaders are cited in alphabetical order including ties. Source: 2011 Asian Large Corporate Cash Management Study
© 2012 Greenwich Associates, LLC. All rights reserved. No portion of
these materials may be copied, reproduced, distributed or transmitted,
electronically or otherwise, to external parties or publicly without the
permission of Greenwich Associates, LLC. Greenwich Associates®,
Competitive Challenges®, Greenwich Quality Index®, and Greenwich
Reports® are registered marks of Greenwich Associates, LLC.
Greenwich Associates may also have rights in certain other marks used
in these materials.
The Greenwich Quality LeaderSM and Greenwich Share LeaderSM
designations are determined entirely by the results of the interviews
described above and do not represent opinions or endorsements by
Greenwich Associates or its staff. Such designations are a product of
numerical scores in Greenwich Associates’ proprietary studies that are
generated from the study interviews and are based on a statistical
significance confidence level of at least 80%. No advertising, promotional
or other commercial use can be made of any name, mark or logo of
Greenwich Associates without the express prior written consent of
Greenwich Associates.
GREENWICH REPORT
GREENWICH
ASSOCIATES
6 High Ridge Park Stamford CT 06905 USA
Tel: +1 203.625.5038 /+1 800.704.1027
Fax: +1 203.625.5126
email: ContactUs@greenwich.com
www.greenwich.com
