HSBC has been named ‘Best Sub-Custodian Bank 2005’ in the Middle East region and the UAE by Global Finance magazine.
Global Finance editors and reporters, with input from expert sources, selected the winners from institutions that reliably provide the best custody services in local markets and regions to global custodians. Their 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 regulations and practices. Winners in eight regions and 35 countries were selected, among which HSBC ranked first in 11 countries and two regions.
Arindam Das, Senior Vice President Middle East, HSBC Securities Services, said: “These outstanding results underline our position in the Middle East as the leading sub-custodian bank. We have the largest sub-custodian network in this region and the consistent recognition we have received in these awards and the rankings over the years reflects our customers’ satisfaction with our services.”
HSBC has offered sub-custody in the Middle East for over 10 years and has built a network that now covers 9 markets in the region: Bahrain, Egypt, Jordan, Lebanon, Oman, Palestinian Autonomous Area, Qatar, Saudi Arabia and the United Arab Emirates. Later this year HSBC will add Kuwait to its Middle East network.
