HSBC Mauritius is Euromoney’s Best Cash Management Bank for fourth year
The HSBC Group was also classified as Best Global Cash Management Bank and Best Regional Cash Management Bank in Asia for the global cash management services it provides to its clients. (Image: HSBC)
HSBC Mauritius has been named ‘Best Cash Management Bank’ for the fourth year in a row by customers in a survey conducted by Euromoney, the prestigious London-based financial publication.
Besides, the Hongkong and Shanghai Banking Corporation (HSBC) has also been declared the top-ranked international cash management bank for the third successive year, according to Euromoney’s 2014 Cash Management Survey.
The HSBC Group was classified as Best Global Cash Management Bank and Best Regional Cash Management Bank in Asia for the global cash management services it provides to its clients.
According to Alastair Bryce, CEO of HSBC Mauritius, customers who recognise HSBC as the best supplier of cash management in Mauritius, Asia and in the world, have awarded the bank for its efforts to meet their needs.
For the CEO, this coveted award demonstrates the strength of the bank’s products, quality of services and the dedication of its professional team.
He concluded on the note that the bank will try to maintain its leading position by offering local companies, financial institutions and multinationals in Mauritius, best-in-class solutions for cash management, in order to help them manage both their working capital and their liquid assets more efficiently.
Despite fierce competition, the strength of HSBC’s global transaction banking franchise was reinforced by its non-financial and financial institution clients.
Those invited to vote for the Euromoney Cash Management Awards are treasury professionals of non-financial institutions and financial institutions. They are asked to indicate which three banks they use most for their cash management operations/services and to rate their lead cash manager on a sliding scale of one (equals very poor) to seven (equals excellent) across service categories.
The survey results also showed that Citi was ranked second this year for services to non-financial institutions globally by maintaining its 2013 position, but fell one position to fourth on financial institutions.
On the other hand, Deutsche bank was ranked second for financial institutions and third for non-financial institutions while the Bank of America Merrill Lynch (BAML) enhanced its ranking in both categories, moving up to fourth among non-financials and third among financial institutions.
However, Banque Nationale de Paris (BNP) Paribas lose one place to end at fifth for services to non-financial institutions whereas Royal Bank of Scotland and UniCredit both maintained their sixth and seventh rankings, respectively.
Finally, JPMorgan was ranked eighth, Commerzbank ninth and Standard Chartered still finds itself at the 10th position.
Euromoney data also showed that among financial institutions, Commerzbank improved its ranking this year, displacing Standard Chartered, which fell to sixth from fifth last year.
JPMorgan maintained its seventh ranking, while Bank of China ranked eighth from 10th last year. The Chinese bank’s movement helped relocate UK banks Royal Bank of Scotland (RBS) and Barclays, which both fell one position from last year to ninth and 10th, respectively.
Ultimately, one of the noticeable findings from the Euromoney’s annual benchmark survey was that there is an overwhelming demand among non-financial institutions and financial institutions for electronic bank billing.
Euromoney is an English-language monthly magazine focused on business and finance. First published in 1969, it is the flagship production of Euromoney Institutional Investor plc.
Euromoney covers global banking, macroeconomics and capital markets, including debt and equity, and publishes over 24 surveys awards and league tables a year. These include the Euromoney Private Banking Survey, Euromoney FX Survey and the Euromoney Cash Management Survey.