India’s HDFC has been named as one of the Asia’s best banks in a list compiled by >Global Finance magazine.
The list, compiled based on what the magazine described as “objective and subjective factors,” includes names such as JPMorgan Chase, HSBC, Credit Suisse, Citi and BNP Paribas.
Banks from 123 countries were judged on 11 key banking categories at the global level: Corporate (JPMorgan Chase), Consumer (HSBC), Private (Credit Suisse), Emerging Markets (Standard Chartered), Asset Management (State Street Global Advisors), Custody (The Bank of New York Mellon), Investment Bank (J.P. Morgan), Cash Management (Citi), Trade Finance (BNP Paribas) Foreign Exchange (Deutsche Bank) and Sub-Custody (HSBC)
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The list also includes a region-wise categorisation of best banks.
HDFC finds its place in the list of best banks from Asia, which includes names such as Janata Bank (Bangladesh), Habib Bank (Pakistan), United Overseas Bank (Singapore), and Commercial Bank of Ceylon (Sri Lanka).
A press release by the magazine said the objective criteria for selection included “growth in assets, profitability, geographic reach, strategic relationships, new business development and product innovation”. The banks were also judged based on subjective criteria such as “the opinions of equity and credit-rating analysts, banking consultants” and peers in the industry.
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“The winners are not always the biggest banks but, rather, the best banks — those with the qualities that corporations should look for when choosing a bank,” the release said.
Joseph Giarraputo, the publisher of Global Finance said: “A year after the failure of some major financial institutions, companies and investors are looking for assurance of their banks’ credit-worthiness.” Moreover, they were also “demanding superior competence. Hopefully, these lists will help them find the most competent financial partners.”
The magazine will host its 13th annual Best Bank Awards ceremony on October 6, in Istanbul to coincide with the Annual Meetings of the IMF and World Bank, the press release added.