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Change usually comes to the cash management industry at a gradual pace. That’s not surprising in a market where it might take clients up to a decade to begin a new transaction relationship with a bank. But eight years after the onset of the global financial crisis, signs of a new era in global cash management are clearly apparent in the annual Euromoney benchmark survey.
This won’t necessarily be visible among the rankings of the top half dozen global banks. Globally, the dominance of the international banks goes relatively unchallenged. For a number of years, Citi and HSBC have competed for the top position, with the likes of Deutsche Bank, Bank of America Merrill Lynch and BNP Paribas jostling underneath.
In the 2016 rankings, HSBC maintains top spot globally, with Citi in second place and Deutsche and BNPP holding on to third and fourth place respectively.
Below this, however, the changes begin. Bank of America falls from fifth place to eighth. Banks with global capabilities but a more regional focus rise within the top 10: Italy’s UniCredit moves into the top five, while Standard Chartered, Japan’s MUFG and France’s Société Générale all gain places.