HSBC has once again retained the top spot in Euromoney’s Trade Finance Survey for 2021. German lender Deutsche Bank maintains its second-placed ranking while Citi regained its third-place position from last year’s holder UniCredit.
The top 10 ranking had one new entrant, ING Group, with the Dutch bank moving from 15th place to seventh. Heading in the other direction was Commerzbank, which slipped from fifth place to ninth.
HSBC also took the top spot in Asia-Pacific and North America, while Citi dominated in Africa and Latin America. HSBC ceded the top spot in the Middle East to Mashreqbank, which jumped from seventh place. Other regional winners included Deutsche Bank, which topped the ranking for Western Europe, and UniCredit, which was ranked number one for CEE.
“As the world’s leading trade bank, we’re ensuring our investments in skills, digital capabilities and product innovation are driving the transformation of the industry,” Andy Wild, interim global head of trade and receivables finance at HSBC, tells Euromoney.
“However, to win this award for a record fourth consecutive year is ultimately testament to our teams’ unwavering focus on customers and to getting things done – even in the midst of a global pandemic.”
Ajay Sharma, regional head of global trade and receivables finance for Asia-Pacific, adds: “2020 was a challenging year, but we maintained our customer focus and supported them throughout as they navigated the unknown. Neither the pandemic nor the economic slowdown deterred us from completing innovative deals, especially in the digital economy, and from gaining market share in the region.
“2021 will bring its set of opportunities: trade flows in Asia are growing faster than the global average, and the ratification of RCEP will make intra-Asian trade easier and strengthen Asia’s position in global supply chains.”
The Euromoney Trade Finance Survey recognises the leading providers of trade finance products and services. This year we collected 11,173 valid responses from seven regions.
For questions related to the survey: Mark Lilley, Head of Insight Vivian Grossi, Survey Engagement Manager | To access the detailed rankings/analysis: Peter York, Business Development Manager |