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| Best Transaction banking house: HSBC |
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| Also shortlisted: Citi and Deutsche Bank |
It is symbolic that Samir Assaf, chief executive of HSBC’s global banking and markets division, is to give the keynote address at this year’s Sibos conference, the annual jamboree for the global transaction banking and services industry.
On one level, this highlights the extent to which investment bankers are increasingly embracing a business that was never really one of their own, but one that has become so much more important to the corporate and investment banking proposition.
Every global bank boasting a universal banking model has been investing heavily in transaction banking to capture an ever-greater share of the stable and lucrative revenues this relatively capital-light business can generate.
On another level, it speaks directly to the investment and focus HSBC has placed on transaction banking in recent years, when its payments and cash management, securities services and global trade and receivables finance businesses have grown from strength to strength.
It has not been easy. HSBC agreed to pay a record $1.9