WORLD'S BEST SUB-CUSTODIANS, THE

Global Finance,  Jul/Aug 2005  

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www.hsbc.com

AUSTRALIAN

Westpac Banking

From Australia and New Zealand to Tonga and Vanuatu, Westpac Banking is the leading sub-custodian in Australasia. The Sydney-based bank has 1,000 offices across the region. With approximately $150 billion in assets under management, it is the largest domestic custodian in Australia. The bank's securities clearing, settlement and safekeeping services are rated highly by its clients. Westpac's custody operations serve global custodians, clearinghouses, brokers, dealers and investment managers.

The bank's sub-custody services cover a wide range of investment securities, including equities, corporate debt, government debt and money market instruments. With a focus on client service, the bank informs all customers promptly of dividends and corporate actions, as well as regulatory changes relating to the Australian Stock Exchange, and other market developments.

www.westpac.com.au

CARIBBEAN

Bank of Bermuda (HSBC)

Bank of Bermuda continues to operate under its own brand, but its securities services are being integrated with those of HSBC, which acquired the Bermuda-based bank in February 2004. Bank of Bermuda's global fund services, with expertise in serving hedge funds and private equity funds, is now known as HSBC's Alternative Fund Services, or AFS. With service centers in 14 offices around the world, including the Cayman Islands and the Isle of Man, AFS has about $180 billion of assets under administration. Bank of Bermuda provides a full range of custodial services and specializes in customized services, such as the exception processing of non-standard transactions.

HSBC is reorganizing its global securities services business into four product lines, including sub-custody and clearing, alternative fund services, corporate trust, and institutional fund services. The institutional fund services line will concentrate on serving traditional funds and will include global custody as well as fund administration and performance consulting.

www.bankofbermuda.bm

CENTRAL AND EASTERN EUROPE

RZB

Raiffeisen International, the Central and Eastern European subsidiary of Vienna-based RZB, is the leading bank in the region in terms of geographic reach, with a presence in 16 countries. The initial public offering of Raiffeisen International in April 2005 was the biggest IPO in the history of the Vienna Stock Exchange. The issue totaled euro1.11 billion, including over-allotments, and was 22 times oversubscribed.

RZB was one of the first Western banks to do business in the CEE region and now has 23,000 employees and 920 offices serving 5 million customers in the area. The bank uses its own subsidiaries as its sub-custodians and specializes in the brokerage, settlement and safekeeping of CEE securities.

Raiffeisen International is one of the top banks in seven countries of South East Europe. It is the largest bank in Serbia and Montenegro, Bosnia and Herzegovina, and Albania. Raiffeisen International reported a 68.5% increase in first-quarter 2005 earnings before taxes, compared to the same period a year earlier, and a return on equity before taxes of 24.7%. RZB offers online custody reporting and efficient notification of company actions, such as dividend announcements and stock splits.