WORLD'S BEST SUB-CUSTODIANS, THE

Global Finance,  Jul/Aug 2005  

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www.bes.pt

RUSSIA

ING Bank

ING Bank (Eurasia), part of Netherlands-based ING Group, is the largest custodian in Russia, with about $37 billion of assets under custody. ING Bank began providing custody services in Russia in 1995 and acquired Credit Suisse First Boston's local custody activities in 2002. ING's custody operations include settlement, fearing and safekeeping of both domestic and international equity and fixed-income securities. The bank also provides clients with corporate-actions announcements and market information, income collections and repatriation, and proxy voting. ING acts as local sub-custodian for many depositary receipt programs.

wwrw.ing.ru

SINGAPORE

United Overseas Bank

One of Singapore's leading banks, United Overseas Bank offers comprehensive custody services, including settlement, safekeeping and registration of securities. The bank has 68 branches in Singapore, as well as a growing international network, with offices in 17 countries. In 2004 it acquired a 97% interest in Bank of Asia, Thailand, with a network of 133 offices. It also purchased a 23% interest in Bank Buana Indonesia last year. UOB Custody Services collects dividends, interest and bonus-share entitlements and supplies comprehensive reports on securities transactions and accounts.

www.uobgroup.com

SOUTH KOREA

HSBC

HSBC is the largest foreign custodian in South Korea, which it entered in 1992 when the country's markets first opened to foreign investors. In July 2003 HSBC acquired a majority stake in Asset Management Technology Korea, which has $27 billion of funds under administration. HSBC handles about half of the market for custody and clearing services for foreign institutional investors in South Korea. So far, HSBC has refused to pay the asking price for major local banks that have come on the market, but it is eager to expand its operations in the country.

www.kr.hsbc.com

SPAIN

Santander Central Hispano

Santander Central Hispano, Spain's largest bank, is also the country's leading sub-custodian. The bank operates in 40 countries and has a large presence in Latin America. The group's securities and investment activities are conducted under a variety of names, including SCH Bolsa in Spain, Santander London in the UK and Santander Investment Securities in the US. Santander's acquisition of UK-based Abbey, which was completed in November 2004, increased funds managed on behalf of customers by 70%, to more than $750 billion. The bank's first-quarter 2005 income, which included Abbey for the first time, rose 38.5% to $1.47 billion. Not including Abbey, earnings would have been up 20.6% from the same period a year earlier.

www.bsch.es

SWEDEN

Skandinaviska Enskilda Baoken

Skandinaviska Enskilda Banken, or SEB, provides global custody services for domestic institutions in Sweden, as well as sub-custody services for foreign institutions investing in Sweden and elsewhere in the Nordic region. SEB's asset-management activities include mutual funds, portfolio management and private banking. The Stockholm-based bank has about $125 billion of assets under management. SEB has 675 offices in 20 countries, including Germany, the Baltic countries and Scandinavia. It owns SEB Trygg Liv, one of Sweden's largest life insurers.