Global news and insight for corporate financial professionals. Banks come, go, merge and split, but our annual Safest bank ratings provide a consistent measure of bank stability. From upscale department store Neiman Marcus to organic grocer Whole Foods, major luxury retailers and grocery chains are playing musical chairs in C-suites and boardrooms as they streamline management and change creative roles amid declining in-store sales.
Auditors may have suffered a reputational crisis in the wake of recent corporate financial scandals; but using artificial intelligence and data analytics, the profession hopes to reinvent itself. Major international organizations classify countries by different factors. Regulatory compliance costs contribute to a growing global shortage of trade finance, particularly in emerging markets. Bankers are worried about the ability of the financial system to deliver the financing needed to help restore international trade as a driver of economic growth.
Partly due to the cost and complexity of compliance requirements of anti-money-laundering and know-your-customer rules, there is a worsening global shortage of trade finance, according to the Paris-based International Chamber of Commerce ICC. The shortage is hitting hardest at small and midsize enterprises, particularly those in emerging markets. At a time when African economies and businesses are increasingly engaging in international trade, and intra-African trade shows signs of significant growth, the lack of trade finance is a major obstacle.
We need to do more to communicate its central importance to the global economy. Other impediments to trade noted by respondents included low credit ratings of banks, as well as of countries and companies. Companies can easily shop among providers for the best price. Japanese banks, regional Asian banks and local country providers are competing for new corporate relationships by aggressive pricing.
Global banks are focusing on key clients: Any retrenchment on the part of global banks has not yet been enough to offset the continued influx of capital into the trade finance business from banks eager to get their feet in the door with large Asian companies, Tan says.
Some banks also are looking to capitalize on the pullback of their global competitors and are keeping prices low, at least for now, says Greenwich Associates vice president Gaurav Arora. Global Finance editors, with input from industry analysts, corporate executives and technology experts, selected the best trade finance banks in 83 countries and nine regions.
In addition, we selected the best bank for trade finance globally as well as the best banks in various service categories, such as document management and export finance. We polled our corporate readership to increase the accuracy and reliability of the results. Criteria for choosing the winners included trade-related transaction volume; scope of global coverage; customer service; competitive pricing; risk management and innovative products, services and technology.
The winners are those banks that best serve the specialized needs of corporations as they engage in cross-border trade. This article appeared in issue February Menu Search Global Finance Magazine. November Editor's Letter. Log In Email Address. Password This is a valid message Forgot Password? Not registered on GFMag. Wednesday, December 06, February 07, Author: Comments No comments yet. Log In or Register.More...