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CRISIL’s 2023 Greenwich Share and Quality Leaders: HDFC Bank Tops in 3 Categories

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HDFC Bank overtakes SBI in CRISIL's corporate banking ranking for 2023On July 24, 2023, a list of Coalition Greenwich’s (a division of CRISIL) Share and Quality Leaders, and Greenwich Excellence Awards 2023 was released in which HDFC Bank (among India’s local banks) has overtaken the State Bank of India (SBI) as a top ranked bank in the 3 categories of Share and Quality Leaders Award list.

Highlights:

i.In the list of Greenwich Share Leader 2023(Large Corporate), HDFC Bank has overtaken State Bank of India (SBI) and topped the list of Indian Large Corporate Banking Market Penetration – Local Banks.

ii.ICICI Bank has topped the Indian Large Corporate Banking Quality – Local Banks and emerged as the sole designation for Greenwich Quality Leader 2023(Large Corporate).

iii.In the list of Greenwich Share Leader 2023 (Middle Market), HDFC Bank has again topped the list of Indian Middle Market Banking Market Penetration(Local Banks). The bank previously topped the list in 2022.

  1. In the lit of Greenwich Quality Leader 2023 (Middle Market) HDFC Bank shared a top spot with ICICI Bank in the category of ‘Indian Middle Market Banking Quality – Local Banks’.

Assessment:

This study is premised upon the interviews conducted by Coalition Greenwich from September 2022 to March 2023, with 177 large corporates and 455 middle market businesses in India. The interviews focused on areas such as banking relationships, quality perceptions of the respective relationships and products used including corporate lending, cash management, trade services and finance, foreign exchange, structured finance, interest-rate derivatives, and investment banking.

Greenwich Share Leader 2023; Greenwich Quality Leaders 2023; and Greenwich Excellence 2023

The following tables present the 2023 Greenwich Share and Quality Leaders in Indian Large Corporate and Middle Market Banking and the winners of the 2023 Greenwich Excellence Awards in different categories.

  • The column of Market Penetration in the table shows the proportion of companies interviewed that consider each bank an important provider of corporate banking services.

Greenwich Share and Quality Leaders — 2023

Greenwich Share Leader 2023
RankingBankMarket Penetration
Indian Large Corporate Banking Market Penetration – Local Banks
1HDFC Bank69%
2SBI60%
3T (Tie)Axis Bank55%
3TICICI Bank54%
Indian Large Corporate Banking Market Penetration – Foreign Banks
1TStandard Chartered Bank51%
1THSBC50%
3TCiti44%
3TDBS42%
Indian Middle Market Banking Market Penetration—Local Banks
1HDFC Bank70%
2ICICI Bank64%
3Axis Bank47%
Indian Middle Market Banking Market Penetration—Foreign Banks
1TStandard Chartered Bank20%
1THSBC19%
1TCiti18%
Greenwich Quality Leaders 2023
CategoryBank
Indian Large Corporate Banking Quality—Local BanksICICI Bank
Indian Large Corporate Banking Quality—Foreign BanksBank of America, HSBC, J.P. Morgan
Indian Middle Market Banking Quality—Local BanksHDFC Bank & ICICI Bank
Indian Middle Market Banking Quality—Foreign BanksHSBC

Greenwich Excellence Awards 2023

For the 6th year, Coalition Greenwich has recognized excellence in Indian corporate banking through 2023 Greenwich Excellence Awards to identify the top-ranked banks in a series of product and service categories.

2023 Greenwich Excellence Awards for Indian Large Corporate Banking:

In this, more than 70 banks evaluated but only the following 4 featured with distinctive quality.

CategoryBank
Overall Digital ExperienceCiti
Ability to Streamline KYC ProcessesICICI Bank
Coordination of Product Specialists
Frequency of Contact
Knowledge of Transaction Banking Needs
Timely Follow-Up
Proactive Provision of AdviceICICI Bank, Bank of America
Knowledge of International Banking NeedsStandard Chartered Bank

2023 Greenwich Excellence Awards for Indian Middle Market Banking

In this, more than 70 Banks Evaluated but only 3 have distinctive quality.

CategoryBank
Ability to Digitize KYC ProcessesHDFC Bank & ICICI Bank
Ease of Doing Business
Overall Digital Experience
Ability to Streamline KYC Processes
Coordination of Product Specialists
Knowledge of Transaction Banking Needs
Frequency of ContactAxis & ICICI Bank
Effective Senior Management Support
Timely Follow-Up
Knowledge of International Banking NeedsICICI Bank
Proactive Provision of Advice

Key Points:

i.Between 2021 and 2022, 38% of Indian companies used one of the largest Indian private banks for overall corporate banking services, up from 33%.

ii.From 2021 to 2022, the number of companies using at least one large foreign bank for their banking needs increased to 21% from 18%.

iii.From 2021 to 2022, the percentage of Indian companies working with at least one of the smaller private banks dropped to 18% from 21%.

iv.The overall revenue in the banking industry grew by 16% year on year (y-o-y).

v.In 2023, 46% of Indian companies used large private banks for domestic cash management, compared to 40% in 2022. This resulted in increased penetration of large private sector banks.

  • Foreign banks’ usage for cash management also increased to 21% from 18%.

vi.Over two years, the share of Indian companies engaged in international business and needing bank support rose from 73% to 81%.

Recent Related News:

i.The Airports Council International (ACI) World published the ‘Top 10 Busiest Airports Worldwide for 2022,’ which ranked Delhi Airport [Indira Gandhi International Airport (IGIA)] as the 9th busiest airport in the world in 2022, surpassing Paris Charles de Gaulle (CDG) airport in France.

ii.According to the Global Unicorn Index 2023 published by Hurun Research Institute, India is ranked 3rd on the index with 68 unicorns (up 14 compared to 2022). Online educator BYJU’S worth USD 22 billion topped the list of Indian Unicorns, followed by on-demand delivery start-up Swiggy and fantasy sports platform travel-stay finder Dream11 (USD 8 billion each).

About CRISIL Limited :

CRISIL Ltd was formerly known as Credit Rating Information Services of India Limited. It is a leading, agile and innovative global analytics company owned(majority) by S&P Global Inc.

Managing Director and CEO– Amish Mehta
Headquarter– Mumbai, Maharashtra

Penned by – Puneet Kaur , PR by – Abarna Anandhan