- This list is a part of a study ‘Indian Corporates Turn to Big Banks to Fund Ambitious Growth- 2023 Greenwich Leaders: Indian Corporate Banking‘.
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.
- 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 | |||
|---|---|---|---|
| Ranking | Bank | Market Penetration | |
| Indian Large Corporate Banking Market Penetration – Local Banks | |||
| 1 | HDFC Bank | 69% | |
| 2 | SBI | 60% | |
| 3T (Tie) | Axis Bank | 55% | |
| 3T | ICICI Bank | 54% | |
| Indian Large Corporate Banking Market Penetration – Foreign Banks | |||
| 1T | Standard Chartered Bank | 51% | |
| 1T | HSBC | 50% | |
| 3T | Citi | 44% | |
| 3T | DBS | 42% | |
| Indian Middle Market Banking Market Penetration—Local Banks | |||
| 1 | HDFC Bank | 70% | |
| 2 | ICICI Bank | 64% | |
| 3 | Axis Bank | 47% | |
| Indian Middle Market Banking Market Penetration—Foreign Banks | |||
| 1T | Standard Chartered Bank | 20% | |
| 1T | HSBC | 19% | |
| 1T | Citi | 18% | |
| Greenwich Quality Leaders 2023 | |||
| Category | Bank | ||
| Indian Large Corporate Banking Quality—Local Banks | ICICI Bank | ||
| Indian Large Corporate Banking Quality—Foreign Banks | Bank of America, HSBC, J.P. Morgan | ||
| Indian Middle Market Banking Quality—Local Banks | HDFC Bank & ICICI Bank | ||
| Indian Middle Market Banking Quality—Foreign Banks | HSBC | ||
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.
| Category | Bank |
|---|---|
| Overall Digital Experience | Citi |
| Ability to Streamline KYC Processes | ICICI Bank |
| Coordination of Product Specialists | |
| Frequency of Contact | |
| Knowledge of Transaction Banking Needs | |
| Timely Follow-Up | |
| Proactive Provision of Advice | ICICI Bank, Bank of America |
| Knowledge of International Banking Needs | Standard Chartered Bank |
2023 Greenwich Excellence Awards for Indian Middle Market Banking
In this, more than 70 Banks Evaluated but only 3 have distinctive quality.
| Category | Bank |
|---|---|
| Ability to Digitize KYC Processes | HDFC 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 Contact | Axis & ICICI Bank |
| Effective Senior Management Support | |
| Timely Follow-Up | |
| Knowledge of International Banking Needs | ICICI 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).
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