In another major milestone for the domestic banking industry, HNB PLC was presented with the award for Best Sub-Custodian Bank in Sri Lanka at the recently concluded Global Finance Awards 2020.
The award marked the second consecutive year in which the bank was declared country winners in a category which prior to 2018 had been dominated by multinational banks.
“As one of Sri Lanka’s largest and most trusted financial institutions, HNB is honoured to have received such a prestigious international accolade; especially given that our operations were first launched only four years prior.
“HNB’s emergence as Sri Lanka’s leading provider in sub-custodian banking for the second year running stands as a testament to our ability to deliver cost-effective, rapid, and reliable service that takes full competitive advantage of our local expertise, partnerships and knowledge,” HNB Head of Custody and Trustee Services, Tyrone Hannan said.
In presenting the country award to HNB, Global Finance’s editorial board considered market research, input from expert sources and entry information from among Sri Lanka’s most respected banks in order to select the institutions that reliably provide the best services.
“As the first home-grown private sector commercial bank to engage in Custodian banking services in Sri Lanka, HNB ability to capture leadership in this space has been driven by the strength of our global and local relationships, as well as our significant and continuous investments in technologies that optimised efficiency and service capabilities. The success we have achieved in this regard is a testament to outstanding efforts and ability of our team and their ability to harmonise relationships with extensive local knowledge and cutting edge technological capabilities in order to deliver unparalleled service,” HNB Managing Director/CEO, Jonathan Alles stated.
Since commencing operations in June 2016, HNB rapidly expanded its capabilities in order to provide custody, trustee and escrow services in addition to fund accounting, and margin trading products for a variety of customers including a total of 22 Unit Trust funds. In short order, the bank has grown to become the market leader in Trustee Services to Asset Backed Securities and Debenture issues in addition to maintaining a dominant position in Custody Services for local Fund Managers, High Networth Individuals and Insurance companies.
Over recent years, there has been a marked increase in the demand for custodian services worldwide due to the added complexity in compliance and reporting requirements. The stricter regulatory rules have compelled financial institutions to approach custody banks to take care of accounting, back office and middle office activities. The resulting increase in the size of assets under custody for the world’s largest custodians has driven top-line growth by boosting fee-based revenues.
Founded in 1987, Global Finance has a circulation of 50,000 and readers in 187 countries. Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. This year, selections for the 18th annual Best Sub-custodian Bank Awards took place across seven regions including banks in more than 80 countries.
HNB was adjudged the Number One business entity among top Sri Lankan corporates by Business Today and has been receiving continuous praise for its pioneering initiatives across the entire spectrum of its operations. The Bank was judged 'Best Managed Bank in Sri Lanka by the prestigious Asian Banker Magazine while the Bank's Managing Director/CEO, Jonathan Alles was conferred with the Asian Banker' CEO Leadership Achievement' award. Among its several accolades, HNB was declared 'Sri Lanka's Best Bank' for 2019 by Euromoney Magazine for the third time, in addition to being ranked among the World Top 1000 Banks list compiled by the prestigious UK-based, Banker magazine, further strengthening its status as Sri Lanka's pre-eminent private sector bank. Recently, HNB was recognised among the ‘Top 10 Most Admired Companies in Sri Lanka’ by the International Chamber of Commerce, Sri Lanka and the Chartered Institute of Management Accountants (CIMA). HNB's remarkable track record of excellence secured it the first place ranking ahead of all Sri Lankan banks included in the LMD Top 100 Club – a position which was evaluated based on its performance over the past 25 years.
