Asia-focused publication The Asset has recognised HSBC as Best in Escrow Agency in their Triple A Asset Servicing Awards 2020. The Best in Escrow Agency is a new category launched this year, following a sharp increase in demand for the product among Asian institutional investors. According to The Asset, demand has largely been driven by exponential growth in capital market transactions, particularly those involving private equity and real estate deals.
In the last couple of years, HSBC has been enriching its escrow proposition by expanding its footprint across Asia and the Middle East. In Asia, in addition to Hong Kong, Singapore, India and China, clients can now access HSBC’s escrow services in Thailand, the Philippines, Mauritius and, as recently as July, Bangladesh.
Suvir Loomba, Head of Issuer Services APAC, says “The acceleration of our expansion strategy in the last two years was a direct response to the increase in intra-Asian transactions, which also drive financial flows in the region. So, we are very pleased that our efforts to deliver a best-in-class experience to HSBC’s clients across the region have been recognised by The Asset. This is testament to our commitment to clients during unprecedented times.”
|Escrows are widely used to support trade finance transactions, being a convenient and secure cash solution to facilitate domestic or cross-border transactions. It is also a strategic tool used by capital markets participants to protect funds and gain assurance of milestone payments, with HSBC’s Issuer Services business safekeeping the funds. To find out more, please click here.|
We are very pleased that our efforts to deliver a best-in-class experience to HSBC’s clients across the region have been recognised by The Asset.
View HSBC’s escrow map to find out the locations where we offer this product.
Digitalisation has also played an important part in HSBC’s escrow strategy. Simplifying account opening, automating deal processing and creating more efficiencies overall for clients is a critical component of HSBC’s Issuer Services vision. The Asset observed that by building its strong escrow franchise, “HSBC has become one of the region’s dominant players”.
Simon Field, Global Head of Escrows says: “This recognition is very important for us as it acknowledges our strategy of enhancing our escrow product capabilities, including the expansion of our market coverage. We have also changed our approach and are exploring opportunities outside of spaces where escrows are most commonly used. We are being more creative with the sectors we cover, so we can support more clients.”
Simon Field joined HSBC’s Issuer Services team in 2020, from HSBC’s Global Banking division where he headed the Public Sector business for South and Southeast Asia. Field’s appointment marks another important step in the acceleration of HSBC’s escrow strategy.
Read the full article from The Asset here.
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