HSBC named ‘Best Forex Bank in RP’

HSBC in the Philippines recently topped the annual foreign exchange poll conducted by the international finance magazine, Asiamoney, bagging the "Best Foreign Exchange Bank in the Philippines" award for the fourth consecutive year.

HSBC emerged as the top foreign exchange bank in the country, as corporate treasurers and finance managers cited the bank’s competitive pricing and good quality service. HSBC led by a wide margin Citibank and Deutsche Bank, who came in second and third place, respectively.

Asiamoney’s poll showed that despite all the other "add-ons" to banks’ services, pricing remains the most important criterion for selection. Speed of execution is also a factor. Corporate treasurers also prefer sales staff, who show an understanding of their business needs and who can give useful advice on overall forex exposure.

Demand for electronic forex operations in Asia was also evident in the poll. When asked about what services they would like to see on the Internet, respondents cited the following: instant market news on forex; more informative charts and historical data; consolidated electronic forex platforms; real time quotations for key currencies and derivatives products; better research and forecast reports; on-line trading and better security for information.

Overall, HSBC regained the title of "Best Foreign Exchange Bank in Asia", after Citibank won the position in 2000 for a year. This year, HSBC is also rated No. 1 in foreign exchange in Hong Kong, Indonesia, India and Thailand.