Commercial International Bank and Bank of Jordan awarded as ‘Country Winners’ by Global Finance Awards, 2019. Capital Sigma and Intellect’s asset servicing solutions live at both of these banks.

Sub-custodian banks are the eyes and ears on the ground for their clients in distant lands. They are local custodians who hold securities for global custodians and handle a wide range of administrative services. In the 17th year of selecting the world’s best sub-custodian banks, Global Finance honors those institutions that—safely and efficiently—provide the services that make cross-border securities investing possible.

These agent banks—with deep knowledge of local business conditions—can offer valuable advice about markets and regulatory developments. They offer a long list of administrative services: payments, corporate-action processing, proxy voting, transfer agency services, accounting and others. In many cases, sub-custodians also offer securities lending and foreign exchange.

In this years’ survey, Global Finance awards the Best Sub-Custodian Banks in seven global regions involving 82 countries.

A Proud Moment for Intellect

It is indeed a proud moment for Intellect as two of our clients – Commercial International Bank, Egypt and Bank of Jordan, Jordan were recognized as best sub-custodians and country winners by Global Finance in its recent awards ceremony. Intellect’s Asset Servicing solutions – Capital Sigma is live at both of these banks.

Commercial International Bank is the largest private sector bank in Egypt where we implemented a customized solution that catered to multiple depositories, currencies, asset classes and languages that helped the bank -

  • Achieve STP > 95%
  • Have real time view of positions across multiple Depositories
  • Service different client segments on the same platform

Bank of Jordan is the second largest financial institution in Jordan where comprehensive modules for Clearing & Settlements, Corporate Actions and Fee & Billing from Capital Sigma was implemented providing API based online and batch interfaces to market entities and internal systems.

Our solution helped the bank:

  • Reduce operational inefficiencies
  • Increase the STP rate by > 95% thereby increasing the overall business advantages
  • Went live within 6 weeks at Bank of Jordan.

Metodology-Global Finance’s editorial board considered market research, input from expert sources and entry information from banks to select the institutions that reliably provide the best services in 82 countries and seven regions of the world. The criteria included customer service, competitive pricing, smooth handling of exception items, technology platforms, post-settlement operations, business continuity plans and knowledge of local markets, regulations and practices. Performance was judged over the calendar year 2018.

To view the list of country wise winners, click on the following link: