“These three banks
also secure the top spots among middle market banking companies, with HDFC in first place and ICICI and SBI statistically tied at the second spot”, the study further said.
Among foreign banks, Standard Chartered Bank and Citi are tied statistically with a market penetration of 51–54 per cent among large Indian corporates, followed by HSBC at 50 per cent. In the middle market space, among foreign banks, HSBC ranks first and Standard Chartered in second and Citi a close third.
The result of the Greenwich study points out that even when PSU banks
retain their status as a company’s lead credit provider, they are being cited less often as leading providers in non-credit products such as foreign exchange and cash management—roles that are being filled most often by private sector banks.
The one outlier to this trend is State Bank of India. SBI, which has moved faster and made more progress than other PSU banks
to address the NPA issue, actually increased its share of lead corporate banking relationships to 6 per cent of large companies in 2018 from 4 per cent in 2016, the study added.
The study also estimates that 92 per cent of Indian companies will make a change in their corporate banking roster in 2019.