Miarka says companies' interest in doing more trade finance with global banks is part of a broader trend toward concentrating their business with fewer banks and also reflects the fact that working capital may be managed more effectively if the company uses the same bank for trade finance, cash management and FX management.

"For many companies right now, to effectively manage their working capital is key," he says. "They want to avoid loans as much as possible. At the same time, if you have excess cash, you don't get a lot of interest on that."

"That doesn't mean that large international banks have, by definition, an advantage," Miarka adds, noting that some regional banks over time have built up global capabilities that work well for their local clients. "It is really about the level of service and understanding of the client." Many times the local provider might have a better understanding of the particular needs, always provided that they can deliver on an international level.

Miarka says the Greenwich survey shows that Asian companies are much more likely to use trade finance as a means of finance because access to loans and other types of financing are much more limited in Asia. In the U.S. and Europe, trade finance is more of a risk-management tool, he says, that companies use to mitigate both individual counterparty risk and sovereign risk, as well as pursue improvements in working capital management.

See Greenwich's press release on the survey here.