Less than a quarter of third-party distributors of structured retail products believe the creditworthiness of the manufacturing bank is a key criterion in deciding which bank to partner with, according to research by Greenwich Associates.

Greenwich’s survey of 115 European distributors, including private banks, savings banks, insurance companies and fund managers, found that competitiveness of pricing was by some distance the most important factor used to decide which investment bank to ally with, cited by 80 per cent of respondents.