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Leading figures from the banking and capital markets across Latin America gathered in London on Thursday to hear the announcement of Euromoney’s Awards for Excellence 2015, considered the benchmark for leading firms in financial services globally.
BBVA has been named by Euromoney magazine as the best bank in Latin America.
During the past year BBVA has outperformed the other pan-regional banks and has grown revenues and earnings, and improved its offering of products and services to its clients, which for the first time exceeded 10 million.
“BBVA has been strengthening in Latin America for many years and is a leading retail bank in nearly all of largest markets in the region,” notes Euromoney. “The bank’s network is a very important part of the bank’s global business.”
“Regulatory changes will drive increased competition from regional players from within Latin America – HSBC and Citi’s retail retreat from Latin America is proof of that – but BBVA has set the standard for those that wish to develop truly regional banking breadth.”
Citi’s retrenchment in its retail bank hasn’t affected its ability to provide organizations in Latin America investment banking services. Citi retained the award for best investment bank in the region for a second year running with an impressive all round display – as well as being named best investment bank in Argentina and Peru.
Traditionally a regional power house in DCM – the bank won best regional debt house by extending its market share across nearly all debt segments – Citi has also extended its expertise and transaction volumes in equities and M&A.
JPMorgan was named best regional equity house for an impressive collection of mandates in an otherwise quiet year for the product in Latin America – and particularly in Mexico, which was the standout market for equities.
Bank of America Merrill Lynch won best M&A house due to the breadth of its mandates in Latin America, with the bank leading in M&A fee generation.
HSBC won best flow house and best risk house – a reflection of the investment the bank has made in its trading platform in recent years. HSBC has also been building out its equity capabilities within the region in an aggressive counter-cyclical strategy and its breadth and depth especially in the corporate sector is unmatched.
BAC International Bank was named the best bank in Central America and the Caribbean. The region is finally becoming more cohesive in terms of retail banking and BAC has been at the forefront of creating a pan-regional banking platform.
The bank now has $17.4 billion of assets in the region and generates $324 million in net income from its operations that span Panama, Guatemala, Honduras, El Salvador, Nicaragua and Costa Rica – as well as having operations in Mexico.
“The region of Central America and the Caribbean has long been a disparate grouping of economies that had relatively little interaction and were instead more affected by the gravitation pull of the US,” notes Euromoney.
“However, this is changing and – in part – thanks to efforts by banks such as BAC the region is taking advantage of regional growth that will benefit businesses and consumers in this region.”
JPMorgan was named the best investment bank in Central America and the Caribbean, with the firm amassing an impressive portfolio of transactions in the past year, including three separate bond transactions for the Republic of Mexico.
Competition for best bank and best investment bank was fierce for many of the individual country awards. In Brazil, Itaú BBA won best investment bank and Bradesco was named best bank.
In Mexico, Banorte won the best bank award – the first purely local bank to win the award since 2011 – and HSBC took the best investment bank award as its strategy of focusing on developing its regional equity platform in the country paid-off.
In Chile, Banco de Chile was named best bank, with JPMorgan best investment bank and in Colombia Banco de Bogotá retained its award for best bank with JPMorgan winning best investment bank in the country.
Latin America Regional Awards for Excellence
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Country Awards for Excellence
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Central America and Caribbean Regional Awards for Excellence
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Country Awards for Excellence
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NOTES TO EDITORS
A full list of winners of Euromoney’s Awards for Excellence 2015, as well as detailed citations for all of the winners, is available on our website from 23:30 BST on Thursday, July 9, at the conclusion of our Awards Dinner in London.
Euromoney’s award decisions are made by a committee of senior journalists, chaired by Euromoney’s editor, following the receipt of detailed submissions from market participants and extensive year-round research into the banking and capital markets in the region by our editors, journalists and research team.
For more information on the Latin America awards, contact:
William Powell
Deputy publisher
Euromoney
or
Rob Dwyer
Latin America editor
Euromoney