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Banco de Credito del Peru (BCP) has been named Latin America’s best bank in the Euromoney Awards for Excellence 2016. The Peruvian bank broke the recent stranglehold of the international banking franchises in the region – and overcame the Brazilian powerhouses that dominate the awards for best home-grown banks – to win an award that reflects the strategic direction the bank has taken under the leadership of CEO Walter Bayly.
BCP pivoted from expansion to consolidation, from risk-on to risk-based return, having realized that the country and the region would be hit by a slowdown in demand from China, the end of the commodity super-cycle and an end to easy international finance.
Recent results reflect that this strategy is shrewd – and execution on that strategy has been excellent.
Citi was named as Latin America’s best investment bank – retaining the award it won in 2015. The US bank’s breadth and depth across territories and markets make it the outstanding financial institution that is active in the region today.
Citi participated in more transactions than any other bank, it lent more to the region than any other bank, it was the leading M&A adviser in announced and completed M&A (deals over $1 billion threshold), and it was ranked in the top three in every international and local bonds category (from Dealogic).
Citi also won the award for best bank for markets and the award for excellence in transaction services in Latin America.
One of the most eye-catching awards was BR Partners’ accolade as best advisory house in the region. The Brazilian firm was only formed in 2009, but – headed by founder Ricardo Lacerda – it has rapidly won prestigious mandates in M&A and other advisory services.
HSBC belied the negative headlines surrounding the disposal of some of its retail and corporate businesses in Latin America to win the award for best bank for financing.
HSBC’s performance in bonds and loans – the themes of the past 12 months – was unrivalled and it is also building its equities business throughout the region, particularly in Mexico.
Santander Private Banking won the award for best bank for wealth management in Latin America due in large part to its ability to connect clients using a team of experts across the investment bank, commercial bank and investment management.
Santander also won the award for excellence in banking services to SMEs – reaping the rewards of its commitment to the sector after it launched a global platform for SMEs.
Other new awards this year include Latin America’s best bank for corporate social responsibility, which was won by Nicaraguan-based Lafise Bancentro.
The bank’s creation of a partnership between the public and private sector provides elementary students and teachers each with a laptop, training and 61 programmes to improve educational quality.
The Dominican Republic’s BanReservas took the award for best bank transformation.
Under the stewardship of CEO Enrique Ramirez, the bank has transformed its strategy – as well as customer service – and that has led to a radical improvement in financial results. The bank has also pursued significant growth in its private-sector business, which has shaken up the banking system and has been a key facilitator in developing targeted economic support – and GDP growth – to the improving economy.
BAC International Bank was named best bank in central America and the Caribbean. The bank’s strategy is not just to be in the core markets but to act as a single institution in terms of marketing strategy, technological infrastructure, financial platform and management team.
This integration has many advantages – not least enabling the bank to claim economies of scale that have driven impressive growth and results.
Many the country awards saw fierce competition, but there was a notable win in Brazil for Bradesco, which won best bank, and its investment banking division Bradesco BBI took the award for best investment bank with its strong performance at the bottom of the cycle and its strategic call of the market.
In Mexico, BBVA replicated this dual dominance, with BBVA Bancomer being awarded the best bank in the country, with double-digit growth in net income – the fruition of a transformation plan that the bank launched in 2013. BBVA also took the award for best investment bank.
About the Awards for Excellence
The main purposes of these changes are: to move away from awards based on individual product categories where other determinants of status and ability are readily available; to focus on banks/investment banks that can demonstrate an ability to deliver the different parts of their firms to meet clients’ needs and adapt to market and regulatory conditions, and to consider candidates for these awards that might not be global in scale, but are truly world class in the way they are run and in the services they deliver to clients.
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. Euromoney’s Awards for Excellence cover global categories, best-in-class awards in all regions and the best banks in close to 100 countries around the world.