Asiamoney Best Bank Awards
LATEST ARTICLES
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Despite challenges both domestically and abroad, MUFG Bank has been named Japan’s best domestic bank following a relatively strong financial performance that supports the business's growth.
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Citi is the best international bank in Japan this year after a period of good financial performance and the introduction of changes to improve efficiency and returns.
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Sumitomo Mitsui Banking Corporation has backed initiatives to support the elderly and the young and to improve education among those who struggle to access it in the country. It is named best bank for corporate social responsibility in Japan this year.
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For underwriting a range of sustainable debt financings and an equity deal over the awards period, Morgan Stanley wins Japan’s best bank for environmental, social and governance this year.
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Resona Group wins best bank for small and medium-sized enterprises this year. It rivals the country’s larger banks in terms of the scale of its loan portfolio to the segment and its commitment to these businesses through various products and services.
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MUFG Bank is Japan’s best bank for corporates after a period of impressive financial achievement. It has made investments to help foster the development of the country’s startup culture and to help improve sustainability among its corporate community.
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After a period that saw the bank achieve solid market share in all core parts of its investment banking business in Japan, Morgan Stanley is named best investment bank in the country this year.
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Golomt Bank takes the best domestic bank award for Mongolia this year in recognition of its financial performance and efforts to improve sustainability and diversity.
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Mongolia’s best bank for corporates this year is Golomt Bank, which has enhanced its products and services to support the changing needs of domestic corporates.
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Golomt Bank distinguished itself during the awards period as a leader in corporate social responsibility demonstrating commitment to Mongolia's social and economic development and cultural heritage.
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Khan Bank, the largest commercial bank in Mongolia, has been named best bank for environmental, social and governance in the country this year in recognition of its work to develop green financial products and services and to support sustainability.
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Trade and Development Bank (TDBM) takes the diversity and inclusion award in Mongolia this year thanks to its clear strategy to improve gender equality within and outside the bank.
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Citi is Kazakhstan’s best bank for corporate social responsibility after running initiatives to support the local community and to promote sustainability.
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Halyk Finance wins best investment bank in Kazakhstan. Rated BB+ by Fitch, it has the highest credit rating among domestic banks with no foreign participation.
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Hana Bank wins best domestic bank in Korea this year after a solid financial performance and innovation in its digital offering.
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After performing strongly across all products, recording high income growth and enhancing its offering, KB Securities is Korea’s best investment bank this year.
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High mobile phone penetration in Mongolia has driven domestic banks to ramp up their digital transformation efforts. Khan Bank was the first in Mongolia to introduce internet banking in 2007. Its mobile application was launched in 2013, and in 2022, users of its digital platform totalled 1.7 million (close to 50% of the population), with the ratio of transactions made through digital channels over conventional reaching 99%.
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Khan Bank is Mongolia's best bank for small and medium-sized enterprises after having grown its business and commitment to the segment.
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Citi is named best international bank in Korea after an improved year-on-year financial performance.
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The implementation of a clear and successful digital strategy sees kakaobank take best bank for digital solutions in Korea.
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Industrial Bank of Korea is named the best bank for small and medium-sized enterprises in Korea this year thanks to its provision of specialized services to the sector, from flexible financing to personalised advisory.
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International sanctions against Russia and a slowdown in China’s economy have presented difficult challenges for Kazakhstan’s banking industry this year. Nevertheless, the country’s best domestic bank, Forte Bank, put in a good performance.
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Citi is the best international bank in Kazakhstan, with a 25% market share of processed payments through correspondent accounts. It provides Kazakh clients with a variety of cross-border products, such as debt capital markets and services to those considering international expansion.
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Hamkorbank, one of the first banks opened in the country following independence in 1991, wins best domestic bank in Uzbekistan for its performance over the awards period this year.
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Hamkorbank wins best bank for small and medium-sized enterprises in Uzbekistan in recognition of its continued commitment to providing high quality service to SME clients in the country. Some 98.87% of the bank’s corporate clients are SMEs, and as of January 1, 2023, Hamkorbank holds 19.12% of the SME market in Uzbekistan.
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Asia Alliance Bank is the best bank for digital solutions in Uzbekistan following continued improvement in its digital platform. In the past year, it has worked with a software developer to design and launch a new app.
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The first domestic bank in Korea to produce a sustainability report, Shinhan Bank is named best bank for environmental, social and governance in the country after pursuing a robust sustainable agenda through financing activities and a series of sustainable partnerships.
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Shinhan Bank is Korea’s best bank for corporate social responsibility. It has an extensive range of initiatives targeting individuals of all ages and abilities, and it supports business startups across the country.
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Tenge Bank, a subsidiary of Halyk Bank, the largest financial group in Central Asia, wins the award for best international bank in Uzbekistan.
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Citi is named best bank for diversity and inclusion in Japan after introducing a range of programmes and benefits for employees with a broad impact.
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Following a notable period of growth for Japan’s largest bank by customers, Rakuten Bank wins the best bank for digital solutions award this year.
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Kiatnakin Phatra Securities
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Maybank Investment Bank
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Vietcap Securities
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Siam Commercial Bank
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China Merchants Bank
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SBI Royal Securities
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Indo Premier Sekuritas
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Which banks in each market have excelled across a range of core banking activities over the past 12 months?
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Ping An OneConnect Bank
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Airtel Payments Bank
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Commercial Bank of Ceylon
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Ping An Bank’s transformation over the last five years has given it an undisputed, and long, lead over its peers in digital solutions.
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Bank of China has long been at the forefront of the mainland’s environmental, social and governance ambitions, and its pivotal role in driving the national agenda has gained steam in recent years.
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Japan’s biggest banks generally recorded solid performance in the financial year ending March 31, 2022, thanks to their retail and global corporate banking business lines. Of the lot, Mitsubishi UFJ Financial Group impressed the most, making it Asiamoney’s best domestic bank in Japan in 2022.
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Citi’s global franchise needs little introduction. The same is the case in Japan, where the US bank has been present for 120 years and has built a reputation for offering world-class financial products and services.
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In its 50 years in Japan, Morgan Stanley has showcased how effectively it can navigate challenges and remain impactful as it proves its mettle and expertise to clients.
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Japan’s biggest banks generally recorded solid performance in the financial year ending March 31, 2022, thanks to their retail and global corporate banking business lines. Of the lot, Mitsubishi UFJ Financial Group impressed the most, making it Asiamoney’s best domestic bank in Japan in 2022.
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Nomura has taken its corporate social responsibility initiatives in Japan and overseas very seriously for a long time. It has been involved in pioneering financial literacy since the 1990s – and it is still a key area of focus.
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Citi’s global franchise needs little introduction. The same is the case in Japan, where the US bank has been present for 120 years and has built a reputation for offering world-class financial products and services.
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Small and medium-sized enterprises in Japan still face a tough business environment: even though the effects of the pandemic have eased somewhat, supply-side limitations, such as a rise in raw material costs and fuel hikes, have added to the pressure.
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Digitalization in Japanese banking took a big leap during the pandemic. As customers had no choice but to go virtual for their banking needs, digital solutions were crucial. With its strategic goal of helping to solve social issues digitally, Rakuten Bank stands out from the pack.
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China Merchants Bank was a clear outlier among its domestic banking peers in the mainland in the past year as its 3.0 business model took shape and produced solid results.
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As the world’s largest bank by assets, Industrial and Commercial Bank of China has proven time and again that it is more than capable of navigating any headwinds and challenges that come its way.
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Small and medium-sized enterprises are the mainstay of the Chinese economy, given they account for about 97% of all firms in the country and play a vital role in providing employment opportunities.
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Every bank in China has put corporate social responsibility firmly in its sights, especially over the past few years of pandemic-induced hardships. But the Asiamoney 2022 award for best bank for CSR in the country goes to China Construction Bank for going above and beyond the standard CSR focus.
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HSBC has operated in mainland China since 1865 and is a force to be reckoned with: it is the largest foreign bank in the country, operating in 50 cities, with 150 outlets and over 7,000 employees.
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As a US bank operating in China, Citi has had to balance difficult political relations between the two countries to run its business, navigating trade tensions, a sparring of words between the presidents of these two superpowers, disputes over US audits of Chinese firms, and the near-halt of lucrative China-into-US IPOs.
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Excelling at diversity is about much more than naming a couple of women to top jobs.
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Creating a version of Silicon Valley in Mongolia has always been the driving force behind LendMN, founded by Anar Chinbaatar, Boldbaatar Ochirsuren, Otgonbayar Uuye and Otgonbayar Purevsuren.
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There are few Asiamoney awards categories for Kazakhstan that Halyk Bank doesn’t have a reasonable claim to this year. Its investment and corporate banking franchises are hard to beat, while its role in supporting small and medium-sized enterprises and its prowess in disrupting its own business model deserve a shoutout.
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There are few Asiamoney awards categories for Kazakhstan that Halyk Bank doesn’t have a reasonable claim to this year. Its investment and corporate banking franchises are hard to beat, while its role in supporting small and medium-sized enterprises and its prowess in disrupting its own business model deserve a shoutout.
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Citi has operated in Kazakhstan for more than 25 years; even so, the challenges posed by the pandemic, geopolitical events and the most aggressive US Federal Reserve tightening cycle in decades still came as quite a shock.
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Bank CenterCredit, one of Kazakhstan’s oldest commercial banks, has evolved to form the backbone of the corporate system that stabilizes the economy. Its extensive branch network and its universe of correspondent relationships with more than 40 foreign banks have proved indispensable in these last few years.
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Home Credit Bank Kazakhstan has made tech disruption its brand over the years.
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Khan Bank’s chief executive, Munkhtuya Rentsenbat, landed the top job at an unusually challenging time: it was December 2020, when the economic cracks due to Covid-19 were appearing and shaking world markets.
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In the past year, Trade and Development Bank of Mongolia consolidated its leading position as the universal banking service provider of choice for corporations.
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In the past year, Trade and Development Bank of Mongolia consolidated its leading position as the universal banking service provider of choice for corporations.
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No one does corporate social responsibility in the country on the scale of Trade and Development Bank of Mongolia, which pairs its CSR operations with its increasing commitment to sustainability in the local market.
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When Norihiko Kato took the helm of Golomt Bank in 2019, he had little idea of the global chaos to come. The Covid-19 pandemic greatly complicated plans to expand the bank’s business in the retail, corporate and small and medium-sized enterprise sectors. But Golomt succeeded anyway.
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Shinhan Bank arguably pioneered the finance culture that built the modern banking industry in South Korea. The firm has its roots in Hanseong Bank, which dates back to 1897. But even now, Shinhan is setting the pace for the country’s financial sector.
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Shinhan Bank arguably pioneered the finance culture that built the modern banking industry in South Korea. The firm has its roots in Hanseong Bank, which dates back to 1897. But even now, Shinhan is setting the pace for the country’s financial sector.
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In May 2022, when South Korea’s startup accelerator D.Camp opened its first office in the port city of Busan, Kam-Chan Ahn topped the list of VIP invitees. After all, as chief executive of regional powerhouse Busan Bank, Ahn’s leadership team has carved out quite a name for itself among innovators in Korea’s second-biggest city.
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The unmatched global network that Citi brings to South Korea is offering local clients ready access to international markets. The bank also excels at providing multinational corporations operating in Korea with access to the local market, making it an obvious choice for best international bank in the country.
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Like South Korea’s economy, KB Financial Group has a knack for coming through a crisis looking relatively unscathed.
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KB Kookmin Bank has boosted its support for small and medium-sized enterprises at incredible speed in recent years, with a tilt towards South Korea’s blossoming technology sector.
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It is said that the true test of leadership is a crisis – and KakaoBank’s top executives were certainly put to the test on several occasions during the awards period.
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Most banks pledging to reduce carbon footprints tend to target the end of the decade. Few can claim to have as ambitious a plan to get there as Hana Bank, which is carrying out a 30/60 plan.
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In August 2022, Woori Bank’s parent company, Woori Financial Group, put the law of big numbers to great use. Its plan to offer financial assistance worth W23 trillion ($17 billion) to socially vulnerable groups over three years garnered banner headlines.
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ForteBank is doing more than its fair share of helping Kazakhstan to navigate a difficult global environment.
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ForteBank is doing more than its fair share of helping Kazakhstan to navigate a difficult global environment.
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ForteBank is doing more than its fair share of helping Kazakhstan to navigate a difficult global environment.
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There are few Asiamoney awards categories for Kazakhstan that Halyk Bank doesn’t have a reasonable claim to this year. Its investment and corporate banking franchises are hard to beat, while its role in supporting small and medium-sized enterprises and its prowess in disrupting its own business model deserve a shoutout.
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There’s a new player in Vietnam and it’s disrupting the banking industry, snapping up customers at a rapid clip, and slowly but surely grabbing a bigger piece of the pie.
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There are many reasons why Maybank is Asiamoney’s pick for best international bank in Cambodia.
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This January was quite a milestone for UOB. The Singaporean bank agreed to acquire Citi’s consumer banking business in several southeast Asian countries, including Thailand.
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What do you get when you combine solid financials, a comprehensive franchise, digital banking prowess, a big ESG impetus and even bigger ambitions for growth? Answer: UOB, Asiamoney’s pick for best domestic bank in Singapore for 2022.
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HSBC had its share of headwinds in the past year. Covid variants hit Indonesia’s economy and businesses, but the bank emerged stronger than ever and was the clear winner of the award for best international bank in Indonesia for 2022.
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As a universal bank that has been around for five decades, Metrobank has a solid reputation in the Philippine banking industry.
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The last two years have taught Indonesian lenders one hard but important lesson – customers need banking, but they don’t necessarily need banks.
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Standard Chartered’s credentials in the environment, social and governance field are well known. Like many others, the bank has committed to reach zero carbon emissions from its operations by 2030 and from its financing 20 years later.
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Bank Rakyat has been playing a significant role in the area of ESG in Indonesia, using its reach and credentials to help the natural resources and coal-reliant country adopt better practices.
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HSBC, which opened in Vietnam in 1995, is now a full-scale bank with a solid franchise. It wins Asiamoney’s award for best international bank in Vietnam thanks to the kind of advice it offered clients in the past year, stressing the need to stay focused rather than chasing every opportunity in this fast-growing economy.
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HSBC, which was the first commercial bank to be set up in Thailand in 1888, still leads the way among its international banking peers. It’s a feat that makes it Asiamoney’s best international bank in Thailand in 2022.
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Among Cambodia’s local investment banks, SBI Royal Securities is the one to beat, thanks to its experienced team, strong shareholder support, large network of investors and an excellent track record of deals.
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Bangkok Bank, Thailand’s largest bank by total assets and southeast Asia’s sixth-largest lender, has all the metrics to warrant our award for best bank for digital solutions in Thailand.
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DBS takes home three Singapore awards from Asiamoney this year: best investment bank, best for digital solutions and best for CSR.
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The Philippines has long punched above its weight in gender equality. In the latest World Economic Forum rankings, it’s the only Asian economy listed in the top 20. Ranked 19th, it is 83 rungs ahead of China and 97 ahead of Japan (Iceland and Finland top the list).
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Credit Suisse is making the most of its 30th year in the Philippines, despite the turbulent markets and volatile fundraising conditions.
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Small and medium-sized enterprises are often described as Indonesia’s growth engines. But they also took one of the biggest beatings during the pandemic as lockdowns and disruptions in supply chains impacted their operations.
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Bank Rakyat has been playing a significant role in the area of ESG in Indonesia, using its reach and credentials to help the natural resources and coal-reliant country adopt better practices.
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UOB Indonesia’s initiatives concerning art take its corporate social responsibility agenda to a whole new level.
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Hong Leong Bank has come a long way since it received its operating licence for Cambodia in August 2013, becoming the newest Malaysian bank to enter the country. Already it has made clear its ambitions and plans for growth in the country.
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Fifty years of building repeat business relationships with local firms – whether energy company PTT Group, conglomerates such as Charoen Pokphand Group, Bank of Ayudhya, transport outfit BTS Group Holdings and Bangkok Dusit Medical Service – can pay off in times of market turbulence. That was the case with Kiatnakin Phatra Securities over the past year, but it takes the best investment bank award for 2022 for going a step further when it comes to helping clients.
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HSBC’s Singapore franchise has really come into its own in the past few years, signalling to rivals that it’s no longer a Greater China one-trick pony, but a bank with a broad geographical footprint, including a booming Singapore and southeast Asia business.
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In an era when most investment banks scramble to help small and medium-sized enterprises repair past damage, CIMB deserves kudos for looking ahead to where Malaysia Inc hopes to go.
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Deutsche Bank is as good as a local lender given it has been in Indonesia for more than 50 years. Its commitment to the southeast Asian nation is reflected in its strong presence with more than 300 employees working across its key business pillars – foreign exchange and bond trading, investment banking, custody services, trade finance and cash management.
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In an age when banks everywhere are playing catch-up with ESG principles, Maybank’s longstanding commitment to diversity in its ranks is winning important shoutouts. Although there are other measures, Bloomberg’s GEI carries real weight in the industry because of its place at the nexus of financial data and reporting.
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Since 1978, BPI Foundation has been a cornerstone of the Philippine economy’s social development.
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In close to 30 years of offering Shariah-compliant products and services, Public Islamic Bank has become part of Malaysia’s market infrastructure, paving the way for the industry and its constellation of issuers and investors.
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Kasikornbank added a major feather to its cap in February when it earned S&P Global’s highest ESG scores in Asean. It also won S&P’s prestigious Global Silver Class distinction.
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Siam Commercial Bank is often celebrated for driving Thailand’s economic development over the past 100 or so years. These days, however, the bank is getting more attention for leaning rather boldly into the century to come.
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Bank of the Philippine Islands was the first bank set up not just in the Philippines but the broader southeast Asian region, too. Over the last few decades, it has consistently ranked among the biggest Philippine institutions in terms of total assets, capital, market capitalization and profitability.
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When Credit Suisse accepted a mandate in October 2021 for IOI Corporation’s $300 million, 10-year bond, many observers in Malaysia could not help but wonder if the Swiss bank was trying to make a point.
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Despite all the investment banking rivals nipping at its heels in 2021, Maybank Investment Bank, which has spent 49 years navigating the ebbs and flows of Malaysia’s event-rich economy, proved unbeatable.
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With a history dating back 77 years, Bank of Ayudhya has long been a vital part of the fabric of Thailand. It proved that time and again in the past two years, too, especially with its leadership in corporate social responsibility.
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With a 120-year history in Singapore, Citi can almost be considered a local bank. The US major operates in the southeast Asian city through three entities: Citibank Singapore, Citibank Singapore branch and Citicorp Investment Bank (Singapore).
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Canadia Bank, one of Cambodia’s oldest banks, has seen plenty of changes over the past five years, including the steady refocusing of its business lines.
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DBS takes home three Singapore awards from Asiamoney this year: best investment bank, best for digital solutions and best for CSR.
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When it comes to combining banking and innovation in Cambodia, one doesn’t need to look any further than ABA Bank. With chief executive Askhat Azhikhanov in the hot seat, the firm has made bringing new technology to Cambodia’s financial sector a priority. Case in point: it was the first to launch a full-scale mobile banking app in Cambodia in 2015.
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UnionBank of the Philippines took a pioneering step in July 2021 that caught the market’s attention: it unveiled a partnership with the International Finance Corp to issue social bonds to finance small business loans.
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Viet Capital Securities has become Vietnam’s leading investment bank and brokerage house since it was set up 15 years ago.
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UBS has come a long way in the Philippines since it opened a rep office in Manila in 1996. It wasn’t until 2004 that UBS opened its full-fledged office in the Philippines, led by the veteran banker Lauro Baja, who is head of global capital markets for Asia Pacific and head of global banking for the Philippines.
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One of Rizal Commercial Banking Corp’s biggest advantages is its partnership with the Cooperative Development Authority.
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DBS takes home three Singapore awards from Asiamoney this year: best investment bank, best for digital solutions and best for CSR.
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When the United Nations Development Programme was looking for a Thai bank to partner with for financial inclusion, it called Krungthai Bank.
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BDO Unibank, led by president and chief executive Nestor Tan, is the Philippines’ largest bank by assets and is often seen as a bellwether for one of Asia’s least predictable economies.
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Credit Suisse has had to put out numerous fires in the past couple of years as its global business came under pressure on different fronts. In Indonesia, however, it held its ground, making it Asiamoney’s best investment bank in the country for 2022.
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The way RHB Banking Group responded to Malaysia’s overlapping crises these last two years is nothing short of impressive.
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Saigon-Hanoi Commercial Joint Stock Bank’s corporate social responsibility programme marries caring for the community with ecological and environmental protection.
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The last two years have taught Indonesian lenders one hard but important lesson – customers need banking, but they don’t necessarily need banks.
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In banking and finance, timing is everything. When TMB and Thanachart Bank announced their merger in 2019, it made sense: two strong names joining forces to create Thailand’s sixth-largest bank.
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With a 120-year history in Singapore, Citi can almost be considered a local bank. The US major operates in the southeast Asian city through three entities: Citibank Singapore, Citibank Singapore branch and Citicorp Investment Bank (Singapore).
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Small and medium-sized enterprises are essential for economic development and job creation in most economies. But in a frontier market like Vietnam, they are even more critical, so it is important that banks cater to their needs.
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Bank Syariah Indonesia, formed last year by the merger of three state-owned Islamic banks, has rapidly proved its worth in the market.
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Citi is a strong corporate banking force in Vietnam. It has been there since 1994 and now has two branches – one in Hanoi, the other in Ho Chi Minh City – and about 800 staff.
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When a lender’s motto is “change banking, change lives”, it attracts attention. Vietnam Technological and Commercial Joint Stock Bank, also known as Techcombank, should be taken seriously with its ambitions to become one of the top 10 banks in southeast Asia and more than triple its market capitalization to $20 billion in the next five years.
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Credit Suisse’s global footprint gives it an edge when it comes to taking pole position in Vietnam’s investment banking industry. It also helps that the Swiss firm is one of the few international banks with a comprehensive frontier-market franchise, including a big focus on Vietnam.
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OCBC wins the Asiamoney award for best bank for SMEs in Singapore yet again, reflecting its continuous and growing relevance in this segment, its ability to think outside the box in bringing appealing products and services to its clients, and for its unwavering commitment to its customers – no easy feat in a Covid-hit environment.
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AmBank, led by chief executive Sulaiman Mohd Tahir, has been rapidly gaining ground at home.
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Kuala Lumpur’s banking scene is awash with savvy mobile apps that ensure customers might never again want, or need, to enter a bank branch.
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As a subsidiary of Malaysia’s Public Bank, Campu can leverage the strength and reputation of its parent when it comes to attracting clients.
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Union Commercial Bank, led by CEO Jordan Chung, is Asiamoney’s winner of the best bank for CSR in Cambodia for successfully integrating its responsibility to the community with its business activities.
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If any bank in Malaysia put pressure on its peers to play catch-up in 2021, it’s Hong Leong Bank, the nation’s oldest local financial institution.
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Citi’s Malaysia chief executive, Usman Ahmed, took the reins at the bank in February 2021, in the thick of the Covid-19 pandemic and at a time of political turmoil.
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Making the most of very little served Credit Suisse’s Cambodian investment banking operations well in the past year. During Asiamoney’s awards period, the economy was still struggling to recover from the pandemic, leading to a difficult environment for capital-raising. Yet the Swiss bank, led by head of frontier markets Babur Rais, brought some key deals to the market.
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Which banks in each market have excelled across a range of core banking activities over the past 12 months?
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Greater China powerhouse HSBC wins three of Asiamoney’s awards for Hong Kong this year: best domestic bank, best investment bank and best bank for digital solutions. And for good reason. HSBC proved its mettle across a host of different business lines, despite the triple threat of the pandemic, market volatility and pressure on net interest margins.
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Sampath Bank wins Asiamoney’s award for best bank for corporate and social responsibility this year because of the impact of its innovative and social-changing ways during Sri Lanka’s economic crisis.
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Huatai International, wholly owned by Chinese brokerage house Huatai Securities, impressed Asiamoney this year with the efforts it has made to revamp its investment banking franchise and stay relevant to clients in a difficult environment. It wins the award for the most transformed investment bank in Hong Kong.
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Credit Suisse’s willingness to take Pakistan far more seriously than many of its global peers has paid off handsomely in the past year.
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Over the last century, Sanoat Qurilish Bank has had a front-row view of Uzbekistan’s economic zigs and zags. But it is the work the bank is doing to forge a greener future that put it in front to win our awards for best domestic bank and best for environmental, social and governance this year.
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India had a tough time during the pandemic. A sharp decline in consumer spending hit many businesses, which in turn squeezed the banks and led to a 7.3% contraction in the economy in the financial year from April 2020 to March 2021.
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The nine years since Dhaka Bank incorporated its investment banking arm have been as action-packed as its executive team could have anticipated in 2013. Indeed, Dhaka Bank, led by chief executive Emranul Huq, epitomises much of the transformation seen in Bangladesh in the last decade.
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When a bank has been operating in a market for more than a century, it is bound to have established deep ties with a host of businesses, from the small and medium-sized companies to the largest, privately owned blue-chip conglomerates.
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Running a bank during the Covid-19 crisis in Myanmar is hard enough. Throw in a military coup and the situation becomes far worse.
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UCB Investment, a wholly owned subsidiary of commercial bank United Commercial Bank, was formed in 2011 but only received its licence to start operations as a fully fledged investment bank in October 2020. The period that followed was anything but typical, thanks to global turmoil and uncertainty. Through it all, the bank kept its cool to serve customers – and secure the Asiamoney best corporate bank award for 2022.
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Arif Habib’s hopes for the stock market in Pakistan were dashed this year. Granted, its analysts were not alone in predicting that after a bruising 2021, the KSE-100 Index would bounce back in 2022. But AHL’s prediction that the market would make history, topping 55,000 points, grabbed headlines.
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Standard Chartered is determined to be at the forefront of environmental, social and governance. Where better to do that than in Hong Kong, which is well-positioned to shape the future of green finance in the region and has long led the development of innovative ESG-linked products?
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In its 15 years of existence, JS Bank has come to be known for many things. It is one of Pakistan’s fastest-growing financial institutions, a leader in the digital banking space and a generator of insurance products. But the bank’s most important influence may be how its strong commitment to diversity and financial inclusion is prodding peers to follow its lead.
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Mark Surgenor started work as chief executive of HSBC’s Sri Lankan business in December 2021. Within just a couple of months, his bank found itself operating in a country in chaos. Sri Lanka’s economic crisis quickly turned into a political one, leading to a change in prime minister and cabinet and the sovereign’s landmark default on its international debt.
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Asakabank is Asiamoney’s choice for best corporate bank in Uzbekistan’s financial scene because of its senior management’s ability to steer the bank in the right direction in the roughest of global environments.
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When a bank has been operating in a market for more than a century, it is bound to have established deep ties with a host of businesses, from the small and medium-sized companies to the largest, privately owned blue-chip conglomerates.
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It is easy to be cynical about environmental, social and governance, but Green Delta Capital is all the proof sceptics need that environmentally friendly finance is a sound business proposition. Founded in 2010, the investment bank has quickly become one of the fastest growing in Bangladesh.
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Eastern Bank, run by chief executive Ali Reza Iftekhar, has been a consistent presence in Asiamoney’s annual best bank awards. Over the last year, the firm went the extra mile to remind the market why.
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Orient Finans Bank’s year was, statistically speaking, a study in how to succeed even in the harshest of economic environments.
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Timing is everything when it comes to investing. So United Bank’s decision to bet big on building digital platforms in the two years before the pandemic hit was apposite.
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BNP Paribas’s relationship with India stretches back to 1860: since then, the lender has grown steadily, connecting with Indian businesses both inside and outside the country.
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E.SUN Bank is second to none in serving the different segments of Taiwan’s banking industry. This year, it wins Asiamoney’s award for best domestic bank in Taiwan, as well as best for corporates and best for small and medium-sized enterprises.
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Darshan Perera, chief executive of NDB Investment Bank, oversaw a stellar year for the full-service investment bank in 2021; the runaway market leader stood out thanks to its wide range of debt and equity capital market deals and M&A transactions, and it held corporate advisory roles on large trades.
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Depending on how you look at it, opening shop in Uzbekistan in 2019 was either poorly timed or a stroke of genius. Kazakhstan’s Halyk Bank is doing a solid job of proving that its decision to set up Tenge Bank in Uzbekistan, now in its fourth year, was the smart thing to do as it increases its footprint in local investment circles.
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E.SUN Bank is second to none in serving the different segments of Taiwan’s banking industry. This year, it wins Asiamoney’s award for best domestic bank in Taiwan, as well as best for corporates and best for small and medium-sized enterprises.
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The changing of the guard at a systemically important Sri Lankan bank can be alarming even in the best of times. But throw a political and economic crisis into the mix and the situation becomes even more fraught.
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In early 2017, when Dimantha Seneviratne took the reins as chief executive of NDB Bank, he unveiled the bank’s 'Transformation 2020' strategy to strengthen its corporate banking business. The plan, in consultation with the International Finance Corporation, aimed to improve policies toward small and medium-sized enterprises and the microfinance sector, and support businesses led by women.
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Running a bank during the Covid-19 crisis in Myanmar is hard enough. Throw in a military coup and the situation becomes far worse.
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Standard Chartered may have a global agenda around diversity and inclusion, but the great thing about the franchise is that each of its markets has some autonomy in giving D&I a local twist. That’s the case for StanChart in Taiwan, which takes Asiamoney’s award for best bank for D&I in Taiwan this year.
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Environmental, social and governance (ESG) principles have long been embedded in Taipei Fubon Bank’s thinking.
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HDFC Bank is India’s largest private-sector lender by assets. It has the scale, processes, expertise and vision to meet the needs of its 70 million-plus customers. Those strengths came in handy when the pandemic roiled markets.
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City Bank’s chief executive Mashrur Arefin likes to think of the lender as the digital trendsetter in Bangladesh. He has a point: few institutions have harnessed the Covid-19 crisis with greater aplomb to put banking services in the hands of tens of millions of households sheltering at home.
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During Asiamoney’s awards period, India’s investment banking sector saw the best and the worst of times.
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Running a bank during the Covid-19 crisis in Myanmar is hard enough. Throw in a military coup and the situation becomes far worse.
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The driving principles of Bank SinoPac’s business are impressive: ethics and decency, wealth building, environmental sustainability and social responsibility. It ties those up with three sustainable commitments: to reduce inequality, mitigate and adapt to climate change and promote inclusive growth.
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Digitalization took centre stage during the Covid-19 pandemic as customers turned to virtual banking, exposing technological gaps among some of India’s banks.
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Standard Chartered’s 117-year uninterrupted presence in Bangladesh makes for quite a sales pitch. So does being the only multinational, universal bank in an economy tipped to grow 7% in 2022, even as inflation, geopolitical turmoil and further bouts of Covid-19 cloud the outlook.
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IndusInd Bank, India’s fifth-largest private-sector lender by assets, has consistently embraced environmental, social and governance (ESG) policies, ensuring they are embedded in every aspect of its business.
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Bank of Punjab is a commercial banking power that has acquired a solid reputation for serving clients and making markets in Pakistan, particularly in recent years after Zafar Masud took over as chief executive in early 2020.
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Hamkorbank is the digital bank to beat in Uzbekistan, even though its rivals are raising their game in mobile banking in this nation of 34 million.
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Banks tempted to protest over a non-bank winning the top digital solutions award can take solace from the way this particular fintech phenomenon is turning the heads of many of the globe’s most important financiers.
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HBL is Pakistan’s first commercial bank, having been set up in 1941, before moving its operations to the country in 1947 at the request of newly independent Pakistan’s first leader, Muhammad Ali Jinnah. It is now the nation’s largest private-sector bank, and winner of Asiamoney’s award for the best domestic bank in Pakistan this year.
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Greater China powerhouse HSBC wins three of Asiamoney’s awards for Hong Kong this year: best domestic bank, best investment bank and best bank for digital solutions. And for good reason. HSBC proved its mettle across a host of different business lines, despite the triple threat of the pandemic, market volatility and pressure on net interest margins.
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Greater China powerhouse HSBC wins three of Asiamoney’s awards for Hong Kong this year: best domestic bank, best investment bank and best bank for digital solutions. And for good reason. HSBC proved its mettle across a host of different business lines, despite the triple threat of the pandemic, market volatility and pressure on net interest margins.
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MCB Bank, one of Pakistan’s oldest financial names, has travelled a rather circuitous path to become a corporate banking mainstay. It was founded in 1947 as a private-sector institution, then nationalized in 1974 and privatized in 1991. Shoaib Mumtaz, who was appointed chief executive at the end of 2021, has been with the bank since he joined a year after its privatization.
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In early 2017, when Dimantha Seneviratne took the reins as chief executive of NDB Bank, he unveiled the bank’s 'Transformation 2020' strategy to strengthen its corporate banking business. The plan, in consultation with the International Finance Corporation, aimed to improve policies toward small and medium-sized enterprises and the microfinance sector, and support businesses led by women.
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Bank of China (Hong Kong)’s focus on corporate social responsibility dates back to 2010 when it set up an official CSR committee and put together a CSR policy. There has been no turning back since. The Hong Kong arm of one of China’s biggest banks has only strengthened its commitment to CSR over the years, and showcased its abilities during the pandemic.
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In the decade since DBS’s Taiwan subsidiary was established, the Singaporean bank’s franchise in the market has gone from strength to strength. Last year, the bank reported NT$11.7 billion ($393 million) in revenue, 2% higher year on year, with net profit after and before tax both rising 10% annually.
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Sri Lanka has had a rough 12 months, buffeted by a combination of the Covid-19 pandemic, economic shocks and political turmoil. But People’s Bank managed to navigate the choppy waters well, winning Asiamoney’s award for best domestic bank in the country for 2022.
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Sri Lanka has had a rough 12 months, buffeted by a combination of the Covid-19 pandemic, economic shocks and political turmoil. But People’s Bank managed to navigate the choppy waters well, winning Asiamoney’s award for best domestic bank in the country for 2022.
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Depending on how you look at it, opening shop in Uzbekistan in 2019 was either poorly timed or a stroke of genius. Kazakhstan’s Halyk Bank is doing a solid job of proving that its decision to set up Tenge Bank in Uzbekistan, now in its fourth year, was the smart thing to do as it increases its footprint in local investment circles.
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HDFC Bank is India’s largest private-sector lender by assets. It has the scale, processes, expertise and vision to meet the needs of its 70 million-plus customers. Those strengths came in handy when the pandemic roiled markets.
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Since 1863, Standard Chartered has consistently brought the world to Pakistan’s lively economy. As fate would have it, the bank’s 150th year as a financial bridge to the south Asian market is proving to be among the toughest.
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E.SUN Bank is second to none in serving the different segments of Taiwan’s banking industry. This year, it wins Asiamoney’s award for best domestic bank in Taiwan, as well as best for corporates and best for small and medium-sized enterprises.
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Initiatives related to water, waste management, renewable energy, recycling and disaster relief are among the focus areas of DCB Bank’s corporate social responsibility policy. In the past year, its CSR initiatives went from strength to strength, making it the winner of the India CSR award for 2022.
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Citi is the go-to bank in Taiwan for clients seeking advice on equity and debt capital markets or M&A deals, making it the winner of Asiamoney’s award for the best investment bank for Taiwan in 2022.
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Clients looking for an innovative and dynamic financial institution in Taiwan need look no further than CTBC Bank, led by president James Chen. Its aim is to be an online bank: CTBC certainly succeeds on that front (complemented by its extensive physical presence in Taiwan) and wins Asiamoney’s award for best bank for digital solutions in 2022.
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After reading all the studies he could find about the economic benefits of diversity and inclusion, Syed Mahbubur Rahman decided to do something about it. The Mutual Trust Bank chief executive endeavoured to make his bank an exemplar in Bangladesh.
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HDFC Bank is India’s largest private-sector lender by assets. It has the scale, processes, expertise and vision to meet the needs of its 70 million-plus customers. Those strengths came in handy when the pandemic roiled markets.
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Over the last two-plus decades, the IDLC group has developed impressive footholds in corporate, retail and capital market segments. But what impressed Asiamoney the most is how the firm’s small and medium-sized enterprise business was put to the test over the course of the pandemic – and came out with flying colours. It is our pick for best bank for SMEs in Bangladesh in 2022.
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Orient Finans Bank’s year was, statistically speaking, a study in how to succeed even in the harshest of economic environments.
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Ping An OneConnect Bank is not an obvious choice for the award for best bank for small and medium-sized enterprises in Hong Kong. It only launched in September 2020, after receiving a virtual banking licence from the Hong Kong Monetary Authority (HKMA) in May 2019. So it still has limited scale compared with traditional banks with a longer track record of operating in the city.
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In January, local media buzzed with news of a partnership between Allied Bank, non-profit finance outfit Karandaaz Pakistan and tech firm Techlogix Mobility. The plan was to increase financial inclusion, one small and medium-sized enterprise at a time.
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Gone are the days when DBS was considered just a Singapore bank or a southeast Asian leader. The firm has increasingly become a force to be reckoned with in Hong Kong too, where it has grown quickly in recent years and is set to become bigger. It is Asiamoney’s best international bank in Hong Kong in 2022.
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Over the last century, Sanoat Qurilish Bank has had a front-row view of Uzbekistan’s economic zigs and zags. But it is the work the bank is doing to forge a greener future that put it in front to win our awards for best domestic bank and best for environmental, social and governance this year.
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Citi, led by India chief executive Ashu Khullar, is one of the biggest foreign banks in India in terms of its balance sheet, deposits and profits. These are important measures, but the US bank also boasts a high-quality book and client portfolio, which proved a great advantage during the pandemic.
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The changing of the guard at a systemically important Sri Lankan bank can be alarming even in the best of times. But throw a political and economic crisis into the mix and the situation becomes even more fraught.
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Few banks in Central Asia have managed to build as strong and progressive a franchise in such a short period as Asia Alliance Bank. Since 2009, it has moved up the ranks based on its market share for small and medium-sized enterprises. Today, SMEs account for more than 67% of the bank’s loan portfolio.
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The MUFG Group has increasingly put corporate social responsibility at the core of its operations, making it Asiamoney’s best bank for CSR in 2021.
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The Mizuho group had a difficult 2021. The smallest of the three Japanese megabanks, the firm was plagued by major IT problems. In February 2021, its ATMs swallowed more than 5,000 cash cards and passbooks. A month later, 300 foreign currency money transfers were delayed because of a hardware failure. A few IT glitches later, Mizuho Financial Group’s chief executive Tatsufumi Sakai said he would step down in April 2022.
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Rakuten Bank has a well-defined goal: to make the world a more convenient place by offering high-quality online financial services to clients. In Asiamoney’s latest awards period, it made great progress in meeting its objective, making it the pick for best digital bank in Japan for 2021.
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Morgan Stanley’s investment banking credentials in the US and in Asia are rock solid. The same goes for its franchise in Japan, where it has a unique joint venture with MUFG.
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For an example of a joint venture partnership that has been effective, resilient and performed well, one need only look at the tie-up between US bank Morgan Stanley and Japan’s MUFG.
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Sumitomo Mitsui Financial Group (SMFG), the parent of Sumitomo Mitsui Banking Corp (SMBC), is regarded by many observers as the best run of the three mega-banking groups in Japan. In the past year, it proved its worth time and again, making SMBC Asiamoney’s choice for best domestic bank in Japan for 2021.
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The Development Bank of Kazakhstan’s state ownership means it is leading the way in corporate social responsibility in the country, and helping the government to reach its goal of becoming carbon neutral by 2060.
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In many countries, the success of banks’ focus on small and medium-sized enterprises is increasingly tied to their digital offerings for this group of clients. Can the SMEs avail of mobile banking services? Can they do most of their banking business online, without going to a physical branch or needing human support? Can they do this safely, through an easy-to-navigate app or platform?
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In many countries, the success of banks’ focus on small and medium-sized enterprises is increasingly tied to their digital offerings for this group of clients. Can the SMEs avail of mobile banking services? Can they do most of their banking business online, without going to a physical branch or needing human support? Can they do this safely, through an easy-to-navigate app or platform?
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Citi’s commitment to Kazakhstan has not wavered in the 25-plus years that it has had a presence in the Central Asian country. It has only become stronger.
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Halyk Bank’s corporate and investment banking franchise is second to none in Kazakhstan, making it our choice for this award for the third year in a row.
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Given its quest to become a high-tech name, Kazakhstan’s fifth-largest bank by assets, deposits and loans has undergone a dramatic culture change in the past couple of years. ForteBank put in the effort and investment to improve its IT infrastructure and as a result, digital processes and initiatives have become a core part of its operations.
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For international bank chieftains, life in Seoul is never boring. South Korean regulators are notorious for sudden tweaks to policies on household loans, dividends, labour policies and other areas that require increasingly agile responses.
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Even in a land of hyper-savvy digital offerings, kakaobank remains an overachieving standout.
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South Korea’s KB Financial Group is a clear winner of the best corporate and investment bank award, if only for making navigating the last 20 months of pandemic turmoil look easy.
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Busan Bank, headquartered in South Korea’s second-largest city of Busan, takes the Asiamoney awards this year for best bank for SMEs and best bank for corporate social responsibility.
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Busan Bank, headquartered in South Korea’s second-largest city of Busan, takes the Asiamoney awards this year for best bank for SMEs and best bank for corporate social responsibility.
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Ok-Dong Jin, chief executive of Shinhan Bank, gave what has come to be known internally as the “do or die” address to his top executives last January. The gist of it was that the bank needed to accelerate efforts to raise its digital game or else it would lose ground to competitors.
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SBI Royal Securities has a unique place in Cambodia’s corporate and investment banking market, as it was the first Japanese institution to be given a full securities licence in Cambodia 11 years ago. It hasn’t looked back since.
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The Covid-19 pandemic, which led to weak export markets and hit living standards, did not stop Canadia Bank from maintaining the strongest balance sheet in the nation for a third consecutive year.
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Campu Bank, as Cambodia Public Bank is known, could make a plausible run at any number of Asiamoney awards this year, including for its assertive, innovative and generous support for SMEs.
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Anar Chinbaatar, one of five founders of LendMN, doesn’t claim to be able to see into the future. But it’s hard to think of an entrepreneur who did a better job of gearing a startup for where Mongolia would be six years on.
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Trade and Development Bank of Mongolia didn’t miss a step in 2020, its 30th anniversary year, when it strengthened its status as the nation’s best corporate and investment bank.
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With Khan Bank, the hard part is figuring out which of Asiamoney’s five awards for Mongolia it deserves most, given it checks pretty much all of the boxes.
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TransBank set a new standard for multi-tasking in 2021 as it pulled off a merger during an economy-shaking pandemic.
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In the 26 years since Golomt Bank opened its doors, it has rapidly grown into a premier commercial bank. In its first two decades, between 1995 and 2015, it expanded to the point where Golomt alone generated business equivalent to a quarter of Mongolia’s gross domestic product.
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ABA Bank’s 25th anniversary year did not go according to plan, as Covid-19 ravaged the global economy and starved Cambodia of the tourism and trade flows that are the nation’s lifeblood.
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Viet Capital Securities, founded in 2008, is a young investment bank compared to its peers. But it is led by an old hand in Vietnamese finance, chief executive Hai To. And its staff have plenty of international investment banking experience, including its head of investment banking, Vinh-Tuan Ngo, who has worked at the likes of Credit Suisse, Bank of America and the French sovereign fund.
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The Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, takes the award for Asiamoney’s best bank in Vietnam this year, thanks to its financial performance, asset quality and digital strategy during the Covid-19 pandemic.
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Vietnam was not hit as hard by the Covid-19 pandemic as many of its regional neighbours initially. But when the situation did begin to look gloomy, VPBank put creativity and money to work.
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Sacombank, led by chief executive Nguyen Duc Thach Diem, is defined by its services for small and medium-sized companies in Vietnam. After all, the bank has spent three decades developing relationships and lending to SMEs, from micro businesses to the slightly larger clients. That commitment did not falter during the last 12 months: the bank continued to lend and even expanded its customer base in new sectors.
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Digitalization is spreading throughout Vietnam’s banking industry, with most leading banks offering some mobile and online services. But HDBank, led by chief executive Pham Quoc Thanh, impressed Asiamoney the most with its diverse digital products serving retail clients, and for pioneering moves with blockchain and open banking technologies.
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For international banks operating in Vietnam, corporate and investment banking is one of the biggest focus areas, given that the consumer banking industry is dominated by local names. Credit Suisse leads the way among its international rivals, showing the strength of its franchise.
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Bank of Ayudhya-Krungsri has a reputation as a leader in corporate social responsibility (CSR) in Thailand. To see why, look no further than its programme to address one of the country’s most glaring problems: burgeoning household debt.
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State-owned Krungthai Bank, Thailand’s third-largest bank by assets, has long been regarded as rather old and crusty, and was all too often eclipsed by nimbler players who set the pace in the fast-changing digital banking landscape.
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Of all the sectors to have been crushed by the pandemic, SMEs have probably felt the most pain.
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HSBC takes the best international bank award in Thailand thanks not only to its roster of clients and strong performance over the past year, but also the way it is positioning itself for further growth in the southeast Asian country.
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Who would guess that there was a global health crisis going on from looking at the results of Thailand’s leading corporate and investment banks?
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As the first woman to head up Kasikornbank since it was founded in 1945 – and the first from outside the ranks of the Lamsam family – Kattiya Indaravijaya has already secured a place in the bank’s history.
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For a case study of a bank in Singapore that is able to adapt rapidly to changing customer behaviour, one only need look at OCBC Bank, which once again wins Asiamoney’s award for best bank for SMEs.
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Singapore’s DBS Bank had to navigate two severe headwinds in the past 18 months: the myriad disruptions caused by the Covid-19 pandemic and the difficulty of operating in a near-zero interest rate environment.