Central and eastern Europe’s best bank for corporate responsibility this year inevitably goes to an institution that has focused on aid for Ukrainian refugees. For many banks in the region, this was an overwhelming priority during the first days and weeks of the war.

Wealth management in central and eastern Europe is undergoing a period of rapid and fundamental reorientation after the invasion of Ukraine and the accompanying international financial isolation of Russia.

Erste Group’s long-term focus on European Union states in central and southeastern Europe proved to be particularly well judged this year. Other big banks in this region now face billions of euros of losses in Russia and major headaches in managing their operations in that state. Erste is the only major regional lender with negligible direct exposure to Russia.

In investment banking, deals were already becoming harder to do in central and eastern Europe before Russia invaded Ukraine, as interest rates began to creep up in the second half of 2021. Executing deals has since become even harder both because of the war and because of those rate rises.

With Russia’s invasion of Ukraine threatening vital energy supplies to central and eastern Europe, sustainable finance initiatives – especially in renewable energy – are more important than ever. Regional banks are increasingly focusing on sustainable finance and this year the bank that stands out is ING, CEE’s best bank for sustainable finance.

Best Bank: Lloyds Banking Group

BNP Paribas is western Europe’s best bank for financing. It ranks first in the Dealogic bookrunner rankings in debt capital markets, ahead of Deutsche Bank in second place, JPMorgan in third, Barclays in fourth and HSBC fifth.

While it has been a leader for many years in European debt and loan financing, BNP Paribas has in recent years built out its secondary markets businesses. It now includes a full service offering in equities as well as fixed income currencies and commodities (FICC) across research, secondary markets, prime services, derivatives and capital markets.

Best Bank: CaixaBank

CaixaBank has its roots in corporate responsibility. It was founded in 1904 with the aim of fostering savings, retirement planning and disability insurance for the working class. The bank provides an interesting blueprint for CSR today through two institutions: the La Caixa Foundation and MicroBank, its specialist microlender.

As European banks fight back against neobanks such as N26, Wise, Starling, Monzo and Revolut that are taking more of the incumbents’ market share and competing across every service area, it is the Spanish banks who look best placed to match them.

Best Investment Bank: Barclays

Small and medium-sized enterprises are particularly vulnerable to the economic shocks that have buffeted the region in recent months. Any bank that serves these businesses needs to be acutely aware of the challenges they face and have deep experience across the region in how to deal with them.

Best Bank: BNP Paribas Fortis

The region's best banks, country by country

In a record 12 months for M&A volumes, the big US banks dominated the revenue and volume league tables in Europe while, as usual, Rothschild advised on a higher number of transactions than any other firm.

Banking in Europe remains a national sport, with only a handful of domestic champions also running large businesses beyond their home markets. Banco Santander is recognized as the region’s best bank this year as a reflection of its progress in moving operations in Portugal, Spain and the UK onto a single operating platform along with those in Poland, which it also includes in its Europe division.

Western Europe’s best bank for wealth management this year is UBS. In Euromoney’s private banking and wealth management survey for 2022 the Swiss bank held off a stern challenge from JPMorgan to be named once again as the leading provider in the region.

Best Investment Bank: BNP Paribas

Always a strong candidate in this category, BNP Paribas has made great progress in its ambitious decarbonization commitments this year, in addition to prioritizing high social-impact and inclusive-finance goals.

The geopolitical shock of Russia’s invasion of Ukraine at the end of the awards period has compounded the challenges faced by treasury teams that were emerging from the impact of the Covid pandemic. The ability to assist corporates facing severe stress in their supply chains or in their working-capital requirements quickly, flexibly and effectively is a must under these conditions. UniCredit is again named western Europe’s best bank for transaction services in recognition of the progress that it has made in this regard.

The International Chamber of Commerce is confident the UK Centre for Digital Trade & Innovation will spur standards.

Banks want to capitalize on the surge in green capex borrowing as corporates rush to decarbonize. Cost inflation has increased the risks involved but not the long-term benefit of carbon reduction.

The idea of capping the price of Russian oil and gas exports sounds good in theory, but it might be better to test methods for energy rationing.

Private companies are doing everything they can to avoid down rounds, raising new equity at lower valuations than past deals, but can’t hold the line for much longer.

As investors and dealers struggle with inflation levels not seen for 40 years, the only good news is that markets are still functioning… for now.

Markets are trading interest-rate expectations over actual rate decisions – proving the power of market sentiment.

Digitalizing and automating its FX risk management has notably improved a pharma's treasury function.

Stress tests mean that banks must assess their own climate impact. The glaring data gaps will close as the science progresses and methodologies evolve.

Spikes in shipping prices have hit mid- and lower-tier commodity trading companies at a time of bank caution.