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LATEST ARTICLES
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UK pension schemes have made clear their opposition to reduced investors protections, while the FCA may come to regret pushing through its new listing regime.
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Citi saw impressive growth over 2023 with revenue growth of 16% year on year.
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OCBC wins the award as Singapore's best digital bank this year for enhancing its digital banking service through a series of initiatives designed to deepen engagement and improve the user experience across its platforms.
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Hana Bank accounted for 13% of system loans and 15% of system deposits in South Korea by the end of 2023. The bank enjoys a strong domestic franchise, particularly in corporate banking, which has driven a sustained improvement in profitability despite the challenging economic backdrop.
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Bank Syariah Indonesia (BSI) – established in 2021 following the merger of Bank BRI Syariah, Bank Syariah Mandiri and Bank BNI Syariah – is a leader in Indonesia’s shariah banking system. It had reached 19 million customers by May 2023, and is Indonesia's sixth-largest bank.
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For its range of initiatives and substantial investment in supporting social and environmental issues in the special administrative region, Bank of China (Hong Kong) wins the award this year.
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Citi secures the award for Korea’s best investment bank in recognition of its comprehensive range of activity across M&A advisory, debt capital markets and equity capital markets.
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In 2023, Citi saw operating revenues reach around ¥139 billion ($860 million) and total assets climb to ¥6,097 billion.
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Citi saw impressive growth across its corporate banking services in Hong Kong in 2023. It saw year-on-year growth in its loan portfolio and funded several significant environmental, social and governance (ESG) financing transactions.
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Cathay United Bank improved its digital customer service last year and employed artificial intelligence and big data tools to better understand its customers’ credit metrics. This resulted in record digital growth for the bank, with digital user penetration up by nearly 50% over 2022.
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RCBC launched its new RCBC Pulz digital banking app in 2023 and continued to support for digital inclusion.
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RCBC expanded its digital offering for small and medium-sized enterprises and saw impressive growth in the segment in 2023. The SME loans portfolio grew by 16.6% to P125.3 billion ($2.15 billion) over the year.
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Newly onboarded corporate customers at HSBC grew by 21% last year. It introduced Smartserve, which reduces the number of days required to open an account, and Omni Collect, which simplifies the way businesses collect payments.
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In 2023, HSBC saw its market share of foreign investment into Malaysia reach 30% of total assets under management, making it the leading custodian and clearing bank for foreign institutional investors investing in country’s capital markets. HSBCnet Get Rate, which provides its Malaysian customers with automatic preferential FX rates, was upgraded to allow 24/7 FX booking for companies with EU and US headquarters.
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HSBC grew profit before tax by 188% in 2023 to SLR38.2 billion ($126 million).
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HSBC had a good year in India in 2023, with profits up by 19% to $1.51 billion, from $1.27 billion the previous year.
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HSBC achieved robust growth in 2023 with net profit growing 26% to total $566 million, with growth coming from its commercial, wealth and personal banking businesses.
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Throughout 2023, HSBC expanded its presence in the mainland Chinese market, strengthening its operations and advancing strategic initiatives across many sectors.
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HSBC introduced initiatives to tackle parental leave, diversity in its hiring process and to improve support for its transgender employees in Hong Kong last year.
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In 2023, HSBC further solidified its position as Hong Kong’s best bank under the leadership of Luanne Lim, HSBC Hong Kong’s chief executive. HSBC Group’s market profit before tax soared to $10.7 billion, representing 80% year-on-year growth and contributing 35.3% to the group’s overall pre-tax profit.
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HSBC helped Singaporean companies like Next Gen Foods and Multiplier Technologies expand overseas in 2023. It also scaled up its support for local businesses expansion in the region by introducing a $1 billion ASEAN (Association of southeast Asian Nations) growth fund for digital platform businesses and a $150 million venture debt offering aimed at scaling high growth companies.
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OCBC had a busy 2023, launching new FX features, application programming interface (API) integration and improvements to its online platform.
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OCBC NISP proved an invaluable partner to its small and medium-sized enterprise clients in Indonesia throughout 2023 with the launch of its Nyala Bisnis 2.0 platform and initiatives to empower women-owned SMEs.
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Standard Chartered wins the award this year for making several key enhancements to its digital banking platform, supporting strong growth in customer sales and engagement.
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To be the best investment bank in the fastest growing continent you can’t just be here or there, you must be everywhere.
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Bank SinoPac has long focused on initiatives to promote responsible and inclusive finance, primarily by channelling loans to small businesses. The total outstanding of such lending to small and medium-sized enterprises was NT$325 billion ($10 billion) at the end of 2023.
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Yet again, DBS stands head and shoulders above the field in Asian wealth management.
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Techcombank further solidified its leadership in Vietnam’s banking sector in 2023. This has been driven by its five-year transformation journey focusing on investments in digital, data and talent under chief executive Jens Lottner, who took the helm in 2020.
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Cross-border transactions involving multiple products that combine advisory, equity and debt financing are the bread and butter of a franchise like RBC Capital Markets. The firm’s performance in 2023 makes it a worthy winner of the award for Canada’s best investment bank.
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Banco Angolano de Investimentos (BAI) posted impressive financial results for 2023. Profit before tax stood at AKz220 billion ($250 million), almost double its 2022 result (AKz115 billion), and the bank achieved a return on equity of 36%, up from 26% the year before.
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The French bank has made steady progress in this business over the last decade and last year was a strong period of new mandates and client expansion.
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First Bank of Nigeria (FirstBank) wins the best bank for corporates award this year for its investment in digital, support of sustainability and the financial performance it has delivered.
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Crédit Agricole CIB demonstrated its global capabilities and expertise in sustainability for Hong Kong clients last year, structuring and executing several transactional firsts as well as supporting the growth and development of the broader market.
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The fourth-biggest bank in Portugal, which has been fully owned by Spain’s CaixaBank since the end of 2018, saw an exceptional performance in 2023. After record results for the firm across the board, Banco BPI is clear winner of the award for Portugal’s best bank.
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For its range and quality of corporate banking services, investment in digital, and financial performance, Kotak Mahindra Bank wins the award of India's best bank for corporates this year.
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For its mix of sustainable finance structuring expertise and innovation in retail banking, ING wins the award this year.
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For many US regional banks, the priority in the first part of 2023 was simply survival. But for the very best, ambitions went much further than that. For its excellent financial performance, the product of wise decisions made years ago and the continued execution of an impressive strategy, Fifth Third is the US's best super-regional bank.
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In a tumultuous year for China’s investment banks, marked by a muted IPO market and stricter regulatory oversight, CICC has emerged as the undisputed leader. While prominent Chinese investment banks, such as Citic, have faced investigation case filings from the regulator, CICC has solidified its position at the forefront of the industry, particularly in the domestic M&A space.
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‘Being there’ is one of Citi’s many skills. It is always there for clients: underwriting stock offerings, printing bonds and taking the lead on bridge loans to support complex acquisitions.
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International banks inevitably capture a large share of international debt issuance from Poland, notably the sovereign and large commercial banks. But Trigon remains a national success story in investment banking as a purely Polish and private-sector player. It has a large local team that includes one of the country’s most extensive equity research capabilities.
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Barclays wins the award as the UK’s best investment bank. Even though some investors had to wait for the bank’s investor day in February 2024 to hear it once again reaffirm its commitment to the investment bank, staff in the UK had no doubt of this.
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Barclays has integrated sustainability across its operations and financing activities, significantly reducing emissions and enhancing its commitment to green investment.
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The bank has become a global payments powerhouse, delivering innovation and outperformance.
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For the volume of sustainable finance being provided to the Turkish economy, as well as innovation in sustainability products, Akbank wins the award as best bank for environmental, social and governance this year.
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After depositors fled the wreckage of the US regional banks in 2023 and customers started jumping overboard from a sinking Credit Suisse, even more banks could have been dragged into a systemic crisis. But UBS, rebuilt after the global financial crisis as a strong, sustainable and well-managed institution, responded to the rescue call from a fellow G-Sib. It rescued Switzerland as a financial centre, stopped the panic from spreading and struck a good deal for its own shareholders. Credit Suisse was not a gift. The integration will be tough. But UBS has got off to a good start and could soon relaunch its own growth story.
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For the second year in a row, HSBC walks away with the award for Asia’s best bank – and deservedly so. Outgoing chief executive Noel Quinn’s decisive move in early 2020 to pivot to Asia by redeploying $100 billion in risk-weighted assets has delivered, generating strong new income streams and squeezing more gains from key product lines such as wealth management and transaction banking.
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Afghanistan International Bank (AIB) has once again proven its resilience and adaptability in the midst of severe economic challenges, demonstrating its crucial role as a financial lifeline connecting the country with the world.
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Focusing on its core strengths has helped Deutsche Bank serve corporate clients amid intense geopolitical, technological and environmental challenges.
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Public-sector clients had to tackle rising rates and geopolitical uncertainty in 2023, while undergoing fundamental restructuring in their sector. HSBC was instrumental in guiding them through the uncertainty.
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Few banks have navigated turbulent times so well, posting record revenues on the back of strong net inflows and rising markets.
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Even its rivals in Spain admit to feeling the impact last year as CaixaBank moved on from integrating Bankia to concentrating more exclusively on developing its business organically. This is evident, for example, in the savings market, where its customer funds increased by 3.1% in 2023. In insurance, a vital part of the group’s activities, there was also healthy growth, with a 7% volume growth in general and life risk premiums.
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With a chief executive pushing sustainable finance from the very top, HSBC is leading from the front in the global banking industry’s response to the climate emergency.
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S&P’s regional bank index has just pushed past its March 10, 2023, level, reflecting where these stocks were immediately before the collapse of SVB last year. Those stocks are rising sharply and investors are seeing huge profits, so is this a sign that regional banks have finally emerged from their crisis?
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President Xi Jinping’s ‘great rebalancing’ is creating a two-speed China: one a stodgy economy; the other full of export-focused corporate superstars. To serve the latter, China’s banks must invest overseas by buying assets or opening branches – and they need to do so fast.
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Tyler Dickson’s departure from Citi must rank as one of the most predictable moves in investment banking this year, even if where he has ended up is perhaps less obvious. Elsewhere, Citadel Securities is apparently set to make an offer that some of the Street might find difficult to refuse.
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Donald Trump is now likely to win the US presidential election after a disastrous debate performance by incumbent Joe Biden. Trump 2.0 may bring complications as well as benefits for Wall Street.
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Derivatives structurers are thriving, but regulators aren’t convinced the biggest Wall Street banks have a firm grasp of their complex exposure.
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The Siena-based bank has a better bill of health and is once again a target in Italy.
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With corporates taking a more holistic view of sustainability, banks are under pressure to address concerns over reporting and verification requirements for sustainable working capital, trade finance and liquidity management products.
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Risk aversion has spread quickly since the call for a snap election in France, from French government bonds, through bank stocks and CDS spreads to now derail the IPO of an Italian maker of luxury trainers.
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Mexican banks have sold off hard since Claudia Sheinbaum – as widely expected – was confirmed as the country’s next president.
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For the US to come out in support of voluntary carbon markets even while arguing for their reform is an important step in the drive to seek better standards for what are vital – albeit flawed – mechanisms. But more guidelines on how to certify and trade offsets are no substitute for the real thing.
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Rising confidence in European banks has raised hopes of a surge in domestic M&A, perhaps laying the foundations for the long-sought ideal of genuinely pan-European firms.
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Anything except a brief stay on as chairman would cast a baleful shadow over the chief executive’s successor at JPMorgan.
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Kuwait Finance House (KFH) is Kuwait's best Islamic bank thanks to its strong financial performance and the implementation of several innovative solutions.
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Allied Bank Limited has made some great enhancements to its product offering and has seen a corresponding improvement in financial performance.
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Mashreq Al Islami continues to demonstrate its digital leadership in Islamic banking through the breadth and quality of the services and products it provides. It is Euromoney’s best Islamic digital bank this year.
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Rumours that Chinese insurer Ping An could cut its stake in HSBC further, perhaps selling to a Middle East buyer at a time when Gulf investment is flooding into the People’s Republic, should not come as a surprise.
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Some companies overhype their eco-credentials, while others hide theirs. Banks are navigating this complex landscape to capitalize on surging demand for sustainable investment.
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Although the relative health of some nationalized banks may facilitate their privatization, major obstacles to any sales remain.
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Thailand is enduring a record heatwave, yet its economy is in the deep freeze. Prime minister Srettha Thavisin is frantically jetting around the world trying to woo global corporates and investors, so far to little avail.
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New accounts targeted at low-income customers reflects the reality of intense competition in the sector.
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UK banks, asset managers and individuals see better returns from dumping UK stocks and investing elsewhere, but the impact eventually becomes ruinous.
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The UK government wants to invigorate the UK stock market and sell its stake in NatWest. The bank’s private banking arm wants to boost its investment almost anywhere else.
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BBVA’s bid for Banco Sabadell didn’t appear to be going well when its share price slumped after the announcement. Then Sabadell rejected the offer despite the substantial premium to its own share price.
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Aditya Birla Finance Limited-Wealth wins this award for the quality and range of its investment research.
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Exactly one year ago, San Francisco-based First Republic Bank was sold by regulators amid a US regional banking crisis. Citizens Financial Group, which had seen the sale as a chance to turbocharge its private banking ambitions, lost out to JPMorgan. But far from being the end of the story, that failed bid was just the beginning. Within weeks the bank had announced First Republic’s Susan deTray as the head of its new private bank, a unit that is now at the heart of a fast-growing wealth franchise.
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As banks focus more on climate adaptation across their businesses, are they conceding that mitigation efforts are futile?
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The two European banks are both trying to de-emphasise their investment banks and want to build up areas where they see weakness. Barclays is later to this party than Deutsche, but both will have found encouragement in the first three months of 2024.
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The standards-setter has come under fire for announcing plans to allow companies to offset Scope 3 emissions as part of net-zero targets. But this kind of compromise has always been inevitable.
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Junior bankers should relax about the threat to their jobs from AI and lean into opportunities to bluff their way to Wall Street glory.
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A move back up in rates is creating a PR battle among Wall Street banks. JPMorgan was punished for a cautious outlook, Goldman Sachs promoted strong fixed income trading results and Bank of America projected a Zen approach to rate moves.
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China’s Project Whitelist, launched at the start of the year, exists to ensure bank funding for property development. But it is there to protect projects, not the developers behind them.
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Rumours that FAB is in exploratory talks with a Turkish lender, together with hopes for a big-ticket IPO, point to optimism despite the dire outlook on inflation.
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When clients talk to the world’s biggest listed hedge fund, market complexity, the use of technology and the need for customised solutions loom large in the conversation. Man Group’s president Steven Desmyter tells Euromoney how the firm’s evolving structure and approach reflect the priorities of the asset allocators it serves.
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The IMF can’t see what dangers may lurk beneath the surface calm of direct lending – but it should be wary of regulators damming an essential funding channel.
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First investment-grade debt capital markets started to pick up. Then it was high yield and now IPOs, as well as announced M&A
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The Chinese financial hub just posted its worst first quarter for IPO proceeds in 15 years. With China’s economy stumbling and new local security laws deterring global investors, can anything stop the rot?
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The Korean banking sector faces many obstacles, but a single, powerful catalyst is driving change.
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From fast fashion to electric vehicles, Chinese firms are grabbing customers and market share. Meanwhile, the nation’s banks are stuck at home, propping up troubled developers and local governments. It’s an anomalous situation that will benefit the foreign banks.
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The good news is that bank executives don’t see big loan losses ahead; the bad news is that they lack the confidence and vision to invest in the business.
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President Javier Milei campaigned on cuts – and that is what he has delivered. But like all extreme diets, the approach is unsustainable. Time to rethink the plan.
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There almost certainly won’t be a Truss/Kwarteng-style meltdown in the US Treasury market – just persistent inflation, high rates, volatility and likely some form of monetary financing.
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BDO Private Bank wins the award as the Philippines’ best domestic private bank for the quality and range of expertise and services it provides to high net-worth individuals, families and entrepreneurs.
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For its impressive commitment to this issue in the country, DBS wins the award for Taiwan’s best for sustainability.
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DBS wins the award for Taiwan’s best international private bank in recognition of the quality of its services and its leading market position in the country.
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Julius Baer wins this award for the investment the firm is making in this core Asian market, as well as the global expertise it offers Indian clients.
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UOB Private Bank wins the award as the only foreign private bank operating onshore in Malaysia.
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UOB Private Bank wins this award for its commitment to and investment in supporting next generation clients.
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DBS wins the award for Singapore’s best domestic private bank for the second consecutive year in recognition of its regional expertise, as well as the strength and sophistication of its wealth management offering.
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DBS wins the award for its strength and innovative leadership in serving family office clients in Singapore.
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DBS wins the award for its expertise in succession planning.
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DBS wins this award for the strength and sophistication of its digital solutions.
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DBS wins this award for best international private bank in Hong Kong in recognition of the quality and breadth of its services and its distinctive regional expertise.
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Euromoney Private Banking Awards: Hong Kong’s best for family-office services: JPMorgan Private BankJPMorgan Private Bank wins the family office award thanks to the quality and range of products, services and advice it provides wealthy Asian families.
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Euromoney Private Banking Awards: Hong Kong’s best for philanthropic advisory: JPMorgan Private BankJPMorgan Private Bank wins this award in recognition of its expertise and global connectivity in philanthropic advisory and services.
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Julius Baer wins the award for Singapore’s best for high net-worth clients in recognition of the impressive range of expertise and capabilities it offers this key client segment.
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Euromoney Private Banking Awards: Singapore’s best international private bank: JPMorgan Private BankJPMorgan Private Bank wins the international private bank award for the power, range and expertise of its cross-business capabilities.
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EFG Bank wins the award for its differentiated private-banking offering.
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Caixabank Private Banking wins the award for best domestic private bank in Spain this year having demonstrated strong performance and launched important enhancements in many sectors.
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For its mix of global capability with local expertise and philanthropic efforts, JPMorgan wins the award for Sweden’s best international private bank.
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Carnegie Private Banking wins the Sweden’s best domestic private bank award for the second consecutive year for the growth, investment and development it has made across its private banking business.
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BPI Private Wealth wins the award for the Philippines’ best for the next generation based on its investment and commitment in educating of this key client segment.
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Julius Baer’s commitment to Asia has certainly paid off. Bolstered by a team of 1,600 professionals, including over 430 relationship managers, the bank has achieved a doubling of its assets under management in the region since 2016, establishing itself as the largest pure-play private bank in the region.
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Few things matter more to investors than clarity and foresight. JPMorgan Private Bank's investment strategy team has established itself as an essential navigator, steering clients away from market pitfalls and towards opportunity.
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360 One Wealth wins this award for the all-round strength of its private banking and wealth management offering in India.
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Metrobank wins the award for the Philippines’ best for ultra-high net-worth clients based on the impressive quality of the services it provides to this key client segment.
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United Overseas Bank (UOB), a stalwart in Singapore's banking sector since 1935, now boasts a robust network of 500 branches and offices across 19 countries. UOB is not only a bank with a long history but is also dedicated to spearheading innovative initiatives for the next generation through dynamic and multifaceted programmes.
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FortePremier wins this award in recognition of the quality and range of its private banking and lifestyle services in Kazakhstan.
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Ambit Global Private Client wins this award for its impressive performance in discretionary fund management.
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Julius Baer has a distinct position in Asia. As the region’s largest pure-play private bank, it is unwavering in its commitment to personalized service.
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CICC wins this award for the strength and range of wealth management products and services it provides across the wealth segments.
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This year, DBS has been named Asia’s best private bank for high-net-worth individuals, a testament to its innovative approach in this competitive wealth-management sector.
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With Singapore's ascent to a prominent hub for family offices in Asia, DBS has made quick work of establishing itself as a leading player in the region.
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For the quality and breadth of service it provides to family clients, BPI Private Wealth wins the award for the Philippines’ best for family office services.
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In a year that has seen Asia's financial institutions face mounting pressures from geopolitical headwinds, DBS retains its mantle as Asia’s best private bank 2024. This award comes in tandem with two other regional honours: best for family office services and best for high net-worth (HNW) individuals. Its managing director and group head is Joseph Poon.
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Bank of East Asia wins the award for the range of environmental, social and governance-related investment products it offers clients.
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Competition in the high net-worth category is fierce: every private bank targets HNW customers, with the aim of making as many as possible of them long-term customers.
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India is a key market for Julius Baer. Onshore, it is the largest foreign private bank, with a history stretching back more than 30 years, catering to high and ultra-high net-worth customers.
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JPMorgan Private Bank says that it has “always been intentional about engaging future generations”. People are transitory and money can be too, but it doesn’t have to be. Any family knows wealth can be lost as easily as it can be won, and consistently falling on the right side of that equation means engaging the next generation, and the one after that.
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In 2023, Singapore attracted S$12.7 billion ($9.43 billion) in fixed asset investments, amid a challenging global environment, according to data from the country’s economic development board. The previous year it was even higher, at S$22.5 billion.
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Traditionally, the route to acquiring new clients was achieved via the expansion of an adviser’s personal network. This was cultivated by doing the rounds, attending events and conferences, and through referrals. Business was steadily attained, then systematically, over years and even generations, retained.
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“Philanthropy is in our DNA.” So says JPMorgan Private Bank, which for more than 160 years has served as a philanthropy adviser and investment manager to many of the world’s leading charitable institutions and philanthropists.
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Amid the constant hum of activity in the private-banking world, it can be easy to forget the importance of discretionary portfolio management.
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JPMorgan Private Bank clients enjoy the best of both worlds: an intimate relationship with a US lender that is allied to the power of a genuinely global financial leader. It is led by Mary Callahan Erdoes.
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Reports that the long-rumoured deal has been agreed suggest growing optimism among Argentine bankers about the new administration.
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Encumbered by an impotent fiscal policy and a sluggish stock market, bank lending could be China’s only route to economic recovery.
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The Basel committee is shocked – shocked! – that some banks might be reporting inflated leverage ratios.
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The Fed chair has made a remarkable, virtually unconditional surrender to opponents of his plan for Basel III implementation in the US. The tactical withdrawal is embarrassing, but it makes strategic sense.
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With some big deals launching this week, Europe’s IPO pipeline is flowing at last. If they do well, they should put to bed the notion that ‘private IPOs’ are what is needed to provide exit routes for sponsors. A handful of recent deals shows that the biggest driver of success is doing the simple things well.
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The UK Chancellor has big plans for the tech sector.
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Thinner margins across the banking industry hit smaller banks harder. But investor pressures are also less of an issue for mutually owned lenders.
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Luring star bankers from rivals – like Citi’s appointment of JPMorgan veteran Viswas Raghavan – can bring hidden costs beyond the expense of replacing stock options for the lucky new hire.
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The UBS chief investment office’s sustainable and impact investing strategist wants to avoid measurement for the sake of measurement, but responding to client demand for more data while ensuring its readability remains a challenge.
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The Brazilian government’s changes to the laws governing its tax-exempt debentures have allayed financial market fears that president Lula intends to rely on BNDES to fund billions spending on infrastructure, crowding out private-sector finance.
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The newest ESG trend in retail banking might be a niche offering for now, but all banks will have to take it seriously someday.
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Chinese fintech Ant Group has offered UBS a reported $250 million for Credit Suisse’s China joint venture, outbidding Citadel Securities. It is a timely reminder that despite its current malaise, Asia’s largest economy is still a great long-term place to invest.
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There are sensible elements to CEO Slawomir Krupa’s plans for Societe Generale, but their communication needs attention.
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In the wake of heavy losses and mis-selling to retail investors, there is an urgent need for an overhaul of risk management in the banking sector.
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Chief executive Jane Fraser has been true to her promise of a marquee hire to run Citi’s banking division, with the appointment today of JPMorgan veteran Viswas Raghavan. He brings a wealth of both transactional and operational management experience, but the symbolism of his arrival may be just as important.
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Diego De Giorgi’s arrival as Standard Chartered’s CFO coincides with a shift away from asset shrinkage and a “final push” on digital transformation.
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Even after the rally on its latest restructuring plan, investors still value the UK bank at such a wide discount to book that management must consider radical action.
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Barclays chief executive CS Venkatakrishnan intends to stop a low-returning investment bank from dragging the rest of the group down with it. He argues that most of the improvements are within the bank’s own grasp. That is debatable, and in any case hardly reassuring.
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Direct lenders commanded generous terms on leveraged buyout financing last year, but volumes were low and, now that they show signs of revival, the banks are competing once more.
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The UK government’s impending sale to retail investors of a big stake in the bank informs the shadow-play guidance on this year’s earnings.
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One of the first edicts handed down by Citi’s wealth head is to tell all private bankers to track and record client calls. It has ruffled feathers at the US lender, but if it transforms the unit into the powerhouse CEO Jane Fraser wants it to be, then so be it.
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Funded by green bonds, decarbonized assets are driving emissions upwards in other sectors that supply the necessary raw materials and shipment services. A capital markets transition label ought to factor this in.
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The hard graft of integrating Credit Suisse still lies ahead, leaving UBS as a concept stock and hopeful investors looking through the efforts of the next three years.
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A recent rule change means that Brazilian banks will be able to use tax credits related to provision expenses sooner – and the impact could be material.
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As Beijing works to underpin the equity market, China's fund houses and investment banks are betting on exchange-traded funds as the next big thing. That reflects a market corseted by regulation, where limited options compel a collective herd mentality.
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Losses on commercial real-estate loans at US regional banks should surprise no one; risk at the heart of the US financial system thanks to weak regulation should shock us all.
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Extracting value from Russia via a stake in Strabag previously owned by Oleg Deripaska shouldn’t be confused with a proper disentanglement from Russia by Raiffeisen. The main impetus for the transaction may, in fact, lie with Deripaska and Strabag’s other shareholders.
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Abu Dhabi and Dubai sell themselves as international hubs for tech companies, with new initiatives to support start-ups and scale-ups, but rules around eligibility for equity listings will hinder the Emirates’ tech sectors if they aren’t changed.
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Banks need to start quantifying the legal risks of both climate action and inaction.
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Management changes expand the responsibilities of Marianne Lake and Jennifer Piepszak, lead candidates to one day head JPMorgan, but there is another contender.
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The SEC wants us to be thinking about special purpose acquisition companies again.
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Wall Street bankers tempted to pick a fight with the Federal Reserve should take a lesson from the insider trading plea deal by investor Joe Lewis.
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Opposition to the proposed Basel III endgame for US banks is now so widespread that a climb down by the Federal Reserve is likely. Wall Street bankers like Jamie Dimon can stop crying wolf about increased capital requirements and think carefully about publicly threatening their regulators.
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Corporate and development banks want their capital to reach the smallest and most impactful of SMEs in frontier markets. Traditional credit ratings and risk assessments can get in the way.
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Some banks like the idea of external venture capitalists leading their venture businesses, but banker-led units are more likely to cement their inherent advantage.
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Appealing to issuers by removing investor protections makes no sense when London’s decline as a listing venue stems from domestic investors abandoning the UK market.
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Regulators are making more mileage out of their settlement with Morgan Stanley than the outcome really deserves.
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The London Stock Exchange Group’s head of sustainable finance strategic initiatives wants climate data to redefine the act of indexing.
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The World Bank is issuing ‘outcomes’ bond structures for niche sustainability themes and with new financing mechanisms. Like blue bonds, they are probably going to need some rule-setting.
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Best Bank: Hana BankHana Bank wins this award for not only growing at a faster rate than its competitors but also for doing so in a way that doesn’t endanger its franchise in the long run.
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New entrants spur breadth and depth in the country’s capital markets.
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A team of once-public sector bankers and officials is launching a new private equity fund that aims to identify ‘climate winners’ from the transition to a decarbonized economy. It has identified key industries but its central thesis is regulation.
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A securitization of pay-as-you-go electricity bills to fund wider access to electricity in Côte d’Ivoire could spark copycat social bonds for affordable housing, telecoms, electricity access and more.
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The global clubs charged with defining what pace of transition is both scientifically and politically acceptable are only as good-willed as their members.
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The cost to the government of supporting the Mexican oil firm’s debt could rise to 1.5% of GDP in 2025. Could it walk away?
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The annual Senate quizzing of US big bank chief executives threw up all the usual favourite partisan arguments, but little else. If this is oversight, it often lacks insight.
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Failure to mobilize the finance needed to meet the Paris Agreement will be devastating. As those flows to overleveraged countries and companies now stall, radical steps are needed.
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Restrictions may come at a cost as MSCI considers developed market status.
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At the start of 2023, analysts sized China and liked what they saw: an economy reopening after three years of Covid isolation, and ready once again to roar. Nothing of the sort has happened and corporates and institutional investors are now fleeing the market in droves.
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Barclays hopes to win over investors with new return targets and buyback commitments next February, but it really needs a revival in investment banking.
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National Bank of Ukraine governor Andriy Pyshnyy talks to Euromoney about stabilizing the country’s financial system after the invasion, how rapid shifts to cloud-based banking can work and why cyber risks mean other countries are now seeking Ukraine’s advice about keeping banks running when national electricity infrastructure is down.
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Regulators are starting to take a more messaging-based approach to sustainable finance, but stopping greenwashing won’t automatically lead to a transition to net zero.
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The Signa Group of companies is complex, but its problems are simple: debt service costs are going up while property values are going down.
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As the Chinese property crisis deepens, a new round of bank-led rescue efforts is on the horizon. While banks must shoulder part of the blame for the crisis, their options for action are limited.
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Thailand wants to give almost every adult in the country money through a digital wallet. It’s an interesting step towards bringing digital finance to the mainstream.
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The bank must broaden its horizons if performance is to improve.
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The travails of Zhongzhi, a key player in China’s poorly regulated $3 trillion shadow financing market, underline why a future crisis in the country is more likely, not less.
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The 28th Conference of the Parties starts in Dubai tomorrow. Dubbed the finance COP, conflicting priorities could turn it into a fossil fuel investor roadshow.
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First Bank of Nigeria is the country's third-largest bank, accounting for 10.4% of banking system assets at the end of 2022. Despite tackling a sizeable legacy book of impaired lending, it has built a decent corporate banking business that, by the end of 2022, had an annual turnover of more than N5 billion ($6.4 million).
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The sovereign pushed hard on its first use-of-proceeds green bond, but a sustainability-linked bond was not seen as a practical option for now.
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Instead of boasting about the billions extracted from the crypto exchange, the US Departments of Justice and Treasury should have closed it down.
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The use of AI for ESG reporting and assessments is spreading, and regulators can’t keep up. Lenders need to factor in a new set of governance risks that are hard to identify.
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Big banks are scrutinized on environmental, social and governance matters today as never before and they must often walk a tightrope between competing interests. Citi is no exception.
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The war in Ukraine has suddenly ramped up demands on the European Bank for Reconstruction and Development after the institution spent years searching for a new role. President Odile Renaud-Basso talks to Euromoney about the bank’s strategy and plans to boost its capacity through a €4 billion capital increase.
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Enel could trigger the largest step-up event in the sustainability-linked bond market if it misses its CO₂ emissions targets at the end of this year. How the market reacts will set the tone for the future of these instruments.
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The Swedish regulator digs deep into background of prospective senior managers.
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The great and the good have assembled again for the Global Financial Leaders investment summit in Hong Kong.
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Climate change is real and so are the EU’s disclosure rules.
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Our resident seer hears Ted Pick say don’t worry about the $20 million Morgan Stanley loyalty bonuses.
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The local sector is in good shape to weather a short-term conflict. If the war drags on and spreads throughout the region, however, the position is far less clear.
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Data hoarding, ESG illiteracy and credit risk are roadblocks for regional banks looking to establish sustainable supply-chain financing programmes in the Gulf, just as COP28 approaches.
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Rakuten needs money – and lots of it – as its mobile telecommunications arm continues to burn cash. But it is running out of things to sell, while its debt profile is miserable.
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A $3.5 billion deal attracts $36 billion of demand, answering the question of whether Swiss banks can return to this market after Credit Suisse's collapse.
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OTP Bank recorded impressive growth in lending volumes during the awards period and has also advised on some landmark financings.
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ING Bank’s commitment to sustainable and responsible banking in Germany makes the best bank for environmental, social and governance in the country this year.
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While no charges have been laid against the Adani Group, a new Sebi rulebook addresses a key concern that came from the January stock-market controversy.
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Net interest margins are shrinking. Banks may need to find new sources to fund customer loans, perhaps even by lending to each other.
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Singapore’s DBS Bank has spent the past decade transforming itself into one of the world’s best digital banks. But a series of lengthy service outages over the past year has wrongfooted senior management, who have been left to issue apologies and pledge to do better.
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A local asset management company in Liaoning province just bailed out Shengjing Bank – by borrowing the capital it needed from the very same ailing regional lender.
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Turkey’s central bank took another step on the path to normalization when penalties for exceeding interest-rate caps on lending were scrapped last week. It is good news for banks, but will it last?
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Barclays has made visible progress across the board in environmental, social and governance, advising on large sustainability financings, enhancing its sustainable mortgages and offering more support to green startups.
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Ardshinbank is Armenia’s best bank for environmental, social and governance after demonstrating a commitment to sustainability with its carbon footprint-minimization strategies and green financing work.
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Some big improvements need to be made in all areas of ESG, but it might be useful to stop trying to reconcile it with how markets function.
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In a period marked by rapid technological evolution across its entire business, Bank ABC has made several digital enhancements to its corporate product offering. The bank has been named best corporate bank in Bahrain this year in recognition of these transformative efforts, alongside its involvement in a number of important regional transactions.
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Global banks spent years trying to make China’s vast market work for them, mostly in vain. Today, though, China’s manufacturers are investing in Europe and the US, and turning to Western lenders for advice. The real China opportunity starts here.
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Syndicated loan arrangers’ relief at US appeals court decision on Kirschner case may prove short-lived.
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The risk of a new war with Israel will derail any fledgling economic recovery for Lebanon as it attempts to convince private-sector investors of its gas and renewable energy potential.
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A wealth manager, who came into a legendary but unstable global investment bank and transformed it, hands on a very different and much better firm.
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Continuity is likely to be the theme as incoming leader inherits a well-performing franchise, but competition in wealth management and the markets businesses, as well as a still-lacklustre environment for investment banking, will be among Pick’s challenges.
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Up to 60 selected participants will benefit from one year’s access to online courses on Euromoney Learning On-Demand, powered by Finance Unlocked
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The CEO of Goldman Sachs has (mostly) hung up his cans. His colleagues hope that other noise will now die down too – and they think there are plenty of reasons to be optimistic.
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KVS Manian has been overlooked in favour of ex-Barclays man Ashok Vaswani. What does it mean for one of India’s finest banks?
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The Singapore regulator MAS has set guidelines for banks transitioning to net zero. Unusually, it cautions against moving too fast.
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Citi’s sale of its China consumer wealth portfolio to HSBC for $3.6 billion is a nuanced tale of two banks with increasingly different strategies. As HSBC tilts ever more toward Asia, Citi proves ever more inclined to see all financial services through a global prism.
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Pressure is growing on Japan’s self-imposed caps on government bond yields. Positive rates must be around the corner, but what will that mean for banks and public debt?
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Sustainability-linked loans have faced growing criticism for their opacity and concerns around greenwashing. Sustainability-linked loan bonds could help to bring more transparency to the market and help legitimise these structures.
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While foreign investment in China has fallen, supply-chain shift is a different story. Rather than transferring their main production away from China, manufacturers are cultivating deep regional supply chains across Asia and beyond.
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Record sustainable finance issuance will still only get you so far.
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It is rare that a popular, fast-growing and secure financial product is put at risk, but could the boom in FGTS loans in Brazil be under existential threat?
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If you owe the IMF $3.6 billion, it’s your problem. But if you owe the IMF $36 billion, it is their problem.
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Even as the industry pleads its solidity, accidents keep happening.
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Ahead of COP28, the sector needs to focus on lending for energy efficiency in the emerging markets before climate tech startups in developed markets, if decarbonization is the goal.
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Just three weeks on from the rapturous response to Arm Holdings re-listing on Nasdaq, the prospects for a revival in IPOs suddenly look dim.
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Patricio Sepúlveda, head of Chile’s public debt office, discusses how programmatic issuance demonstrates commitment to sustainability-linked bond goals and can make these structures more cost effective.
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European corporates are finding a warm welcome from investors, pushing investment-grade volumes to a 2023 monthly record last month – their biggest total since the start of the interest-rate hiking cycle. But while investors are clearly ready to buy even the more adventurous stories, they still need the reassurance of sensible pricing.
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Digital sukuk issuance still faces the issue of uneven Shariah interpretation.
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As a relative outsider, Slawomir Krupa might have appeared better suited to the chief executive job at Societe Generale precisely because it had done so badly under an establishment insider. BNP Paribas’ good performance, by contrast, would make the traditional background of its rumoured chief-executive-in-waiting, Marguerite Bérard, less of a barrier.
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MUFG’s vast balance sheet has the potential to make a considerable difference to Japan’s net-zero ambitions. But the bank won’t be pulling back from polluters, arguing that money needs to flow to where emissions are, not away from them.
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SBM Bank has undertaken several structural and strategic initiatives to enhance its offering for small and medium-sized enterprises over the last year and is Mauritius’s best bank for SMEs as a result.
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Zenith Bank wins best bank for digital solutions in Nigeria following a period of robust growth across its digital channels.
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Rawbank is the Democratic Republic of the Congo's best bank for digital solutions this year – a challenge in a country where much of the population doesn't have access to the internet or mobile banking.
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In May 2022, CME Group completed a multi-year migration to combine two leading FX trading venues through a common technology and service offering to create a platform spanning futures and options, cash (over-the-counter) and cleared FX, providing access to price discovery, execution quality and transaction cost analysis for market participants including banks, hedge funds and asset managers.
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Euromoney Foreign Exchange Awards 2023: FX market leader best provider – best FX exchange: CME GroupCME Group operates the largest regulated marketplace for foreign exchange globally and is a leading primary venue for price discovery. The scale of the global offering, deep liquidity, transparency and choice of execution provides clients across geographies with efficient access to global markets.
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D&I is recognised and promoted as one of five core values at Royal Bank of Canada (RBC), the others being Client First, Collaboration, Accountability and Integrity.
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The release of its new pricing and analytics platform for FX swaps, Neo STIR Analytics, has transformed how UBS engages with clients trading in FX swaps.
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State Street Global Markets (SSGM) is a leading provider of liquidity, financing, and research solutions. Through its GlobalLink business it provides a suite of award-winning electronic foreign exchange trading platforms.
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360T offers market participants multiple methods of accessing and interacting with the FX market. Its electronic communication network (ECN), 360TGTX, provides access to streaming spot FX and non-deliverable forward liquidity.
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360T provides a suite of technology solutions that enable corporate treasurers to enhance their FX trading operations and access liquidity from a wide range of providers from around the globe.
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UBS’s extended coverage across multiple time zones and consistent liquidity provision – even during challenging market conditions – has boosted its market share particularly in emerging-market options.
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UBS is a powerhouse in the FX industry with a strong reputation for liquidity provision.
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UBS's single-dealer platform, UBS Neo, has benefited from a full front-to-back transformation over the last four years, enabling the bank to offer clients access to consistent liquidity provisioning in foreign exchange across products and currency pairs.
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Real-money clients are central to State Street’s franchise, so it makes sense that this is a client segment the bank has performed well in, according to Dale Haver, global head of foreign exchange sales. “We work with real-money clients as partners and are 100% focused on achieving better outcomes for them and their investors.
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Euromoney Foreign Exchange Awards 2023: Best bank services – best FX bank for wealth management: UBSUBS is recognised in the FX industry as a leading liquidity provider with a presence in all key trading centres around the globe. It is also the largest global wealth manager, with an unrivalled global footprint when it comes to accessing private clients. This has given UBS a unique opportunity that it has successfully capitalised on.
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Societe Generale’s strong historical footprint in Central and Eastern Europe and Africa, together with its growing business in the Middle East, mean that the French bank has a combination of deep knowledge and competitive local presence in the CEEMEA region.
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Real-money clients recognise that their FX trading desks have evolved over the last few years to require a hybrid set of skills combining voice trading with data-driven technology solutions used to create automated trading models.
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SmartTrade Technologies has emerged as a leader in front-office FX technology development.
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CLS settles over $6.5 trillion of payment instructions daily across 18 currencies, protecting more than 70 settlement members and over 35,000 third-party participants from FX settlement risk. It does this by simultaneously settling payments relating to FX trades using its payment-versus-payment (PvP) system.
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360T’s execution management system (EMS) helps buy-side firms optimise their FX workflows across the entire trade life cycle, leading to increased efficiency, reduced operational risks and a comprehensive audit trail while also streamlining execution.
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Euromoney Foreign Exchange Awards 2023: Best bank services – best FX bank for research: State StreetMore than 80% of the world’s largest asset managers consume State Street research, as well as global sovereign wealth and pension funds and corporate treasury departments.
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Wells Fargo has worked to become a top-tier institutional FX provider by leveraging its robust corporate and commercial FX franchise. To accomplish this, it has been actively building its capabilities in the e-trading space.
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UBS has invested and innovated in its liquidity offering for the last 20 years – the result is its strong reputation for quality and reliability, particularly during periods of market dislocation.
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The Lebanese diaspora has come home to pump fresh cash into the country’s economy, but the resulting price surge is a further blow to the lira-earning population.
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Owned by New World Development (NWD), 11 Skies is a landmark 3.8 million square-foot gross floor area space and forms an integral part of Skycity, located between Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge.
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With a presence in 19 markets globally, including Singapore, Hong Kong, China, India and the US as well as Europe, DBS delivered a record total income of S$16.5 billion ($12 billion) in 2022, a 20% increase in net profits to S$8.19 billion, return on equity of 15% and S$20.5 billion in sustainable financing loans.
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Link Real Estate Investment Trust demonstrated a commitment to growth and sustainability during the research period, while making intelligent, strategic deals in a challenging period for the sector.
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Slawomir Krupa may yet turn around Societe Generale. But it won’t be by shock and awe.
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Farmland acquisition for transition agriculture has proved attractive to the climate-focused investment management franchises of large asset managers. Will real-asset investors follow suit?
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Despite a year of high-profile issuance, all is not well in the sustainability-linked bond market. Teething problems could soon become an existential crisis, raising the risk that investors might decide to abandon the asset class altogether.
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A Citi survey of family offices finds some unsurprising things to say about the worries of the wealthy – inflation, interest rates and geopolitics – but discovers a shocking lack of preparation for succession planning.
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The enormous re-listing of Arm Holdings is unrepresentative in many ways, but it still contains a valuable lesson for those coming down the pipe.
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Social bonds could help deliver the UN Sustainable Development Goals by driving private capital into essential services. But impact looks different from one place to the next, so how can issuers report it in a way that makes sense?
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Beneath the Great Game geopolitics of US-Vietnam relations, there are some intriguing possibilities in the detail.
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With Article 6 mechanisms formalized, project-based compliance carbon markets could take over the emissions offsetting industry, leaving participants in the voluntary carbon market stranded.
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Should we take Vivek Ramaswamy literally or seriously?
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Working together, regulated banks and direct lenders may prevent the coming default cycle from turning into a full-blown credit crunch.
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Banks and investors opposed to European Union derivatives clearing plans have made an astonishing charge: the EU is worse than the US in jealously guarding its own markets.
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A tactical retreat on crypto regulation might help SEC chair Gary Gensler to avoid being bogged down in a war of attrition for the rest of his term.
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A debate in Australia arguing for the liquidation of the sovereign wealth fund has relevance to the global fund community.
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HKEx chief executive Nicolas Aguzin opened the group’s latest new office in London on Wednesday. His aim: to get more global firms to IPO in Hong Kong and convince investors to put money to work there. But against the backdrop of China’s economic situation, his team will have its work cut out.
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A handwritten note brings down the curtain on a 38-year journey for bank founder.
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With a new proposal for long-term debt issuance, US banking regulators have launched the next phase of their war against the lack of confidence that shook the industry in March 2023. But it is becoming increasingly clear that the approach is less about precision strikes and more about a carpet-bombing campaign.
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Two new platforms show how India is building on top of its digital foundations.
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Despite the cross-border growth of Hungary’s OTP Bank and the regional potential of Romania’s Banca Transilvania, banking in central and eastern Europe is increasingly a national game.
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China is having a shocker of a year. Growth has stalled, deflation is back and global firms are moving production elsewhere as they de-risk from China to boost supply-chain resiliency. FDI is down sharply and exports are sinking. Just as Brexit reshaped the UK’s relationship with the world, has Covid done the same for China?
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The manner of the campaign against chief executive David Solomon risks causing the lasting damage that his internal opponents presumably wish to avoid.
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Good things could be in store for Libya if harmony at the central bank spreads to the government and sovereign fund.
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After less than two years, S&P is scrapping its ESG credit indicators and America’s anti-woke politicians are thrilled. But this may not be the win they think it is.
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Moody’s took a swing at US banks last night. The moves might have seemed indiscriminate, but it’s hard to argue with the conclusions. After the scares of March, the sector is far from out of the woods.
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It is no surprise to find the ACCC blocking ANZ’s takeover of Suncorp. It is eye-catching, though, to see the regulator naming a deal it would prefer to see happen.
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Banks including NatWest and JPMorgan are struggling to put out reputational risk-management fires.
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ADIB’s almost 10-times oversubscribed additional tier-1 issuance shows interest in the product is alive and well for the right issuer, but demand won’t be the same for every bank.
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If banks want the positive PR associated with facilitating sustainable finance, they need to admit to facilitating dirty finance too.
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Temasek, as an equity-only sovereign wealth vehicle, had a bad year. A close look at its portfolio positioning helps us understand what it is doing about it.
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It has been a tough year for Sri Lanka and for the banks operating in the country. Just as the island was exiting the worst of the Covid crisis, Sri Lankans were faced with political upheaval, an economy on the brink of collapse and shortages of everything from food to fuel.
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For the first time in its 62-year history, the Reserve Bank of Australia has appointed a woman as governor.
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All private banks are different: in how they project their brand, build business, serve clients and generate fees. But they all seem to have two things in common. They love lending to rich people with big art collections and chatting about ocean preservation.
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The Kingdom’s government has announced that international firms – many of whom are based in Dubai – that want to work with the state will need to base their regional headquarters in Saudi.
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UOB’s transformative initiatives have earned it the title of Singapore’s best bank once more.
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HSBC remained formidable in the Hong Kong market over the past year and is now well positioned to reap the benefits of mainland China and Hong Kong’s post-Covid reopening.
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Prudence and caution was the mantra at CIMB Bank in the past year, and it served the bank and its chief executive Abdul Rahman Ahmad well. Revenues in 2022 rose 7.6% year on year, net profits before tax rose 38.1% and loans 5.6%. The bank also gained market share in mortgages, auto loans and credit cards.
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Baiduri Bank remains the standout bank in Brunei. This is not just down to its solid financial growth but also because of its commitment to digitalization, which has enhanced its capabilities in everything from data analytics to customer service.
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Capital market transactions might be few and far between in Tanzania, but when they do happen, Stanbic Bank Tanzania is often on the deal.
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Chinese banks have not had an easy ride in recent years. Faltering economic growth, muted domestic demand, tight Covid restrictions and growing scrutiny from regulators have forced them to hunker down and work as best as they can.
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Hana Bank wins this award for not only growing at a faster rate than its competitors but also for doing so in a way that doesn’t endanger its franchise in the long run.
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BNP Paribas is the world’s best bank and Morgan Stanley is the world’s best investment bank in Euromoney’s Awards for Excellence 2023. Christian Sewing, chief executive of Deutsche Bank, is named the banker of the year.
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BNP Paribas’s sustainability strategy for Latin America continues to mature, underpinning the bank’s strong position across the continent. The bank has made considerable efforts to deepen its focus on the three most important sustainability issues in Latin America: protecting biodiversity, promoting social development and decarbonizing hard-to-abate industries.
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Geopolitical tensions in the region have provided a welcome boost to Armenian banks’ profitability. Ardshinbank stood out during the awards period for making the most of this opportunity under the leadership of chairman of the management board Artak Ananyan. Profit before tax more than quadrupled in 2022, from Dram16 billion ($42 million) to Dram77 billion.
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UOB is as committed as ever to serving small and medium-sized enterprises in its home base of Singapore – where it reckons it banks one of every two SMEs – as it is to clients in key markets across the region. From mid-sized corporates on the fringes of requiring capital markets services, to micro-enterprises, clients have come to rely on it for funding, financial advice and best-in-class banking services.
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Afghanistan International Bank (AIB) remains the most stable and reliable institution in a country facing one of the world’s worst humanitarian crises.
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Football clubs undergoing a period of transition often talk of needing a transfer window or two to get where they need to be. More often than not, this doesn’t work. Better-run teams continue to make clear-minded decisions that keep them ahead of the pack. Catching up is always hard to do.
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Advantageous financial services reforms, abundant natural resources and a young population means there is plenty of potential for long-term economic growth in Angola. The banking sector is dominated by six large lenders, with very little competition from non-bank institutions.
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Charlie Nunn, who has been chief executive of the UK’s best bank since 2021, announced a new strategy for Lloyds Banking Group in the first quarter of 2022. It didn’t receive much attention as it was announced on the same day that Russia invaded Ukraine. And the new strategy is really the old strategy with a slight shift in the focus beyond cost discipline and scale efficiencies towards investing in growth and doing more for the bank’s market leading 26 million customers.
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BNP Paribas Fortis is Belgium’s best investment bank this year. It took the top position in the equity capital markets league table during the awards period, from second last year, with a 20% market share, having completed six transactions worth a total of €457 million.
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In a quiet year for equity capital markets, BNP Paribas worked on the two main deals that took place: the $1 billion accelerated bookbuild for Energias de Portugal in March this year and the €53 million rights offer for Greenvolt Energias Renovaveis in July 2022.
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BGL BNP Paribas positioned itself as the strongest commercial bank in Luxembourg in 2022.
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BNP Paribas has also had an excellent year in its corporate and institutional banking division, particularly in its home region. The division posted record revenues in 2022, of €16.5 billion, up 16% on the previous year. The equity and prime services, global banking and securities services units all saw new highs, while global markets had its best year since 2009.
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In the US, JPMorgan has 55 dedicated private banking offices, from Austin to Seattle, and Cincinnati to Fort Lauderdale. Elsewhere, it focuses heavily on serving high and ultra-high net-worth customers in Europe, where it has eight offices, including the UK and Germany, Asia, through Hong Kong and Singapore, and Latin America, with clients served out of Miami, New York and Switzerland.
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A massive budget and a focus on in-house development have made the bank a digital innovator.
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BNP Paribas has a well-earned reputation for steadiness and stability. In the past year, its chief executive, Jean-Laurent Bonnafé, has also reinforced his strategic credentials with the bank’s well-timed exit from its US retail business. Today, the bank stands as the eurozone leader on the global stage and is ready to play a pivotal role in the continent’s financial development.
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The bank is prepared to make tough decisions to meet its sustainability targets.
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The Singapore bank has strengthened its proposition to serve under-represented communities and aligned its own lending operations to make an impact.
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Christian Sewing has turned Deutsche Bank around. The firm has a resilience now that would have seemed unlikely when he was appointed chief executive five years ago. By his own admission, some of the toughest work is still to be done. But the past year and the most recent banking crisis have provided a striking validation of the strategy he set in place.
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Veteran Morgan Stanley investment bankers describe this as the busiest downturn they have ever seen. That is because they have worked on the biggest and most transformative deals in 12 months of shifting values and at times paralyzing uncertainty. The firm has made some cuts, but its new leaders are shaking the business up and bringing in the talent that will be in demand once markets settle.
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2023 is shaping up to be the year of the pause for the region’s capital markets.
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The activist shareholder highlights concerns about a former poster child for private equity ownership of banks.
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The former Credit Suisse chief is championing Africa.
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Regulators forced banks to skip dividends during Covid, but let them make up payouts later on. They should now do the same for AT1s or risk that market failing.
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The global disclosure recommendations don’t stand a chance against mandated regional regulation.
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Societe Generale’s recent African exits, and BNP Paribas’s talks with Orange Bank, highlight how closely Europe’s banks tend to follow each other. Differences are often more a question of strength than strategy.
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Several Gulf Cooperation Council countries have bank consolidation at the core of economic visions. As governments push for national champions, pressure is building across the industry as banks jostle for position.
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Could trading of US sovereign credit default swaps trigger a global systemic meltdown? Probably not, but default swap shenanigans aren’t helping to calm jittery markets.
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The bank has started the process of choosing a successor to CEO James Gorman just as it tries to settle an investigation into its equity block trading practices. This could pose a challenge for Ted Pick.
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If the UK is to become an international crypto hub, it must focus on bringing regulatory certainty to the industry and the banks that back it.
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If Olam Agri’s planned dual-listing IPO goes ahead in June it will have a bit of everything: a Singapore-Saudi listing, geopolitics and sovereign funds jostling to defend their nations against strain in global food security.
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Few banks take the phrase 'digital transformation' more seriously than Dukhan Bank.
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Amanat Lebuhraya Rakyat Berhad's RM5.5 billion ($1.22 billion) sustainability sukuk murabahah programme.
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Jabal Omar Development Company’s SAR5.3 billion ($1.4 billion) debt conversion.
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Mashreq Al Islami is proving year after year that an Islamic bank with industry-leading digital capabilities doesn’t need vast scale to disrupt the regional market.
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Kuwait Finance House’s (KFH) commitment to embed sustainability into all that it does officially stems from the nation’s Vision 2035 plan. There is little doubt, however, that the bank itself is running well ahead that schedule.
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Over the last 24 years, InterVest Capital Partners has established more than 120 leasing and financing programmes, with committed capital topping $15 billion.
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Banks keep up on the record commentary on the rules.
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The evolution of Brazil’s central bank payments programme could be good news for banks.
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Jordan Kuwait Bank has issued the country’s first green bond, a key milestone for sustainability driven capital investments in the country. But getting momentum going in the sector will be an uphill battle.
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JPMorgan has cleaned up in a deal that sees the regulators waive their own cap on 10% deposit ownership.
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A curious disruptive technology group proudly announced an investment by Temasek. The problem: it wasn’t true.
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JPMorgan’s AI model to interpret central bank messaging came out just as it emerged that Jerome Powell had been pranked into discussing policy with Russian provocateurs. Euromoney’s distinctly obvious heuristics model (D’Oh!) might be needed.
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Relative winners after a year of interest rate hikes include Bank of America and Citigroup. Losers are led by regional US banks, while alternative asset managers argue that higher rates present a historic opportunity.
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Pouncing on a firm with lots of corporate broking relationships at the low point for IPOs is a smart trade.
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How on earth, in this environment, did the bank deliver one of its best-ever quarters in Asia?
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The European Bank for Reconstruction and Development (EBRD) will host its 32nd annual meeting and business forum in Samarkand, Uzbekistan on 16 -18 May 2023.
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Proceeds raised in the first three months of this year were 99% lower than the amount raised at the start of 2021.
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The French investment bank is taking a bet on a double-edged blockchain technology to stay ahead of both the tokenization and sustainability trends.
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Tech-related bank deals can still get away, but investors call the shots now.
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The chair of Ping An Asset Management has called again for the break-up of HSBC and spin off of its Asia assets. His argument is a strong and valid one; his problem is that none of the bank’s other main shareholders seems to care.
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Standard Chartered’s new chief sustainability officer is not shying away from the reality of what the energy transition looks like in emerging markets.
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There is growing hope among banking and business leaders that the country’s next government can unlock and accelerate needed transformational development and economic reform. Without it, Kuwait risks falling further behind.
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Australian banks adore residential mortgages. But they are ignoring a cohort of people who are going to run into a lot of trouble with repayments.
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The two bank’s investment banking franchises look enticingly well-matched. But how much business and how many bankers will still be around after the merger?
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Commercial real-estate losses will not greatly damage big banks in Europe, but the banks themselves could inflict real damage to commercial real estate.
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Not many new private banking mandates are won thanks to an institution’s abilities in succession planning. But many a client has been lost over a bank's poor succession planning capabilities when this becomes a touch point for clients, as it inevitably does at some stage.
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Santander’s progress in its family office business is recognised by the judging panel not because of any specific innovation or differentiated approach, but rather for the focus on service quality that sets the bank apart.
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The consistent growth in both the scale and the quality of Santander’s private banking business in Latin America this year has impressed the judging panel.
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Lots of big lenders claim to be great at serving entrepreneurs. In reality, however, most are not as good at doing this as they would have you believe. Meeting the needs of owners of thriving businesses can be complex, tricky and costly. It requires patience and a well-considered strategy, and a good many banks have neither.
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Keep it simple: that is how Julius Baer approaches the pursuit of private banking. That is not to say that what it does is easy.
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JPMorgan Private Bank wins this year’s top award, as well as being named the world’s best private bank for ultra-high-net-worth individuals 2023, and the world’s best private bank for investment research 2023.
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Pakistan has been trying to improve financial inclusion for the last 20 years with little success. Are new digital licences the answer?
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The Credit Suisse deal may have merely accelerated Hamers’ anticipated departure.
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The failure of venture capital’s favourite bank is bad news for a sector reliant on new injections of cheap capital to sustain loss-making growth.
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What will UBS’s post-merger sustainable finance strategy look like?
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First Abu Dhabi Bank’s recent interest in a bid for Standard Chartered and an ill-fated investment in Credit Suisse by Saudi National Bank have put the spotlight on Middle East banks as potential acquirers of international firms.
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It has been over a decade and a half since a Chinese financial institution bought or invested in a Western counterpart. Beijing sees the West’s banking system as incomprehensibly chaotic and messy, and its own – albeit flawed – as a bastion of stability.
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Hong Kong conference moves along. Nothing to see here.
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As well as higher capital requirements for regional US banks, the policy response to the Silicon Valley Bank collapse will likely include increasing the Deposit Insurance Fund, which bigger banks will have to pay for.
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Recent events call into question most of the core assumptions behind the rules designed to keep banks safe through a liquidity squeeze.
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Will the fall of Credit Suisse be a seismic moment for private banking? Probably not – the reality is that wealthy clients need their financial advisers too much. Wealth is flighty for sure, but it usually alights nearby at a more stable lender.
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UBS’s integration of Credit Suisse will be a long and uncertain process, but keeping the latter’s Swiss universal bank may mean the deal eventually comes good.
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Bankers have been at pains to stress how different the world is today from the dark days of 2008: higher capital; more liquidity; lower credit risk and all that. But while individual banks may be safer than they were, collectively they arguably now face a worse existential crisis. Societies face awkward questions about how they value the utility of the banking sector – and how they should pay for it.
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UBS shareholders might find plenty not to like in what seems at first glance like a great deal. The bank is making itself more complex at a time when creditors and investors put a premium on simplicity and focus.
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Michael Klein can’t be expected to ‘devote significant time and attention’ to the unlikely prospect that UBS will allow a CS First Boston spin-off without being paid. Greensill-style invoices for Klein’s theoretical future services could be the answer.
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Solar thermal technology could offer cheap carbon-free heat for manufacturers. But tech developers are stuck in a financing gap between venture capital and project finance that will be harder to fill after recent bank failures.
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Credit Suisse came out of the global financial crisis in better shape than many peers. But fragility was never far away – in the years that followed its fortunes would swing back and forth, sometimes violently. Here is the bank’s route to 2023, explained through Euromoney’s own coverage.
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Unfortunately, while the SNB can provide ample liquidity that Credit Suisse doesn’t really need, it cannot provide the trust and credibility it sorely lacks.
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It is not clear how the SVB collapse will change banking; but it is clear that the lack of supervision of smaller banks allowed systemic risk to spread worryingly fast.
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HSBC runs towards the storm as others are fleeing it.
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Inflation has returned to the country for the first time in 30 years. As it does so, there is a new face at the helm of the Bank of Japan. What does it mean for the megabanks?
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The collapsing share price of Silicon Valley Bank, triggered by the realization of a loss on a portfolio sale, puts pressure on other US banks that have built up similar books of investments.
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For one of the most considerate men in capital markets, nothing was ever too much trouble.
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The EU green bond standard is understandably broad. But because of this, the limits between sustainable and transition finance remain unclear.
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The COO of Deutsche Bank’s International Private Bank, Sandra Wirfs, tells Euromoney how it has been able not just to slash costs but also to make its wealth management business more cost-efficient than the core bank.
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The notion that different businesses can produce healthy results by being under the same roof underpins Goldman Sachs’ diversification strategy. After failing to make that work at the first time of asking, its second attempt looks more derivative – but is perhaps likelier to succeed.
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Some of Goldman’s top brass had an easier time of it than others at its latest investor day.
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Don’t expect a flood of IPOs, but there are still placements across Asia Pacific.
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Goldman Sachs likes to mix it up when it comes to choosing peer banks for market share comparisons.
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Commodity trading could deliver further hefty profits for banks, led by Goldman Sachs, but there are multiple risks as well as opportunities for dealers.
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From small beginnings as the offshoot of a British merchant bank in 1969, Macquarie has become the world’s largest infrastructure asset manager, a powerful investment bank, a global commodities player and several other things besides. It has built all of this through a distinct culture built on risk management, individual empowerment and a capacity for constant reinvention – but it hasn’t always been popular along the way. A new book by Euromoney’s senior editor in Asia Chris Wright and Joyce Moullakis examines the journey.
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The former CEO of Cazenove has written an intriguing reflection on his 23-year career at the storied London institution. It captures his view from the heart of the turmoil, but mostly steers clear of score-settling.
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More blue blood than bad blood at former chief executive’s book launch.
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Restrictions on upstream oil and gas financing aren’t the silver bullet that the sector needs to achieve its climate goals.
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The whereabouts of investment banker Bao Fan are unknown just when China wants to attract foreign talent and capital, not deter it.
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EU banks have been lobbying regulators to ease up on capital rules, warning that they will become permanently uncompetitive with US peers. Investors may be set to close that valuation gap for them.
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Sustainability is now fundamental to all bank operations. Restructuring to make sure that the right people are in the right sustainability roles has been a challenge for some firms. Euromoney looks at what is needed to become a credible ESG leader.
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A month ago, First Abu Dhabi Bank said it had looked at Standard Chartered but decided against a bid. Now, it is believed to have changed its mind. What has changed?
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While the bank plans to spin off its troubled investment bank, the new worry is whether and how soon it can repair the wealth management business.
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The UK broadcaster’s chair Richard Sharp is familiar with accusations of conflicts of interest from his time at Goldman Sachs.
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Just back from Davos, the bank’s new head of sustainable finance says the industry needs to do more, and Barclays needs to do more on transition.
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A report by a US short-seller hammered the stock of India’s Adani Group companies just as one of them tried to raise $2.5 billion in a follow-on. It was not just Adani under attack here, but Modi’s vision of corporate India.
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Goldman Sachs might wonder if the time is coming to rebrand from being Wall Street’s Bank of Dave (Solomon).
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Strong collective-action campaigns might hurt some banks' reputations, but they will do little to convince those institutions to change their energy policies.
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The recent update to the green taxonomy and implementation of the SFDR RTS have received a mixed reception in parts of the EU.
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The southern Chinese city has set out ambitious plans to become one of the world’s top wealth-management centres. With one of China’s largest onshore pools of private wealth, there is everything to play for.
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Some issuers are grabbing the opportunities offered by a new capital markets year. Others would do well to face reality sooner rather than later.
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Macroeconomic disruptions and regulatory scrutiny will drive market participants to adopt a practical environmental, social and governance strategy in the year ahead – one that is less about narrative and more about materiality.
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It seems difficult to convince investors that higher bank profits are sustainable.
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The billionaire Winklevoss twins and DCG CEO Barry Silbert have been squabbling over $900 million of frozen customer assets. The SEC has just banged their heads together.
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Some people think that international climate conferences are nothing more than a talking shop. The Secretary General of the UN wants to change all that – with another conference.
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It’s the time of year for feng shui market predictions.
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The regulated US bank lost 70% of its deposits in a few weeks. But while that run shows the risks of banking the crypto industry, the key lesson is how it is still standing.
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Across the Middle East and North Africa, Egypt and its banks boast august credentials when it comes to climate and sustainability. But frameworks and agreements are one thing, creating substantive change across an entire financial sector is quite another.
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First Abu Dhabi Bank looked long and hard at Standard Chartered, and others will do the same so long as it’s cheap. But any suitor must win the approval of Temasek.
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Crypto promoters now want traditional financial market regulators to save them; those regulators would rather deliver the final blow.
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The US Securities and Exchange Commission has lifted the lid on some eye-popping charges against the former CFO of a special purpose acquisition company.
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Nearshoring has been seen to drive credit growth among the country’s smaller regional banks.
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FTX founder Sam Bankman-Fried faces the full wrath of US authorities, as rival agencies compete to make the most hyperbolic charges against the former crypto exchange head. Death by metaphor could be his provisional sentence.
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AT1s rallied on news that UBS will redeem a key deal in January. But with refinancing costs higher than coupon re-sets, the pressure now passes to other big banks.
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The gating of Blackstone’s $69 billion private real estate fund Breit highlights the risks in semi-liquid investment vehicles, even ones that perform strongly. Pitching US private market exposure to European and Asian retail investors may be slowed by the setback.
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The death of Teh Hong Piow, the founder of Malaysia’s Public Bank, marks the end of a distinguished banking life.
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The UK government has launched a sprawling range of measures to reform the country’s financial sector and markets. But the moves were mostly already under way – it is really all about the optics.
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While there are some entertaining items – one country banning meat, the UK voting to UnBrexit – Saxo sees recession failing to halt inflation with the world economy on a war footing.
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On December 1, EU member states agreed on a general approach for the Corporate Sustainability Due Diligence Directive. The final text shields banks from their full responsibility to prevent environmental harm, thanks in part to France’s post-Brexit ambitions.
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As a long recession looms for the UK, past successes may be a sign of future problems.
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Qatari banks are eager to demonstrate their commitment to sustainable banking amid growing public scrutiny of the environmental cost of hosting the World Cup.
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The climate circus has packed up and left, with everyone disappointed and no one surprised. Some thoughts from a COP first-timer.
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Beijing recently ordered its state banks, including ICBC and Bank of China, to plough $162 billion worth of fresh credit into the country’s troubled property sector. In doing so, they look not proactive but panicky. A negative hit on lenders’ profits is inevitable.
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China is stuck. It has spent three years trying to keep Covid at bay, but now irate citizens have spilled onto the streets, questioning the competency of president Xi Jinping, and calling for an end to restrictions – just as transmission rates spike.
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Euromoney’s Mystic Maca looks into what’s in store next year and sees some big Wall Street reshuffles.
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Uruguay reignites the debate on transition finance with its sovereign sustainability-linked bond.
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Credit Suisse directors may sigh with relief that shareholders have approved the latest capital raise, but they are already guiding to yet another big loss.
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Most governments would have been delighted to do what Iceland managed with its sale of Íslandsbanki shares earlier this year. But an audit of the deal has triggered a war of words with the body responsible for it, as well as some very odd conclusions from an Excel spreadsheet.
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A groundbreaking repo facility for African sovereign Eurobonds was completed in time for a debut trade as COP27 took place. The road to closing the deal was far from simple.
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Euromoney meets Damian Payiatakis, Barclays Private Bank’s head of sustainable and impact investing, to talk about how quiet private wealth has been so far at the UN Climate Change Conference.
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The country has one of the world’s best-performing economies with one of the few emerging market currencies to be appreciating against the dollar. It also has large numbers of highly skilled Russians fleeing across the border to avoid conscription. National Bank of Georgia governor Koba Gvenetadze speaks to Euromoney.
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The market reaction to the third-quarter results from Brazil’s second-largest private bank has revealed investor sensitivity to banks’ deteriorating asset quality.
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Saving the planet requires shutting down coal plants while also ensuring the livelihood of the people who depend on them. The ADB has a plan.
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HSBC’s outgoing CFO, Ewen Stevenson, has mounted a robust case for the bank’s cost performance in an intriguing call with analysts that also featured an appearance by his replacement, Georges Elhedery. As he prepares to leave the bank, Stevenson defended his legacy by taking on the firm’s arch-critic, Ping An.
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Reports published at COP27 suggest slow but steady progress by banks on interim sector targets for net zero. But political reality, particularly in the US, requires a delicate approach.
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Bank’s ESG head urges competitors and regulators to respond more quickly to emissions accounting challenge.
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Words fail Euromoney at the mighty event.
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Daniel Zelikow, chairman of JPMorgan Development Finance Institution’s governing board, on private-sector development finance, EM policy risk and funding bankable assets.
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New opportunities in oil and gas as supply is reoriented away from Russia highlight the question of how quickly cuts to financed emissions will match banks’ enthusiasm for growth in clean energy.
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While its larger rival, Binance, may yet prop up FTX, the failure of the exchange that spent the summer rescuing other failed crypto organizations suggests that none are safe.
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Climate-smart innovations and regenerative agriculture are attracting tech-savvy equity investors to the farming sector. Access to affordable financing will determine how fast those companies can grow to scale and provide an exit.
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Announced on Tuesday at COP27, the Transition Plan Taskforce document responds to market demand for more uniformity on corporate plans.
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With anti-ESG sentiment on the rise amid a global financial tightening, is it time for investors to listen to the anti-woke agenda or double down on social responsibility?
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As the private sector demands more guidelines, COP27 should promote the development of a global framework on innovative finance.
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Last week’s financial summit aimed to show investors Hong Kong is open for business. While well attended, it also served as a reminder of how closed off the financial hub has become and how much of its lustre has been lost.
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The first nine months of 2022 have seen investment banking revenues plummet globally.
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Vocal members of the US political right are not happy, creating new laws that ban state investors from backing companies with an ESG agenda. Several fund managers have been quick to take up their cause.
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The World Cup is set to kick off in Doha on November 20 against the backdrop of recession, war, inflation and rising interest rates elsewhere.
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Geopolitical and economic turmoil has taken its toll on cash management strategies during 2022. Leading transaction banks emphasize the value of investment in technology as they navigate a choppy market environment.
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Elon Musk is full of praise for his bankers at Morgan Stanley. It’s a shame his $44 billion Twitter deal is set to cost the bank money rather than earning a tip for good service.
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The great and the good of global finance gather in Hong Kong this week for a summit that aims to remind the world of the city’s status as an international financial centre.
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Bankers are sending mixed messages about market strains. Dire warnings about year-end pressures, pleas for regulatory help and assurances that banks can sort this out are being deployed simultaneously.
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This year has seen banks report markdowns on leveraged finance commitments and related exposures, something that is hardly surprising given what has happened to yields. But even with syndicates struggling to offload some high-profile big deals, the troubles seem oddly muted so far.
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The UK politician’s recent rapid departure from the Caribbean attracted both local and international attention.
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Georges Elhedery’s move to the CFO role at HSBC has raised eyebrows among observers seeking to decode it. What does it mean for Elhedery, what happened to incumbent Ewen Stevenson, and what does it say about CEO Noel Quinn?
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Islamic finance remains a federation of country-level success stories with no comparable global narrative. Does it matter if that’s where it stays?
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As rates on government bonds rise and economies shrink, the vast stocks of developed market government debt look unsustainable.
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Asia’s central banks have fought hard to protect the value of their currencies this year as the dollar has soared. But each of them has a limit to their appetite for that defence.
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China, the US, Australia and Japan are all conducting a curious courtship with Pacific nations, hoping to build trade relationships, climate resilience and security agreements.
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Boutique investment bank DAI Magister suggests donor funds could catalyse private equity and debt investment in climate tech, the big theme of COP27.
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Carbon credit traders want to secure the integrity of the voluntary carbon market while encouraging speculative trading that could fix its liquidity problem.
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Demand for carbon offsetting credits on the VCM has intensified as corporates look for solutions to reach net zero. But as more and more institutions look to tap this market, can the existing infrastructure cope?
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In public at least, the Bank of England has been determined to end its gilts intervention when it said it would, but it’s getting harder for the BoE to manage its conflicts – and the market doesn’t know what to believe any more.
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For one, it brings power to its digital operations, for the other a much-needed injection of funds. But it doesn’t change a grim operating environment.
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Regulators want to prevent greenwashing; corporates need to abide by the rules. What happens when science doesn’t help?
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Islamic finance has a choice: continue on its existing path and consolidate its hard-earned gains in market share, or shake the whole thing up. One proposal calls for an end to the fractional-reserve banking system.
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If Lula wins in Brazil, he is unlikely to focus on the strength of the private-sector banks because fintechs are doing that for him already.
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Six seemingly random numbers, when threaded together, demonstrate that some kind of negative watershed event may not be too far off in China.
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Societe Generale has exited, and Citi is winding down in retail, but the two biggest remaining Western European players in Russia are also spending a lot of time working out their exposures and operations in the country.
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The launch of an SRI-linked sukuk framework this summer is a blueprint for others to follow.
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New deal adds two-year payment deferral to existing natural-disaster clause to mitigate impact of a future pandemic.
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A new job running Bayern Munich's finances could be more rewarding for HVB CEO Michael Diederich, especially after UniCredit CEO Andrea Orcel’s push for more cuts in Germany.
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Fossil fuel assets were set to become obsolete in the transition to net zero. But the war in Ukraine is forcing European governments to secure alternative energy sources and driving demand for coal, oil and gas back in the wrong direction. With the global energy transition seemingly pitched against national energy security agendas, banks are trying to navigate a difficult path through the turmoil.
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China’s property sector is in freefall and Covid lockdowns are throttling growth as bad loans pile up at the banks. As president Xi Jinping prepares for an unprecedented third term, a deluge of crises threatens to destroy the country's four-decade economic miracle.
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With far-right leader Giorgia Meloni now set to become Italy’s new prime minister, can policies put in place by her predecessor – coupled with reputational self-help – prevent Italian banks from taking another hit?
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Kwasi Kwarteng’s debt-funded tax giveaway has re-priced UK risk at a stroke, but the high cost may bring scarce benefit.
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From Spacs and securitized products to executive compensation and supply-chain planning, Credit Suisse could split its investment bank into more than three parts.
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When Margeir Pétursson bought Bank Lviv in 2006, he had much to learn about operating a bank in a country permanently in Russia’s crosshairs. Talking to Euromoney six months after the invasion, he says there is opportunity among the chaos in this key Ukrainian city.
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PrivatBank chief executive Gerhard Boesch looks to the future and the bank’s war-delayed privatization.
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Oleksandr Pysaruk, chief executive of Raiffeisen Bank Ukraine, describes how contingency planning for war rapidly morphed into the real thing.
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Despite the Russian bombs pounding Ukraine, there have been no wartime bank runs, no bank collapses or even the suggestion of a systemic wobble. That is largely thanks to the work of former National Bank of Ukraine governor Valeria Gontareva. She tells Euromoney that the time for further reform to the stricken country’s banking sector is now.
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Removing UK bonus caps and undermining the BoE could exacerbate a sterling crisis while entrenching US IB dominance.
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China has in the past felt compelled to accept the terms of IMF programmes in struggling nations without due consideration of its own views.
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The pandemic and the war in Ukraine have brutally exposed the fragility of global supply chains.
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As the world’s biggest investment banks prepare to report third-quarter earnings in October, the signals are bad across the board.
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Best Bank: HDFC Bank
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While ING is paring back the retail-banking ambitions held dear by former CEO Ralph Hamers, sustainable finance is helping the wholesale bank become a growth engine for the group.
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Best Investment Bank: Trigon
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BNP Paribas has made an environmental, social and governance virtue out of its legacy commitment to the mining and energy sectors in Latin America. A decade ago, the bank saw which way the wind was blowing and, noting that it was towards renewable power turbines, moved early into sustainable finance.
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BofA Securities wins this year’s award for Latin America’s best bank for transaction services. The bank has been steadily building up its corporate relationships in Latin America, while its digital innovation in this business has cemented its ability to provide local services at the level of the local banks.
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Best Investment Bank: BofA Securities
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BofA Securities has had a busy year in which it demonstrated impressive breadth of deal-flow across countries, as well as regional leadership in two of the main product areas. Not only was the bank the best investment bank in Colombia and Peru, but it was also a close challenger for the Mexican and Brazilian awards. It is this unmatched geographical balance that makes BofA the region’s leading investment bank.
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BTG Pactual’s recent success has been based in large part on the digital platform that it has built in recent years. The bank targets opportunities where financial deepening, disintermediation and technological adoption intersect in Latin America.
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BTG Pactual isn’t new to winning Euromoney’s regional awards for excellence – but previous successes have been for the bank’s investment banking franchise. This year, Euromoney recognizes BTG Pactual’s successful reversal of the orthodox model of business evolution from retail and corporate banking to investment banking.
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Best Investment Bank: BofA Securities
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While the main story of the 2022 Latin America awards is the emergence of BTG Pactual as a retail force, the bank’s senior management team, headed by chief executive Roberto Sallouti, clearly hasn’t let the investment banking team take its eye off the ball.
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Best Bank: BTG Pactual
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Best Bank: Lloyds Banking Group
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It was a knife-edge decision between Citi, stronger in top-end cash management, and HSBC, stronger in trade, this year. Last year, we decided trade was the theme to reward in a Covid-blighted year; this year we looked at progress in payments, where Citi had an excellent year.