The world seems to be turning away from globalization and towards protectionism. Yet despite this challenging environment for trade, the bankers who finance it remain surprisingly upbeat.

The long-awaited tie-up between HSBC and Shenzhen Qianhai Financial Holdings still seems to be nowhere in sight.

Citi seeks to commit to Mexico after Latin America withdrawal; HSBC injects capital but commitment questioned.

Results index

Results index Global All transactions 2016 2015 Bank Score 1 2 HSBC 6548 2 3 Citi 3830 3 1 Deutsche Bank 3116 4 13 Bank of New York Mellon 1728 5 14 Sumitomo Mitsui Banking Corporation 1536 6 8 JPMorgan 1534 7 5 Commerzbank 1359 8 4 Bank of America Merrill Lynch 1339 9 6 Standard Chartered 1305 10 7 Barclays 1303 11 9 Bank of Tokyo-Mitsubishi UFJ 1209 12 32 Industrial & Commercial Bank of China 1057 13 45 DBS Bank 1045 14 12 Wells Fargo 823 15 11 Bank of China 817 16 19 Societe Generale 721 17 18 Mizuho Bank 692 18 16 UniCredit 607 19 21 ADCB 605 20 15 RBS 535 21 10 BNP Paribas Fortis 504 22 Cathay United Bank 501 23 22 Yapi Kredi 355 24 UOB 352 25 ANZ Banking Group 340 26 23 ING Group 265 27 35= Agricultural Bank of China 251 28 29 Akbank 250 29 17 RZB 223 30 137= Bank Mandiri 218 31 42 Arab Bank 194 32 39 Bank of Communications 193 33 28 UBS 189 34 ATF Bank 188 35 208= Bank Central Asia 182 36 BNI 46 162 37 CIMB 156 38 38 Danske Bank 152 39 65= Banco BPI 144 40 208= Bangkok Bank 132 41 Siam Commercial Bank 126 42 40 Credit Agricole 122 43 34 BBVA 118 44 Hang Seng 116 45 41 Lloyds 114 46= 27 Garanti Bank 110 46= 74= Bancolombia 110 48 Bank Danamon 107 49 NAB 106 50 Bank of Nanjing 103

While HSBC scores a notable double in Euromoney’s annual global rankings, the record response rate of almost 35,000 validated votes generated a host of changes at the upper end of our cash management survey. Regional banks move to the fore and some previous global leaders have dropped back.

Almost 35,000 companies and financial institutions vote, a record response rate; HSBC wins globally for both client sectors; and there are big changes at the upper end of cash management survey, with regional banks to the fore and some once global leaders dropping back.

Asian developers dominate the 2016 Euromoney real estate survey, but the biggest changes are revealed among the global banks providing real estate finance.

HSBC global banking and markets vice-chairman and architect of its transformative capital financing model Spencer Lake has decided to leave the firm, Euromoney has learned.

UK commercial real estate’s post-Brexit shock has proved short-lived, and high-profile gating of investors in a number of UK real estate funds did not precipitate a flood of copy-cat behaviour. But the long-term outlook for investors and lenders in UK real estate remains extremely uncertain.

Banks are stepping up their offerings as the divide grows between corporates with plenty of liquidity and those struggling.

The case against two HSBC employees for front-running a foreign exchange order from a client could hasten the death of the principal model for FICC trading by banks. A shift to an advisory-based approach is possible, but banks will struggle to make up lost revenue.

When HSBC’s former head of global FX cash trading Mark Johnson learned that he had a window of just over 30 minutes to move the sterling exchange rate and profit from an approaching client trade, he said: “Ohhh f***ing Christmas,” according to US prosecutors.

Credit growth and positive margins offset Trump risks; HSBC Mexico still failing to flourish amid sale rumours.

Results index HSBC’s power in debt financing, allied with the strength of its balance sheet, is well known, but Stephen Williams’ capital financing team was no one-trick pony during our review period. It handled equity or equity-linked deals in Korea, Singapore, Taiwan and India as well as many of the deals that mattered most in Greater China. Among them were the $2.115 billion IPO of China Reinsurance and $2.54 billion IPO of China Huarong Asset Management which collectively re-opened regional equity fundraising markets in October. VRL Logistics in India was one of the most successful IPOs from the country for years.

These are miserable times in Australian banking, which is suffering issues ranging from banking culture to credit quality as the commodity cycle ends. Commonwealth Bank has reputational issues around its CommInsure unit, while both ANZ and Westpac are under investigation for rate manipulation.

Results index If you wanted to identify the moment HSBC became an unarguable candidate for the best investment bank in Asia award, it was when the bank was mandated on the devilishly sensitive reorganization of Cheung Kong Holdings and Hutchison Whampoa. In years past, the advisory mandate would have gone elsewhere, probably straight to Goldman Sachs; HSBC would have been called in at the last minute for its balance sheet and perhaps a bond takeout. This time, HSBC led the deal the whole way through and won widespread acclaim for it, including from its peers.

Banco de Credito del Peru is named as the best bank in the region; Citi retains investment banking award.

Euromoney names BNP Paribas as the world’s best bank and HSBC the world’s best investment bank for 2016; BBVA’s Francisco González is banker of the year and completes a great night for Europe.

Results index The theme in Latin American investment banking has been rationalization over the past 12 months. In particular, this has created difficulties for those spreading the good word about HSBC in Latin America in recent years. It might surprise those outside the region, therefore, that HSBC wins the award for best bank for financing in Latin America.

This year marks the 25th anniversary of the Euromoney Awards for Excellence. They were the first of their kind in the global financial publishing industry. The nature of the global banking industry is constantly changing, and this year we made fundamental changes to the categories to reflect this.

Banking in Argentina has been challenging in recent years. Increasingly stringent regulation has required banks to lend to certain segments at capped interest rates, while high inflation has complicated other transactional business. The banking system has, by and large, coped well with the poor business environment, and now (in private) bankers are optimistic about the money to be made in the country – from mortgages and retail lending to corporate loans, securitizations and capital markets.

This bank is pushing its corporate franchise further and deeper than ever before, becoming a core universal banking partner to many of the world’s biggest companies.

World's best investment bank: Global investment banks have spent the years since the global financial crisis trying to develop diversified and differentiated businesses. Few have succeeded. Quietly, but impressively, HSBC has stuck to its long-term strategy in global banking and markets and built just that. That division, led by Samir Assaf, with the backing of group CEO Stuart Gulliver, delivers impressive returns in difficult markets. And it is increasingly there for its clients on the high-profile deals where you would not have expected it.

Emirates NBD wins region’s best bank award and named best digital bank in Middle East; HSBC retains best investment bank crown; New regional winners highlight growing breadth and depth in Middle East finance; CIB’s Hisham Ezz Al Arab wins outstanding contribution accolade.

Bahrain

Best bank in the Middle East Emirates NBD Best investment bank in the Middle East HSBC Best digital bank in the Middle East Emirates NBD Best bank for financing in the Middle East Citi Best bank for advisory in the Middle East Barclays Best bank for markets in the Middle East National Bank of Abu Dhabi Best bank for transaction services in the Middle East Abu Dhabi Commercial Bank Best bank for wealth management in the Middle East Audi Private Bank Best bank for CSR in the Middle East Arab African International Bank Best bank for SMEs Bank of Alexandria Best bank transformation Al Ahli Bank of Kuwait Outstanding contribution to financial services Hisham Ezz Al Arab . Country Awards for Excellence 2016: Middle East Awards for Excellence Middle East press release

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Citi retains top ranking while Deutsche plummets; JPMorgan and UBS rise; top five market share at all-time low; non-bank FX providers make an impact on rankings.