Market conditions may not have been favourable in Nigeria in the first half of 2017, but that only makes Chapel Hill Denham’s ability to catch up from the third quarter onwards all the more impressive.

Algeria

Euromoney's latest coverage of the bond markets in Africa.

Angola, which has recently emerged from civil war, is in the process of building its own identity. A systematic drive towards diversification of the economy away from the oil sector and the process of de-dollarization are pivotal parts of this process. How are banks, the government and locals coping as this transformation takes hold?

For the moment, Africa looks to be a step too far.

As international financiers rush into Saudi Arabia, they are asking if the Kingdom can deliver on its grand promises.

The new presidents of Angola, South Africa and Zimbabwe could do better, but banks and investors will have plenty of due diligence to do when deciding whether or not and how to commit more resources to these countries.

With the election of Cyril Ramaphosa, there is a new sense of optimism in the country. Bankers talk of Ramaphoria and hail the first signs of a long-overdue improvement in the economy.

South Africa’s new deputy finance minister took a tough stance on corruption under former president Jacob Zuma – now Mondli Gungubele talks to Euromoney about the embarrassing Zuma years and the Ramaphosa government’s plans to turn the economy around.

While most countries have adopted e-wallets and mobile banking as a result of technological innovation and evolution, Zimbabwe was forced into it because of a financial crisis.

Now Mugabe is gone, one of the poorest nations in southern Africa can see the first signs of interest from international investors, but a chaotic currency regime, heavily indebted economy and looming elections are turning initial euphoria into cautious optimism.

Oil prices and currency controls created opportunities for some banks, which reported bumper gains from FX and fixed income last year, but no one is expecting a repeat of that. Can lending keep them sweet?

The volume of sub-Saharan Africa (SSA) FX business done electronically is growing, with the large South African banks in the vanguard.

Despite a new prime minister and growing economic pressures, Ethiopia seems unlikely to seize the opportunity to open up its financial sector and lure more foreign investment.

London office slated for Q3, New York for 2019; CIB crucial to target of doubling revenue share.

Bankers from across the Middle East gathered to attend the Euromoney Middle East Awards for Excellence dinner at Grosvenor House in Dubai on May 8.

Digital banking competition in the Middle East – which was still not as strong as it should have been when Euromoney decided last year’s winners – has finally picked up.

A lack of funding for small and medium-sized enterprises (SMEs) remains one of the most pressing challenges facing Middle Eastern economies today.

Reform in the Middle East, clearly, is not just about recent dynastic change. Across the Gulf, increasing budgetary constraints – thanks to the continued viability of shale oil and gas production, and the spread of renewable energy –underline the importance of economic diversification.

The winner in the transaction services category has put this business at the heart of its global strategy over the last two years to reduce reliance on lending revenue. In 2017, the success of this commitment could be seen in the Middle East – perhaps reflecting the fact that the banker leading this global reorientation in corporate and institutional banking, Simon Cooper, was previously chief executive of HSBC Middle East.

The award for best bank for sustainable finance, our new category, is designed to reward banks that have advanced the growth of green financing, financial inclusion and social financing – areas that should become increasingly important in mainstream banking.

Emirates NBD wins award for the Middle East’s best bank; Citi scoops regional investment banking category; winners demonstrate commitment to areas such as digital transformation, SME lending and corporate social responsibility across the region.

A list of winners of Euromoney’s Middle East Awards for Excellence 2018, as well as detailed citations for all of the winners, is available here.

A merger over a decade ago created what is in 2018 the Middle East’s best bank, Emirates NBD. In 2017, another merger created the region’s biggest bank. So far, the signs suggest FAB will be successful. But in 2018, the bank that wins best bank transformation is Commercial International Bank (CIB). CIB has made an impressive shift over the last decade and a half from its origins as a relatively small corporate-focused bank towards a sustainably profitable institution that offers international investors exposure to the Egyptian consumer story. Hisham Ezz Al Arab has been chairman and managing director throughout this period.

A rebound in equity issuance and the continued rise – from a high base – in DCM issuance, helped offset lower regional M&A volumes last year, as international yield hunters helped sovereigns and government-related entities offset the decline in petro-dollar flows.

Banks globally are increasingly aware of the need for a heightened sense of corporate social responsibility. Institutions in the Middle East are no exception.

Middle East investment banking volumes saw a tentative rebound in 2017, after a drop in 2016, suggesting that regional reform is already producing opportunities for deal makers, after the demise of the international sovereign buy-outs of the oil-boom era.

Advisory work in the Middle East has shifted away from big-ticket international M&A buy-outs towards helping governments implement their longer-term plans and financing strategies and helping regional corporates restructure their business models and liabilities in an era of lower growth and (perhaps) higher interest rates. Having set up a Dubai office in 2010, now under Rami Touma, Moelis & Co has emerged as preeminent in this new model of regional advisory. It is the region’s best advisory house in 2018.

Wealth management remains a hotly contested field in Middle Eastern banking, especially as an ever-larger number of banks strive to enter Saudi Arabia, one of the most exciting markets in the region thanks to its many high net-worth individuals and growing openness to foreign financial institutions.

Bahrain Best Bank