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LATEST ARTICLES
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Euromoney recently sat down in Dubai with the heads of investment banking for HSBC in the Middle East. The conversation focused on the burgeoning trade and deal flow between the Gulf region and Asia, what investors on both sides are looking for and why they like what they see.
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The Palestinian economy was already slowing ahead of the October 7 attacks, but the situation has deteriorated sharply since then. Growth had fallen by 3% year on year across the territories in the first half of the year and by 4.4% in Gaza itself.
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For Israel’s banks, 2023 was a story of two distinct parts: the months prior to the Hamas attacks on October 7; and those after.
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Qatar National Bank (QNB)’s scale and banking power in the country seem unassailable across all banking businesses. It dominates activity, reporting more assets ($338 billion), loans ($234 billion), deposits ($235 billion) and net profit at the end of last year than that generated in each segment by all four of the other largest banks combined.
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FAB was the clear winner of Euromoney’s best bank award in the UAE this year following a strong financial performance, improvements in environmental, social and governance and sustainable finance, and advancements in technology.
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Al Rajhi Bank’s Bank of the Future strategy marked its final year in 2023, the end of a series of growth targets set when chief executive Waleed Al-Mogbel took the helm.
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Kuwait Finance House (KFH) is Euromoney’s best bank in the country this year, following a record-setting financial performance and the consolidation of Ahli United Bank Kuwait.
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Arab Bank, under the leadership of chief executive Randa Sadik, had another good year in Jordan despite acute geopolitical risks, surging inflation and unprecedented increases in interest rates.
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Commercial International Bank (CIB) has maintained its position as the bank to beat in Egypt during the review period.
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Sohar International Bank is Euromoney’s best bank in Oman this year. The landmark merger with HSBC Bank Oman in 2023 has resulted in substantial growth in assets, market share, market presence and workforce.
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Al Salam Bank enjoyed strong financial performance last year, while expanding its geographic footprint and innovating in the digital space. It is Euromoney’s best bank in Bahrain 2024.
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As more banks in the Middle East invest in their digital transformations, the largest banks in the region are competing to develop new digital products and services.
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Last year was an important one for sustainable finance in the Middle East. Dubai hosted the COP28 conference, following on from Sharm El-Sheikh in Egypt in 2022. This has well and truly put the spotlight on sustainable finance for banks, corporates and sovereigns in the region.
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It was another stellar year for First Abu Dhabi Bank (FAB), under the continued leadership of group chief executive Hana Al Rostamani.
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The provision of transaction services in the Middle East has become one of the most fiercely competitive parts of the market, largely concentrated around banks’ ability to support local and regional champions as well as blue-chip multinationals operating in the region.
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If there were two areas for any investment bank’s Middle East advisory team to specialise in and prove all-round excellence in last year, they were the Kingdom of Saudi Arabia and outbound transactions. JPMorgan excelled on both counts.
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Emirates NBD Private Banking has a proven track record across wealth management in the Middle East. The Dubai-based firm scooped several wins at this year’s Euromoney private banking awards across global wealth management.
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In the face of increasing competition among regional and global banks, HSBC has again demonstrated its financing strength and expertise in the Middle East across the breadth of markets, sectors and geographies it is a leader in.
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HSBC dominated the region’s debt capital markets across the awards period, completing 52 DCM transactions worth a total of $10.3 billion, according to data from Dealogic. In equity capital markets, the London-headquartered lender came second, completing seven deals worth $2 billion. It also ranked in initial stock offerings, completing six IPOs worth $1.38 billion in total.
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If you visit the website of National Bank of Bahrain (NBB), it doesn’t take long to recognise that it takes corporate responsibility seriously.
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Emirates NBD has successfully exported its small and medium-sized business banking operations from the UAE to its other core markets of Saudi Arabia and Egypt, creating a regional SME banking champion.
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Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.
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Discretionary portfolio management is an important part of Lombard Odier’s offering worldwide, and this is reflected in its business in the Middle East.
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The family-office sector in the Middle East has become increasingly important in recent years, with more and more local and international family offices setting up in Dubai and Abu Dhabi.
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Ultra-high net-worth can be the most challenging client segment to service for private banks. The investable assets these clients provide can come with challenging demands and complicated needs.
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Lombard Odier takes home the award for Euromoney’s best pure play private bank in the Middle East this year. The Swiss firm has transformed its presence in the region over the last few years.
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The challenges presented by the pandemic and broader geopolitical tensions have meant that the role of the chief investment office has become especially important to any private banking offering in the Middle East.
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The banks in each market that have excelled across a range of core private banking activities during the past 12 months.
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Sustainable finance came under intense scrutiny across the Middle East when COP28 took place in Dubai last year.
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BNP Paribas Wealth Management has been named Euromoney’s best international private bank in the Middle East for 2024.
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In a region where most private-sector commercial activity is undertaken by family businesses, succession planning and wealth transfer could not be more important.
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Investment research is about more than producing reports and roundtables. It is about creating quality resources that clients trust and respect.
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Emirates NBD Private Banking’s retail banking and wealth management division generated its highest-ever revenue and strongest loan growth during the awards period and the firm is named Euromoney’s best private bank in the Middle East this year.
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Emirates NBD has been named Euromoney’s best private bank for digital solutions in the Middle East for a second year in a row.
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Next-gen clients can be just as diverse as any other private-banking clients, with similar ranges of age, investment goals and overall desire to be involved in the family wealth.
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Two key elements of Standard Bank Wealth and Investment’s offering stood out in this category. The first of these, My360, allows clients to visualise and control their financial assets. It offers them an aggregated view of their portfolio across asset classes, providing clients with a view of their net asset value in multiple currencies, and allowing them to delve deeper into different categories from a single dashboard.
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The banks in each market that have excelled across a range of core private banking activities during the past 12 months.
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FNB has put succession planning at the heart of its private wealth proposition, taking the view that all clients should have access to the service, regardless of income or balance-sheet value. It considers the needs not only of the existing client but also the aspirations of the next generation.
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Seven years ago, Barclays’ then chief executive Jes Staley decided to gradually sell down its Johannesburg-listed African unit, including retail banks across the continent. But when Credit Suisse announced a strategic refresh in 2021 – including selling its ultra-high net-worth private client book in nine African markets – Barclays saw it as a chance to gain bulk in African private banking once again.
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FNB wins the award for Africa's best private bank for ultra-high net-worth this year. The pan-African lender’s distinctive offering for the super wealthy demonstrates its ability to serve these clients.
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FNB is this year’s winner for Africa's best bank for discretionary portfolio management. Not only did the regional lender’s discretionary solutions deliver a strong performance compared with its peers, but the bank also continued to innovate to meet new client needs in 2023.
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As part of one of South Africa’s biggest banking groups, FNB’s private wealth offering provides clients with advice across local and offshore portfolios to help them leverage their assets at every stage of their life.
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This year’s winner for best bank for high net-worth (HNW) individuals in Africa, Standard Bank Wealth and Investment, is rewarded for delivering clever tailored solutions to its growing clientele across key African markets.
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As Africa’s largest bank by assets, Standard Bank Wealth and Investment is well-placed to take advantage of the growth of the continent as a private-banking market. The firm is led by Jacques Els.
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Last year was marked by innovation and implementation for 2024’s winner of the award for Africa's best bank for philanthropic advisory: FNB.
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In an African context in which private family wealth is growing rapidly, Standard Bank Wealth and Investment regards itself as one of the few large regional institutions with a comprehensive family-office service. It sees itself as a pioneer in this area, and wants to maintain a preeminent position in the category as the importance of African family offices continues to grow.
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Bankers in the Middle East are intensifying their focus on succession planning as the first wave of intergenerational wealth transfer looms.
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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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Uneven progress towards financial market reform across the continent continues to pose a challenge for ambitious African corporates.
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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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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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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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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 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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While many African countries experienced lower interbank FX turnover and saw their foreign-exchange reserves dwindle last year, there are grounds for optimism that 2023 will turn out to be a better year at both regional and national level.
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Kenyan authorities have cleared Flutterwave of wrongdoing following an anti-money-laundering case in the East African nation. Nevertheless, industry confidence in the Africa-focused payments company remains mixed.
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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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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?