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LATEST ARTICLES
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Standard Bank CIB played a pivotal role in several high-impact sustainable transactions across Africa in 2023, highlighting its commitment to innovation in green finance, infrastructure development and economic growth.
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Emirates NBD Capital (EmCap) was one of the most active DCM banks in the MENA region during Euromoney’s awards period.
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SNB Capital offers a solid proposition across asset classes and products among investment banks in Saudi Arabia, making it the natural choice for this Euromoney award.
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Chapel Hill Denham is named Nigeria’s best securities house this year, thanks to its stellar performance across securities trading and investment banking.
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SBM Capital Markets (SBM) takes the top award for Mauritius for its strong growth and its ability to innovate, which cemented its position in an increasingly competitive brokerage landscape in the country.
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Al Ahly Pharos is a leading provider of investment research in the Egyptian financial landscape, thanks to its extensive market coverage, in-depth sector analysis, prolific research output, rapid analytical capabilities and active investor engagement.
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CI Capital has been actively engaged in advising some of the most prominent businesses in Egypt and the Middle East, reflecting an expanding footprint in both local and international markets.
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KFH Capital is Kuwait’s best securities house for fixed income, thanks to its involvement on swathes of prominent sukuk transactions in the past year.
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SICO has solidified its reputation as a market leader in Bahrain, notching milestones on several fronts.
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BK Capital’s involvement in some of the most critical deals during the review period cemented its leadership in the industry and makes it Euromoney’s best securities house in Rwanda for 2024.
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FAB takes the Euromoney award for best securities house in the UAE for its prowess across asset classes, and its commitment to environmental, social and governance deals.
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Rand Merchant Bank (RMB) excelled in financial advisory, capital markets and strategic investments in the past year, making it a clear winner of this award.
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During Euromoney’s review period, EFG Hermes was a force to be reckoned with across the Gulf Cooperation Council region, running numerous high-profile transactions.
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QNB Financial Services (QNBFS) impressed on multiple fronts over the past year, making it Euromoney’s best securities house for Qatar in 2024.
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During Euromoney’s review period, National Investments Company (NIC) stood out for its work in M&A and equity capital markets, winning Kuwait’s best securities house award.
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CardinalStone Securities (CSSL) has consistently topped the Nigerian Exchange’s ranking of stockbrokers.
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Kuwait Financial Centre (Markaz) wins Kuwait’s most innovative securities house award for being a pioneering force in the country’s capital markets.
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Nedbank wins the best digital bank in Africa award for the second year in a row, courtesy of its push to reform and re-engineer its IT system, with the aim of cutting costs, attracting new business and favouring an approach that focuses on evolution rather than revolution.
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For a global lender, Citi’s investment-banking presence in Africa is hard to compete with. The US firm has an onshore presence in 16 countries and covers 38 markets, with a dedicated team in Johannesburg supported by corporate bankers across the region.
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Ecobank Guinea rolled out its Xpress Loan service in Guinea last year, which enables customers to obtain short-term micro credit loans using their mobile phones. The service was launched in partnership with Dubai fintech Optasia and pan-African telecommunications giant MTN.
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Ecobank Sierra Leone recorded double-digit growth in its commercial banking operations last year, with gross loans to business customers up by 45% to $11.8 million. Customer deposits were up by 3%, reaching $25.7 million.
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Getting M&A right in Africa is not easy – big-ticket transactions are rare, and deal flow tends to come in fits and starts – but Standard Bank has got it down to a fine art.
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Zambia National Commercial Bank (Zanaco) is again Euromoney’s best bank in Zambia. Profit before tax increased 44% year on year to KK1.74 billion ($65 million), including a 109% boost in the third quarter driven by income earned on government securities, trading and an uptick in net fees and commission.
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Morocco-based Bank of Africa boasts a long and storied history as a leading lender to regional small and medium-sized enterprises. Last year, it secured a €50 million credit line from the European Bank for Reconstruction and Development to increase financing for SMEs across the continent.
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A strong financial performance together with a series of new initiatives, including in environmental, social and governance, make Standard Bank Euromoney’s best bank in South Africa this year.
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Banks in Ghana have faced a difficult couple of years thanks to the government of Ghana’s debt default and domestic debt exchange programme announced in November 2022.
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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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Ecobank Gabon delivered strong growth over the awards period while also expanding its product suite.
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Equity Bank Kenya claims its mission is to empower clients and stakeholders, both socially and economically.
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In a year (very) short on equity capital markets activity, it was in the debt and the loan market that Standard Bank shone brightest in 2023.
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Access Bank made profit before tax of N569 billion ($380 million) in 2023, a big improvement on the previous year's N163 billion. This was in part due to the devaluation of the naira in 2023, but was also driven by the bank’s aggressive expansion strategy, which has seen its footprint in Africa expand and the establishment of its first branch in France.
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Equity Bank continued to grow its total assets in 2023, surpassing the KSh1 trillion ($7.7 billion) mark at the end of the year. The bank maintained a third of its consumer loans to salaried civil servants, teachers and private-sector employees at 13% interest, despite the central bank hiking rates much higher.
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Attijariwafa Bank remains the bank to beat in Morocco. In a year that saw profits grow 20% to Dh13.8 billion ($1.4 billion), it has focused its efforts on promoting private investment in the country.
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Awash Bank greatly expanded its digital solutions last year, achieving high levels of engagement across mobile and internet banking.
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Stanbic Bank Uganda (SBU) turned in a strong performance over the review period. Net profit was USh421 billion ($110 million), up 18% from USh357 billion in 2022. Net loans increased to USh4 trillion, while deposits ended the year at USh6 trillion, both up 3% on 2022.
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First National Bank of Botswana delivered significant improvements in financial performance last year and made good progress in digital transformation, customer retention and social responsibility.
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The banking environment in Tunisia worsened last year due to the absence of a financing package to meet the government’s funding needs. This led to Moody's downgrading four banks in January 2023 because of the sovereign downgrade. The agency changed its outlook on the sector to stable in January 2024.
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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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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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NMB Bank is Euromoney’s best bank in Tanzania for 2024. Total assets grew by 19%, from $3.95 billion at the end of 2022 to $4.7 billion at the end of 2023. Net profit was also up 26% at $208.6 million. Both increases are the product of loan growth of 28% and a rise in the number of customer accounts – the bank opened 1.2 million new accounts in 2023 alone.
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Standard Bank successfully implemented innovative digital products across all banking segments in 2023 while also making important philanthropic contributions in Malawi.
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Societe Generale’s global reputation as a driver of green and sustainable principles and investment, plus its long presence across Africa, combine to make the Paris-based lender a clear winner of this award on the continent.
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CAC International demonstrated a robust financial performance last year, with assets growing by 8% to $536 million and profit before tax reaching $2.374 million, a 38% increase year on year.
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The banking sector in DR Congo is undergoing transition. The central bank has proposed new ownership requirements for banks in the country, stipulating that they must have at least four unrelated shareholders. At the same time, large banks outside the country, such as Kenya’s KCB and Equity Bank, are eyeing the market as a potential growth opportunity – hardly surprising when less than a third of the DR Congolese population has a bank account.
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Access Bank Gambia impressed this year with its strong financial results, effective support for small and medium-sized enterprises and important philanthropic work.
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Mauritius Commercial Bank (MCB) had another good year in 2023 and is again the best bank in the country for the review period.
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Citi stands head and shoulders above its rivals in this category. The products it generates are designed to help day-to-day business for all its clients, be they global corporates working in and across Africa, or African firms scaling up their regional and international presence.
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Led by its head of wealth and investment Jacques Els, Standard Bank Wealth & Investment is a private-banking powerhouse in Africa.
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Millennium bim, Euromoney’s best bank in Mozambique this year, has focused its efforts on technological improvements during the period under review.
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Societe Generale Côte d’Ivoire is again named the best bank in the country after a year in which profit before tax was up 32% at CFEFr120 billion ($42 million) from CFEFr91 billion in 2022. The bank has shown strong commitment to the Ivory Coast despite exiting other African markets such as the Republic of Congo, Equatorial Guinea, Mauritania and Chad. Indeed, Societe Generale deputy CEO of the group Pierre Palmieri visited Abidjan last year to reinforce this.
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For the second year in a row, Standard Bank walks away with the award for the best bank in Africa. And for good reason.
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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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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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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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Commercial International Bank (CIB) has maintained its position as the bank to beat in Egypt during the review period.
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Sustainable finance came under intense scrutiny across the Middle East when COP28 took place in Dubai last year.
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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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BNP Paribas Wealth Management has been named Euromoney’s best international private bank in the Middle East for 2024.
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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?
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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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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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Bidding $2.5 billion for the bulk of Credit Suisse’s sub-Saharan Africa ultra-high net-worth private bank book 18 months ago has been a ‘game changer’ for Barclays in the region, the UK bank’s Africa market head Amol Prabhu tells Euromoney.
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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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Digital sukuk issuance still faces the issue of uneven Shariah interpretation.
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The relaxation of visa rules has turbocharged the recent flow of wealth into Dubai. The nature of these flows can, however, make them a mixed opportunity for the UAE’s private bankers.
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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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The banks in each market that have excelled across a range of core banking activities over the past 12 months.
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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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The banks in each market that have excelled across a range of core banking activities over the past 12 months.
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After years of easy Eurobond access and ramped-up Chinese lending, developing economies are now caught between rising interest rates and geopolitical tensions, making debt restructurings more numerous and more complicated. Despite some progress in inter-creditor talks, many debtor nations face an uncertain financial future.
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After buying parts of BNP Paribas and Societe Generale, Orabank is African banking group Vista’s boldest acquisition yet. Despite coups and sovereign debt distress, Vista’s founder and chairman Simon Tiemtoré tells Euromoney how he can succeed where other higher profile ventures have failed.
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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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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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Wealth management had a tough 2022. Assets under management fell across the board, undermined by global uncertainty. But one region is not struggling. More wealth than ever is being formed in the Middle East, and more of it than ever is staying there. Private banks are hiring as fast as they can and expanding their repertoire in Shariah-compliant asset classes.
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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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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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Africa’s best bank for transaction services, Societe Generale operates in 19 countries in Africa, with 4.3 million clients, including 175,000 corporate clients. Its global transaction and payment services team is led by Alexandre Maymat.
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In investment banking, Citi continues to benefit from the combination of a leading global network and an on the ground presence in Africa that is much bigger than most other international firms.
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Standard Bank Wealth & Investment stands head and shoulders above the wealth management competition in Africa. The South African bank is a regional powerhouse in the sector, with private banking offices in 14 African markets, including Kenya, Nigeria and Ghana, as well as the whole of southern Africa.
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Like most of South Africa’s big banks, Nedbank is on a mission to reform and re-engineer its IT system, using it to attract new business, cut costs and roll out new services.
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A combination of rising interest rates, depreciating currencies and poor credit ratings make it difficult for African economies to tap into global financial markets to fund their sustainable transition. At the same time, the impacts of climate change are becoming increasingly severe across the continent.
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For the second year in a row, Equity Bank is Africa’s best bank for corporate responsibility. Under the leadership of group CEO James Mwangi, Equity Bank continues to create shared value for clients and citizens across its banking business, as well as its foundation, which dates back to 2008.
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Best Bank: Banco Angolano De InvestimentosBest Investment Bank: Standard Chartered Angola
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Evidence of an ability to leverage networks across Africa and beyond has helped Citi win the title of Africa’s best bank for advisory this year. While the firm has a strong franchise in South Africa, the rest of the continent is now becoming more important as a growth market. This award is therefore largely thanks to the team led by chairman of investment banking for Middle East and Africa, Miguel Azevedo, and Claude-Stephanie Ngningha, Citi’s head of investment banking in Africa outside South Africa and Egypt.
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In many African countries, Standard Bank is not as large as it would like to be. But it has a physical presence in 20 African countries and is already by far the biggest pan-African group in terms of its scale in the main sub-Saharan markets, the size of its balance sheet and its absolute profit.
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Compared with European banks that have built African retail operations, Deutsche Bank might not be as well-known as an Africa-focused lender. But it has long had important corporate and investment banking operations on the continent. It is one of the largest correspondent banks for African financial institutions and in the previous decade it helped many African sovereigns issue debut international bonds.
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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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No African lender can match Ecobank Transnational’s reach. The Togo-based financial institution is a worthy winner of this year’s award for Africa’s best bank for small and medium-sized enterprises – the second year in a row it has received the title.
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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 former Credit Suisse chief is championing Africa.
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What African fintechs need is supportive regulation, local capital and the development of talent. Singapore wants to show them the way.
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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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Tyme Bank’s experience with grant recipients in South Africa demonstrates the need to link up banking innovation to the real-world requirements of customers.
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In the Middle East, sustainability is about adaptation, not just to the increasingly stark evidence of climate change but also to the global demand for a more diversified energy mix to lessen fossil-fuel extraction.
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HSBC wins the award for the Middle East’s best bank for financing this year. During the awards period the bank topped the equity capital markets league tables, completing 12 deals – more than any other financial institution – worth just over $4 billion, according to Dealogic.
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Arab Bank has long been at the forefront of innovation in lending to small and medium-sized enterprises. Its regional reach gives it the kind of presence few can match. At the time of writing, the Jordanian bank oversees a network of 600-plus branches on five continents and boasts offices in Jordan, Lebanon, the UAE, Qatar, Saudi Arabia and Egypt.
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Mashreq Bank is a perennial winner of this award. Can any other regional lender compete with its ambition to be not just the best digital bank in the region but one of the best in the world? So far at least answer is a resounding ‘no’.
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All big banks say they are leaders in transaction services, few really are. HSBC is always in contention for this award and takes the honours after a year full of new services and innovation.
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Citi is the standout winner of the award for the region’s best bank for advisory in 2023. In a strong year for M&A, it was way ahead of the pack. It advised on 18 completed deals collectively worth $32.1 billion, giving it a 26.5% share of the market, according to data from Dealogic.
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UBS continues to assert its position as the Middle East’s best bank for wealth management. It won this award last year and the one before that – and the one before that. It is active in every important market, continues to expand its reach and innovates intelligently, introducing products tailored to regional clients’ specific needs.
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Best Bank: National Bank of BahrainBest Investment Bank: Sico Bank
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In some years this award is a close decision, with two or three banks vying for the prize. This wasn’t one of those years.
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Once again, Emirates NBD walks away with the award for the Middle East’s best bank. The Dubai bank posted net profit of $3.54 billion in the full year 2022, up 40% year on year, boosted by strong returns from investment banking, treasury sales income and trade finance. It has continued that strong performance in the current year, posting a first-quarter 2023 profit of $1.63 billion, bolstered by net interest income of $1.96 billion, up 69% year on year.
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Kuwaiti citizens are proud of the National Bank of Kuwait (NBK), the country’s largest bank by assets, and for good reason. NBK views itself as a pillar of the corporate and financial community. It deserves to win this award for several reasons, starting with its willingness to connect with worthy new initiatives.
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The green transition is boosting demand for key metals and Africa’s commodity markets are under pressure to increase extraction. But buyer awareness of Scope 3 emissions means that processes need to be cleaned up and fast.
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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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Founded in 2009, Sidra Capital is a pioneer of private Islamic finance in Saudi Arabia, with offices in Riyadh, Dubai, Singapore and London. Licensed and regulated by the Saudi Arabian Capital Market Authority, Sidra’s Shariah-compliant asset business focuses on alternative asset classes, real estate and private finance and private equity.
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Over the last 45 years, Jordan Islamic Bank (JIB) has steadily grown its banking, financing and investment businesses in accordance with Islamic guidelines. The corporate governance code it built became the standard in Jordan and one that the central bank has taken to using as a benchmark for peers.
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The global turmoil of 2022 posed a severe test for Banque Misr and its more than 10 million customers. The one-two punch of Russia’s invasion of Ukraine and the foreign-currency crunch caused by surging inflation sent Egypt to the IMF.
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Since its inception in 2004, Boubyan Bank has carved out a specific niche in a Kuwaiti market dominated by bigger and more established players. As chief executive Abdullah Al-Tuwaijri puts it, three words serve as the guiding star for the bank’s strategy: “modern, attractive and digital.”
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Qatar’s biggest Islamic bank remains hard to beat. Last year, it offered shareholders a 17.8% return on equity, a 2.1% return on assets and one of the industry’s lowest cost-to-income ratios at 17.4%.
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Kuwait Finance House’s 45th year in business was a banner one. In October 2022, the team led by acting chief executive Abdulwahab Iesa Alrushood completed the acquisition of Bahrain’s Ahli United Bank to create the world’s second-largest Islamic bank.
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You might expect that a bank that managed to double its profit over the last year would be an easy call for the best in Bahrain. But aside from the financials, Bahrain Islamic Bank, led by chief executive Yaser Alsharifi, is a clear standout in many categories.
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Dubai Islamic Bank reported a 12% year-on-year rise in net profit in the first quarter of 2023, while total income grew by 47% over the same period – the result of strong income from financing assets and robust cost management.
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Few banks take the phrase 'digital transformation' more seriously than Dukhan Bank.
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Al Rajhi Bank had a busy 2022, arranging 12 high-profile transactions in the Saudi riyal and US dollar debt capital markets.
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RakBank isn’t the biggest or best known bank in the United Arab Emirates. But it is playing an outsized role in providing innovative Islamic banking solutions and growing the market.
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Despite surging global interest rates, inflation, gyrating currencies and geopolitical tensions, Ahli Islamic Bank has stayed the course. It has grown its business and worked to expand the industry, pursuing financial inclusion when it is needed most.
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As the Gulf IPO boom subsides, will better allocations for international investors, dual listings and better secondary-market liquidity be enough to ensure that the region’s equity capital markets can mature?
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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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Kuwait Financial Centre (Markaz) wins Euromoney’s award for best Middle East private bank for investment research, a reflection of its research-driven culture.
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With offices in Dubai, Riyadh, Geneva and Luxembourg, BNP Paribas Wealth Management is well positioned to offer succession planning and wealth-transfer services across the Middle East.
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BNP Paribas has put environmental, social and governance at the centre of its work over the last few years and BNP Paribas Wealth Management’s approach is no different. The bank, which last year took home the world’s best bank for ESG in Euromoney’s Awards for Excellence, has successfully integrated ESG across its offerings, not least with its innovative ‘myImpact’ app.
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Emirates NBD has put a strong focus on digital and mobile banking for its private banking clients and wider customer base in 2022.
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BNP Paribas Wealth Management is named the best private bank in the Middle East in this year’s private banking awards.