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LATEST ARTICLES
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JPMorgan was not the only bank that came into the Covid crisis with a strong balance sheet, but, as in 2008, the bank has shown that its diverse business lines and fortress balance sheet are what distinguishes it from the pack.
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Wholehearted commitment and revamped leadership have helped Barclays find a new vigour in its markets division.
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It was not the only bank that came into the Covid crisis with a strong balance sheet, but, as in 2008, the bank has shown that its diverse businesses provide plentiful earnings to take big reserves, even while it keeps financing large corporates and small businesses alike. Deposits have flooded in, technology investments have proved their worth and it is winning more business from mid-cap clients inside and outside the US – and it coped with the temporary absence of a legendary chief executive.
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Shenzhen-based Ping An Bank didn’t tweak the rulebook when it set out in pursuit of a better digital strategy. Instead, it tore it up and began again. The Chinese bank’s plans have worked beyond all expectations.
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Credit Suisse wins the award for Latin America’s best bank for wealth management.
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The vital role for UK corporate clients played by Barclays was clearer than ever during the coronavirus crisis: the bank arranged £9.9 billion of commercial paper issuance under the Bank of England’s Covid Corporate Financing Facility, almost half of the total.
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DBS takes the award for Asia’s best bank for transaction services this year.
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Early on in the coronavirus crisis, Credit Suisse’s senior management was instrumental in the design and implementation of Switzerland’s scheme of government-guaranteed loans. The scheme was so successful that other countries later moved to bring their programmes in line with it.
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The pandemic and following market crisis during 2020 has seen many high net-worth individuals across central and eastern Europe return to the safety and security of large international banks. Among those benefiting from this flight to safety has been Credit Suisse, which has seen increases in net new assets over the first few months of the year.
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When Singapore suffered a second spike in coronavirus cases in April, attention turned to the city state’s migrant labourers, an army of essential workers described by a former head of the National University of Singapore’s Saw Swee Hock School of Public Health as society’s “most invisible” members.
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In a region where the greatest amount of wealth is in the hands of entrepreneurs, it is a ‘bank for entrepreneurs’ that many of those wealthy individuals need and that is Credit Suisse. It wins the award this year for Asia’s best bank for wealth management.
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It was a year of milestones for Morgan Stanley in sustainability, a journey that began in 2013 with the establishment of the Sustainable Investing Institute under Audrey Choi, the bank’s chief sustainability officer.
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DBS is a bank at the top of its game. For the second year in a row, it not only wins the best bank in Asia award but canters away with it at high speed.
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Center-Invest Bank became the first Russian bank to issue a green bond with its R250 million ($3.56 million) offering in November last year. It was a natural step for a bank that has been committed to the environment and responsible banking from its inception.
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What CB Bank did right in the early days of Covid-19 was to recognize that the main pressure facing its customers was a shortage of cash.
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The US investment bank is finally enjoying the fruits of a decade of investment in Asia. It has spent big to hire the bankers and analysts it needs to drive deal activity in China, Japan and Australia. Now the hard part starts – making money.
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Amid the wild price swings and surging volumes in bond and equity markets that characterized the first phase of the pandemic, traders just about coped while working from home. Even as some return to the office, technology must cope with the new ways of working.
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Banks have been trying to rebuild trust since the global financial crisis. They have touted corporate responsibility and stakeholder capitalism as core tenets of their businesses. Covid-19 and the subsequent economic crisis will be a big test of their commitment.
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Even banks with resilient technology must think differently about how to make their systems fit for the years after the coronavirus panic fades.
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Regulators, politicians, competition authorities and central bankers have all been outlining objections to the Libra project from the first day Facebook announced plans to let its 2.4 billion users exchange payments in a new virtual currency. Don’t be taken in. Facebook wants the burden of compliance with all those KYC, AML and CFT rules. Being able to identify what its users are paying for is a treasure trove. The banking system and the world’s central banks, as the more enlightened already see, had better gear up for new competition.
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Singapore’s banks lead the field in services for small and medium-sized enterprises that go beyond their home base into the surrounding countries: some of the very few cross-border SME businesses that can be found in the world.
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Citi remains the name to beat in regional transaction services.
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Citi has long impressed for its front-end digital excellence, with streamlined and clever apps aplenty, and for its ability to integrate itself into the lives of its customers at every level through a string of partnerships across the region.
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In an industry of fast-paced change, this is the bank that is not only engaged with but driving change for the benefit of its customers.
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The firm has done well at home and in the region. Part of that is down to its ownership structure, and the rest is because growth is part of its DNA.
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Retaining its title from last year, Morgan Stanley is North America’s best bank for wealth management. With $2.46 trillion under management, it is among the top three largest wealth managers in the world and sets the standard for others.
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This year, the region’s best investment bank is BTG Pactual. It climbed back to leadership in its domestic market and grew strongly elsewhere in the region.
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The financial industry was designed to create opportunity in communities – Bank of America works tirelessly to ensure that opportunity is open to everyone.
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Canada’s investment banking franchises have had a challenging environment to deal with in 2018 and 2019. But RBC Capital Markets has weathered the situation well and is Canada’s best investment bank.
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Citi’s worldwide presence is proving an asset as new regional trading blocs emerge.
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Through thoughtful and innovative community initiatives, as well as changes to policies and product development, BNP Paribas is helping to implement the UN’s sustainable development goals.
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Almost 10 years into his role as chief executive of Singapore-based DBS, Piyush Gupta has spent the last six of them on a mission to make an institution that looks more like a tech company than a bank. His message and methods are working, as digital disruption shreds costs and creates new revenue streams. Has DBS created the template for how successful banks will need to look in the future?
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The Singapore-based bank has developed into a business fit for purpose in the modern world. Is this the model for the bank of the future?
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JPMorgan today dominates the global corporate and investment banking landscape. The key to success? A long-term strategy led by group co-president and CIB chief Daniel Pinto, and a management team that keeps the business in a constant state of reinvention.
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When Alfa-Bank began focusing on small and medium-sized enterprises 10 years ago, the segment was largely ignored by Russia’s leading banks. Customer service was nonexistent and access to finance was limited, especially for smaller firms.
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With sustainability integrated in every business line, across geographies, with a commitment to innovation and standard setting, HSBC is central to the evolution of sustainable finance.
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GoPay is southeast Asia’s answer to Ant Financial. Its CEO comes with a background in the most micro level of finance: empowering village housewives to buy things to cook with. How will he build a business backed by the biggest names in global private equity?
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Video interview with Ebele Ogbue, general manager of UBA Energy Bank and Andrew Martin, CEO of UBA UK.
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It is a big ask to win any Euromoney award for three years consecutively, but DBS’s leadership in the digital realm is unarguable.
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After two years, OCBC loses its crown to local peer DBS this year as Euromoney’s best bank for small and medium-sized enterprises. The two Singapore houses remain almost unique in building a meaningful SME business that operates across borders.
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DBS, under CEO Piyush Gupta, is not the biggest name in transaction services in Asia, but it is the one that impresses most in its trajectory.
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Global growth provided the backdrop for a strong year for Citi’s financing businesses, while the return of volatility has showcased the value of its great reach
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The firm has consistently demonstrated its commitment to work alongside communities and support their growth.
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Bank of America sets the standard for the new era of banking.
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The firm is a genuine contender in investment banking in every region of the world.
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The firm is leveraging the efficiency and craft it has built in digital to take it into the markets that surround its home base.
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Improving social mobility, caring in the community, supporting employees in challenging times and committing to equity – Bank of America has shown a long-standing commitment to D&I.
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Having stabilized the bank after the financial crisis, Bank of America’s management conceived a simple plan for its future: maintain a diverse set of businesses but deal with less risky customers; provide them with fewer, simpler products; automate for efficiency; and then grow by doing more for these customers. Easy to say, but hard to do – it took time and billions of dollars of investment. With results now shining through, the bank that once looked too big to succeed has a shot at domination.
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DBS is an institution in which every part of the business – from cash management to private banking, from SMEs to retail – is being enriched by a challenging process of wilful digital disruption.
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The old charges against Citi’s wholesale banking division no longer apply. Its scale and breadth are a big positive that no other bank can match. Its diversity and balance are clear strengths that its competitors increasingly envy. As a firm, it’s more joined up than anyone thought possible. And its clients value what Citi can deliver more than ever before.
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Morgan Stanley dominated M&A league tables during our review period, but winning the best bank for advisory award is about more than scale. What is more impressive is the way Morgan Stanley has put itself at the heart of the central trends of Asia-Pacific M&A, usually getting itself on to the lucrative sell side along the way.
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The best investment bank in Asia awards was one of the easier ones to decide upon. Morgan Stanley had an outstanding year in advisory and equity capital markets, and held its own in debt.
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No matter where head office is based, Euromoney’s best regional bank, HSBC, is fundamentally about Asia. In 2016, the region contributed $10.6 billion out of global profit before tax of $17.3 billion – two thirds of the pie.
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Stuart Gulliver’s six-year transformation of HSBC has created a global bank that works, rather than one that merely exists. And through that process, the bank has continued to deliver impressive returns.
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Investment bankers in Europe describe Unilever as one of the most sophisticated users of investment banks in the world. “They know all of our strengths and all of our weaknesses,” says one banker who has covered the Anglo-Dutch conglomerate for many years.
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It might not have the same level of market presence across North America as some of its international competitors, but HSBC’s push forward in the region over the last 12 months has secured it Euromoney’s award for North America’s best bank for transaction services.
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The bank has demonstrated exceptional on-the-ground commitment and understanding of its clients across all regions.
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Euromoney challenges Stuart Gulliver over his active management of the HSBC portfolio and why he has not exited retail banking in more countries, given that retail banking is a scale business, which HSBC lacks everywhere outside Hong Kong and the UK.
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Solving the challenge of the world’s unbanked is going to take investment, innovation, and an ability to bring together key players in payments, fintech and microfinance. No bank is quite as committed to that combination as Citi.
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Citi is perhaps the only global markets business remaining that shows that scale and breadth – both geographically and by product – can deliver good returns.
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The investment bank has come through more than a decade of difficulties to become the momentum firm on Wall Street once again. The last piece of the puzzle, making its fixed income business fit for purpose, is now in place. Morgan Stanley is working together as a firm better than ever before. Its people have their swagger back. And the architects of this renaissance are determined to press home their advantage with a ruthless approach to deploying the firm’s capital – both financial and human.
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As Stuart Gulliver’s time as chief executive of HSBC runs down, the moment has come to acknowledge his achievement in managing the remarkable transformation of one of the world’s biggest, most complex banks. Once a diffuse portfolio of unconnected banking franchises, it now starts to look much more like the jewel it should be: a properly managed network that can serve customers and reward shareholders by handling global trade and capital flows.
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Citi aims to develop new banking apps with the speed of a Silicon Valley startup and deliver them across a vast incumbent bank.
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The French bank is firmly in expansion mode in corporate banking, on a much more global level than you might expect, and fully grasping how to serve their clients digitally.
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Julius Baer’s strategy of commitment, investment and hiring – when many of its peers have been retreating – has enabled the bank to become a global leader in wealth management.
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The revival of its markets, as well as momentum in its traditional investment-banking strengths, has made Morgan Stanley stand out from its competitors over the review period.
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The bank’s expertise in debt capital markets and transaction banking have helped it excel in emerging markets this year.
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Financing, and particularly debt, is one area where European investment banks can still have a grip on their home markets. Many are already reaping the benefits of having shifted to a more capital-efficient deployment of their balance sheets.
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The region’s investment banking market, as ever, remains more tilted to the Gulf, which has recently been less active in blockbuster sovereign wealth-fund M&A mandates and more vigorous in public-sector financing as the lower oil price has bitten.
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Transaction services clients are increasingly well served in the Middle East, particularly in the UAE’s relatively large financial services industry. Local banks have improved their offering, while the biggest international banks also see it as a priority.
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It was a year of some relief for Middle East banking, as the benefits of reform began to be felt and the oil price recovered. Although they remain partly at the mercy of Opec and the US shale energy industry, there was good news for local and international banks, as the government spending crunch eased up and the region turned to international markets to finance its development projects and budget deficits.
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It is tough to create a franchise in global finance, but over the last five years Christian Meissner has mixed a potent cocktail at Bank of America Merrill Lynch’s global corporate and investment bank. Can it build its relationships with key clients to the point where it becomes a true challenger to JPMorgan and Goldman Sachs?
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It started out as one of 3,000 peer-to-peer lenders in China. In six years, it has become a broad wealth management platform that may raise as much as $5 billion in an international IPO this year. The pace of its growth has been every bit as breathtaking as Tencent’s WeChat or Alibaba’s Alipay, yet few outside China have heard of it. They will. CEO Gregory Gibb tells us why.
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Hiring more than anyone else in the wealth management industry and hoovering up the assets of failing competitors, Julius Baer is going head-to-head with its two larger Swiss competitors in Asia and Europe. Given CEO Boris Collardi’s tenacity, if the markets go his way, he may just pull it off.
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Frédéric Oudéa has been CEO of Société Générale for longer than any other current head of a leading European bank. His success in bringing the bank through the financial crisis and its aftermath is widely acknowledged. But can he articulate a convincing vision of SocGen’s future?
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At the largest private-sector investment firm in the Persian Gulf, the line between business and politics has always been blurred – its well-connected new executive chairman Mohammed bin Mahfoodh Al Ardhi seems a perfect fit for that curious tradition.
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Citi's new mobile app is a first crucial step to re-invention. Head of consumer banking, Stephen Bird, tells Euromoney the bank may have only a couple of years to convince customers it is the high-quality, always-connected partner with the services they want.
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Results index Piyush Gupta, the CEO of DBS, is a great believer in the threat to banking from platforms like Ant Financial, and in the opportunity available for those who get ahead of the game. Gupta has invested S$4.6 billion in digital strategies in the last five years. He has also insisted that everyone in his team buy in to the vision, arguing that it is much easier to effect change if 22,000 staff believe in it than to try to drive it from the top down.
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Results index Five years ago, Citi’s global transaction services business launched an innovation lab in Singapore, in a business park out by Changi Airport. At first it felt like a gimmick, but has considered hundreds of ideas since and put 80 to prototype.