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Belgium-based KBC’s Bulgarian unit formally merged with former Raiffeisen International Bank subsidiary United Bulgarian Bank (UBB) in 2023, creating the country’s biggest bank. KBC had completed the legal acquisition of RBI’s operations in Bulgaria in 2022. Most of the synergies of the merger were, therefore, far from being realised in 2023 as the operational integration was only just beginning.

Prospects for the Azerbaijani banking sector continue to improve as bank balance sheets strengthen and tighter regulatory oversight is established. Nowhere is this more evident than at Bank ABB – International Bank of Azerbaijan – which has made good progress since the decisive resolution of its legacy risks in 2022.

BNP Paribas has enviable sustainable finance credentials globally, but Latin America has become a particular area of strength for the French bank. In 2023, it led on some truly landmark transactions for clients throughout the region and can claim to be leading the evolution of sustainable finance in Latin America.

While Mexico is at the centre of the nearshoring debate, Costa Rica is quietly getting the job done. In 2023 the country attracted foreign direct investment inflows equal to 12% of its economy, which in turn drove economic growth above 5%. Costa Rica has long been an appealing place to develop service companies that sell into the US, including 170 shared service centres that perform back office and strategic operations for parent companies.

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.

BNP Paribas Wealth Management operates across 17 countries, serving a client base of entrepreneurs, family offices and high net-worth individuals.

HSBC wins the award for western Europe’s best bank for transaction services thanks to the delivery of an impressive range of services to corporate treasurers that the bank has developed over years of heavy investment.

Nothing shows BBVA’s ability to harness what was once viewed as a disparate set of national banks around Latin America into a cohesive, integrated banking institution better than the success of its transaction services business.

‘Being there’ is one of Citi’s many skills. It is always there for clients: underwriting stock offerings, printing bonds and taking the lead on bridge loans to support complex acquisitions.

Despite the Latvian economy dipping into recession last year, the banking sector delivered impressive bottom-line growth, with total profits almost doubling year on year to €622 million.

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.

The definition of excellence in these Euromoney awards is multifaceted. Sometimes the best bank is the one that has innovated and changed the market, sometimes the momentum in the market deserves recognition and at other times the player that dominates in terms of scale and profitability is the winner. It’s not often all three, but in Brazil, Nubank has revolutionized the retail banking market while enjoying unprecedented growth that has begun to feed – thanks to its highly efficient operating model – into operational leverage that is driving market-leading profitability.