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In each of equity and debt capital markets, syndicated loans and M&A advisory, Truist Securities ranked higher than its super-regional peers in 2023, according to Dealogic. For its consistency and the progress it has made since the merger of SunTrust and BB&T that created the firm at the end of 2019, Truist wins the award for the US’s best super-regional investment bank this year.

BBVA achieved impressive momentum in Latin America during 2023, winning individual best bank awards in Colombia and Mexico, and coming close in Peru. Its bank in Argentina also posted respectable growth and is poised to take advantage of a potentially more benign economic outlook. The Spanish firm also capitalized on its market leading position in Mexico to win the award for the country’s best investment bank and is also Latin America’s best bank for transaction services – a landmark win in an sector that has traditionally been dominated by US banks.

The winds of change are coming to the Mexican banking system. Nubank’s arrival and its 15% interest-paying deposit account are certain to bring new competitive challenges to the established banks. As the biggest and best bank in the country, BBVA theoretically has the most to lose, but its continued excellence across banking segments means that it is the best prepared for any disruption to come.

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.

Mauritius Commercial Bank (MCB) had another good year in 2023 and is again the best bank in the country for the review period.

Standard Chartered wins the award this year for making several key enhancements to its digital banking platform, supporting strong growth in customer sales and engagement.

While one of the smaller banking markets in Latin America, Uruguay has some excellent banks that generate some exceptionally strong financial results. Part of that success is due to a consistently strong economic backdrop – and in 2023 significantly higher interest rates also helped. However, individual management teams can also take a large part of the credit and this year Banco Santander’s chief executive Gustavo Trelles repeats his success of last year by retaining the award for Uruguay’s best bank.

After depositors fled the wreckage of the US regional banks in 2023 and customers started jumping overboard from a sinking Credit Suisse, even more banks could have been dragged into a systemic crisis. But UBS, rebuilt after the global financial crisis as a strong, sustainable and well-managed institution, responded to the rescue call from a fellow G-Sib. It rescued Switzerland as a financial centre, stopped the panic from spreading and struck a good deal for its own shareholders. Credit Suisse was not a gift. The integration will be tough. But UBS has got off to a good start and could soon relaunch its own growth story.

Some capital markets franchises make their name for sheer volume, topping the deal rankings by simply being everywhere. Others take a different tack, picking spots where they know they excel and then doing so. For yet again being on some of the most challenging and intellectually demanding deals in the review period, Morgan Stanley is North America’s best bank for financing.

Andrea Orcel’s long-awaited debut as a bank chief executive has won over the markets, largely thanks to capital returns. But his plans for UniCredit go far beyond balance-sheet management and costs. He now sees a chance to demonstrate growth.

With volumes in the capital markets subdued in 2023, there was increased client interest in private markets and M&A transactions. BofA Securities – led by Augusto Urmeneta, president of Bank of America for Latin America and head of Latin America global corporate and investment banking – embraced this challenge and helped clients tap alternative sources of liquidity. M&A was an important strategic option for many companies and BofA’s deal list featured 26 clients in five countries with both cross-border and domestic transactions, which accounted for a 9.5% market share in terms of fee revenues ($52.2 million).

With a chief executive pushing sustainable finance from the very top, HSBC is leading from the front in the global banking industry’s response to the climate emergency.