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Few banks have navigated turbulent times so well, posting record revenues on the back of strong net inflows and rising markets.

Scotiabank is delivering on the promise of its 2018 acquisition of BBVA’s bank in Chile by consolidating its position as the third-largest private sector bank and is now closing in on second place. The bank closed 2023 with a 14% market share and, according to Fitch Ratings, the best risk rating in the industry. In Chile, Scotiabank enjoyed the highest income growth in the financial system. A combination of fierce cost control and increased digital penetration enabled the bank to generate a 41% efficiency ratio and significant savings. The other side of the balance sheet was also strong: revenues grew 10%. The bank’s operating income grew 9% and its return on equity rose to 12.3%.

For many US regional banks, the priority in the first part of 2023 was simply survival. But for the very best, ambitions went much further than that. For its excellent financial performance, the product of wise decisions made years ago and the continued execution of an impressive strategy, Fifth Third is the US's best super-regional bank.

A spike in Armenian bank M&A this year has underscored the growth opportunity for banks in the local market. The country’s best bank, Ameriabank, was bought by Bank of Georgia earlier this year, and Ardshinbank is in the process of acquiring HSBC Armenia.

The bank says it is succeeding with Open Account Automation, the first module of a long-term initiative to digitize trade finance through new platform CashPro Supply Chain Solutions.

Equity Bank Kenya claims its mission is to empower clients and stakeholders, both socially and economically.

Nerves were jangling hard in Europe last year, when the panic that had seen many tens of billions of dollars’ worth of deposits flee large US regional banks in a matter of hours suddenly began emerging in Europe.

BofA Securities faced tough competition to retain the award for Latin America’s best investment bank. Deal flow in international capital markets transactions was disappointing and local markets absorbed a larger proportion of financing than normal; a trend that played to strong local franchises rather than the US firm. Nevertheless, BofA’s strength – especially in the Andean region, where the bank won best investment bank awards in Chile, Colombia and Peru – saw it fend off the local challenge.

The bank’s 10-year ScotiaRise programme has gone from strength to strength, reaching out to indigenous communities and aligning with its truth and reconciliation committee’s work.

A regional SME champion shows how to operate on the world stage.

Banco Santander’s wealth management proposition has been resonating in Latin America in recent years. It has been one of the big engines of growth for Santander’s wealth management and insurance division in 2023, which contributed €3.3 billion in profit to the group, up 21% year on year. The bank’s strong regional footprint – as well as its presence in the US and Europe – gives it a perfect competitive proposition for wealthy Latin Americans, who are increasingly interested in diversifying their portfolio into international assets and currencies.

Under the leadership of president Khairussaleh Ramli, Maybank has exceeded the broader industry performance and achieved several milestones this year, for which it receives the award for Malaysia’s best bank. With total assets exceeding RM1 trillion ($212 billion) and a remarkable 17.5% rise in net profit to RM9.35 billion in 2023, the bank has grown while delivering record dividend payouts. Profit before tax was up 5.6% and return on equity rose to 10.8% from 9.6% in the previous year.