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Under the leadership of chief executive Karl Stumke, Bank of Maldives, the country’s best bank, has delivered on its strategic priorities in 2023, resulting in a strong financial performance and substantial customer acquisition.

Tourism is central to the economy of the Bahamas and the country continued to recover from the pandemic-enforced lockdowns with strong GDP growth of more than 4% in 2023. Scotiabank’s business in the country similarly continues to improve from the Covid years and, in 2023, the bank achieved its highest profitability for 15 years with net income of $70.3 million, up by almost 46% year on year. The bank’s management attributes this to a range of initiatives executed in previous years, such as the branch network optimization strategy and revenue enhancement strategies to progressively lower operating costs and boost revenues.

Standard Bank successfully implemented innovative digital products across all banking segments in 2023 while also making important philanthropic contributions in Malawi.

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.

Access Bank Gambia impressed this year with its strong financial results, effective support for small and medium-sized enterprises and important philanthropic work.

Banca Intesa Beograd had standout year in 2023, launching a number of key initiatives and delivering another set of record results.

While political protests in Tbilisi introduced some additional risk to the Georgian economy last year, economic growth remained robust thanks to strong domestic demand and capital inflows from tourism and exports.

Transaction services are a vital part of UniCredit’s rationale as a pan-European bank, and its leadership in this area is particularly evident in central and eastern Europe, where the bank’s regional head of transactions and payments is Riccardo Madinelli.

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.

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.

Under group chief executive Andrea Orcel, UniCredit has reaffirmed its commitment to central and eastern Europe – highlighted by its announcement of the €300 million purchase of Alpha Bank Romania, part of a deal that also involved it taking a stake in the Athens-based group.

Khan Bank, Mongolia’s largest bank with a 30% market share, receives the award as the country’s best bank in recognition of its solid growth and the successful completion of its initial public offering.