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In a boom year for global M&A, Morgan Stanley differentiated itself from strong competition by serving up a defensive master class.

More than any other bank, Citi is the one FIG clients turn to when they need global financing solutions.

A list of winners of Euromoney’s Western Europe Awards for Excellence 2016, as well as detailed citations for all of the winners, is available here

This bank is pushing its corporate franchise further and deeper than ever before, becoming a core universal banking partner to many of the world’s biggest companies.

Results index Goldman led some outstanding M&A transactions, but Lazard stands out here, not just for its M&A practice, but also in areas such as restructuring, capital markets advisory, and corporate preparedness (as shareholder activism takes root in Europe). That is why it wins the best bank for advisory award.

Results index RBC Capital Markets wins Euromoney’s award for best bank for markets in North America. It is one of the few financial institutions that can claim to be a top player in both the US and Canada. In the US where it competes with domestic banks, the Canadian firm has succeeded in growing revenues in its fixed income, currencies and commodities business by 3.2% since 2012, gaining market share as US banks reduced their balance sheets.

Results index The flexible local deployment of a global electronic platform is the reason why BBVA is at the forefront of digitizing retail banking in Latin America, taking the award for best digital bank in the region. The gains to the bank are clear: lower costs, higher efficiencies and the ability to compete throughout national markets without extending physical infrastructure.

Results index Bumper M&A transactions have been a rarity in CEE over the past two years. Mid-market activity, however, has been brisk; instabilities in regional markets and still-high levels of state control continue to offer opportunities for advisory work on risk management, restructurings and privatizations.

Results index Investment banking volumes in CEE took another hit in the awards period as Russian sanctions, rising political risk in Poland and Turkey and high levels of local liquidity kept both issuers and investors on the sidelines. International bond sales fell by almost a third year on year to just $42.7 billion, according to Dealogic, while primary equity activity all but disappeared. With the exception of a trio of semi-private Russian deals, just three IPOs worth more than $50 million emerged from the whole region in the 12 months to March, while total ECM issuance came in at just $3 billion. M&A appeared to be a slightly brighter spot, with volumes rising by 16.1% to $98.9 billion. That increase, however, was accounted for by a couple of large Russian take-privates and a transfer of assets between two Kazakh state-owned entities.

Results index The past three years have not been kind to Russia’s consumer lenders. The end of the country’s long consumer boom and its rapid slide into recession have sent bad debts soaring across the sector and pushed leading players such as Russian Standard Bank and Home Credit Bank into heavy losses.

In a challenging time for global markets, one firm has shown that a capital-lite, targeted model can not just work but actually gain market share.

Results index There has been a pronounced trend for pan-regional banking franchises in central America and the Caribbean in recent years. Local and regional banks are using the exit of universal banks such as Citi and HSBC to consolidate. This competition for regional platforms is good news for the individual economies, many of which have in the past had a myopic focus on the US for developing business and trade. Deepening financial ties within the region offers pan-regional growth as another strategy.