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NLB Banka is Montenegro’s best bank, having demonstrated strong growth and development last year, which in turn contributed to its record bottom line.

For a small economy, Luxembourg boasts many banks: 120 were authorized in 2023. Many of these primarily serve international clients, in particular providing securities services to institutional investors from across Europe and beyond.

BDO Unibank, the Philippines’ largest bank, turned in an exceptional financial performance in 2023, cementing its position as the country’s best bank.

A strong financial performance together with a series of new initiatives, including in environmental, social and governance, make Standard Bank Euromoney’s best bank in South Africa this year.

Giving state-owned lenders awards for commercial banking is typically something Euromoney is reluctant to do, especially in former Communist countries. But anyone who knows Ukraine knows that PrivatBank is not your average former Soviet state-owned bank.

The recent move by Greek lender Eurobank to establish a majority stake in Hellenic Bank, Cyprus’ second largest bank, is a potentially transformational deal for the island’s banking sector. During the awards review period, however, it was still unclear when or if Eurobank would be able to merge its existing Cypriot business with Hellenic, but if it does, it could become the largest bank in the country.

Raiffeisen Bank Kosovo is the country’s best bank after a year in which it introduced of a series of new and enhanced products across its banking businesses, materially grew its client base and generated a record net profit.

Bank of Kigali is again Euromoney’s best bank in Rwanda this year.

Life for small and medium-sized enterprises is rarely comfortable. Even when your business is faring well, the capricious nature of policymakers and markets can upend carefully laid plans.

The fourth-biggest bank in Portugal, which has been fully owned by Spain’s CaixaBank since the end of 2018, saw an exceptional performance in 2023. After record results for the firm across the board, Banco BPI is clear winner of the award for Portugal’s best bank.

Banco Santander CIB’s steady progress in Brazil – by far Latin America’s biggest market for financing – coincided with a greater emphasis on local markets financing in 2023. The bank’s sweet spot, straddling local and international debt capital markets, as well as loan financing, meant that it had a very strong year across various debt segments. According to Dealogic, Santander CIB – which is led in the region by Rafael Noya, global head of global debt financing – was the leading underwriter of domestic DCM throughout Latin America and the Caribbean, helped by a second place in Brazil, where it took a 9% share of local issuance. Santander’s local strength was also supported by a strong showing in international DCM.

As balance sheet pressures have intensified, Morgan Stanley has been at the forefront of a changing financial sector landscape.