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Panama

Panama had a solid 2023, with economic growth of 5%, but that belies the significant challenges that the country’s new president, José Raúl Mulino, will face. The closure of the country’s copper mine will add to the fiscal pressures that the increasing deficits from the country’s social pension system are creating. A drought has also affected the Panama Canal, a major revenue source for the government, and the economic outlook will likely get tougher from here.

July 19, 2024

Guatemala

The Guatemalan economy had a turbulent time in 2023. The election of Bernardo Arevalo in early 2024 should improve relations with the US and potentially lift the country’s economic outlook, but the social challenges that have plagued Guatemala through times of economic expansion and contraction alike are resistant to superficial measures.

July 19, 2024

Belgium

The Belgian government’s retail bond programme last year, which pressured lenders to raise deposits, was just one element of a relatively tough environment for banks in Belgium. The country also sits at the opposite end of the spectrum to southern Europe in terms of the proportion of loans on floating-rate deals, meaning local banks benefit less from higher eurozone interest rates.

July 19, 2024

Albania

Raiffeisen Bank is Albania’s best bank this year in recognition of its retail, corporate and treasury banking services, and its strong financial performance during the year. This was demonstrated across product and service enhancements in its main three banking businesses.

July 19, 2024

Awards for Excellence

Asia’s best investment bank: Citi

To be the best investment bank in the fastest growing continent you can’t just be here or there, you must be everywhere.

July 19, 2024

Indonesia

Bank Mandiri, Indonesia’s largest bank by assets, achieved a record net profit of $3.6 billion in 2023, an impressive 34% year on year rise – the highest in the industry and significantly outpacing the other four tier-one banks. Led by president director Darmawan Junaidi, it retains the award for Indonesia’s best bank.

July 19, 2024

Sierra Leone

Ecobank Sierra Leone recorded double-digit growth in its commercial banking operations last year, with gross loans to business customers up by 45% to $11.8 million. Customer deposits were up by 3%, reaching $25.7 million.

July 19, 2024

Lithuania

Lithuanian banks successfully shrugged off a stagnating economy and the government’s windfall tax last year to double net profits.

July 19, 2024

Ghana

Banks in Ghana have faced a difficult couple of years thanks to the government of Ghana’s debt default and domestic debt exchange programme announced in November 2022.

July 19, 2024

Treasury

Commodity hedging on the rise as elevated prices persist

The disconnect between global economic growth and commodity prices is focusing treasurers’ minds on hedging exposures to everything from cocoa to cobalt.

Paul Golden, July 18, 2024

Opinion

US regional bank stocks surge while CRE risks grow

S&P’s regional bank index has just pushed past its March 10, 2023, level, reflecting where these stocks were immediately before the collapse of SVB last year. Those stocks are rising sharply and investors are seeing huge profits, so is this a sign that regional banks have finally emerged from their crisis?

Rob Dwyer, July 18, 2024

BANKING

HSBC’s Georges Elhedery: Lucky man

HSBC’s choice of a new CEO to replace Noel Quinn was long flagged. Elhedery’s fortune is to be handed the reins of power in an extended period of calm for the UK lender, which benefited immensely from Quinn’s calm stoicism. But deteriorating Sino-US relations mean that turbulence for the London- and Hong Kong-listed lender is sure to return.

Elliot Wilson, July 18, 2024

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