For many of our winners, ongoing product and process innovation and technology upgrades continue to improve standardization and automation of services critical for operational efficiency and effective risk management. Leadership in their respective regions includes high levels of representation with industry associations to help shape the sector in accordance with best practices, in response to infrastructure and regulatory changes.

With the recent move to a shortened settlement cycle, from two days after the trade date (T+2) to one day (T+1), in the US, Canada, and parts of Latin America, sub-custodians have been an invaluable resource to their clients on the impact of this shift and its benefits. These include reduced counterparty risk, better market liquidity, and an overall improvement in operational efficiency. In Latin America, local sub-custodians are trusted advisers on all market developments, including the planned integration of Chilean, Colombian, and Peruvian exchanges into a regional bourse.

Most sub-custodians embrace advanced technologies, including artificial intelligence (AI) and data analytics, which they leverage to refine their custody infrastructure and improve service quality.

On the African continent, Rand Merchant Bank (RMB) strives to exceed the expectations of its clients by combining high levels of service with an exceptional technological platform to deliver effective sub-custody solutions covering all elements of trade transactions, as well as reporting and analytics. With the success of this approach, RMB is our regional winner in Africa and country winner in South Africa. RMB is a division of FirstRand Bank, one of Africa’s largest banking groups. Its custody franchise extends to Botswana, Ghana, Mozambique, Namibia, and Nigeria.

One of RMB’s key strengths is its ability to adapt to its clients’ needs, continually identifying and implementing insightful and tailored offerings. This involves maintaining close contact to promptly resolve trade and operational inquiries and deliver ongoing insight into evolving market dynamics. RMB’s highly experienced management team is well represented on industry committees and in regulatory forums to shape new standards, practices, and regulations, providing its clients with strategic and operational guidance resulting from the latest market developments.

The bank aligns its systems and protocols with global market practices and Swift standards for automated custody services. Clients benefit from a robust core custody system powered by the BaNCS platform that provides comprehensive post-trade capabilities with streamlined trade settlement, registration, extensive market connectivity, and efficient automation for high rates of straight-through processing with trade transactions.

RMB’s Custody Online interface complements the BaNCS system and lets users manage trade settlements, respond to corporate action events, and access holdings and transaction records in compliance with ISO15022 Swift standards. The bank is transitioning its Custody Online interface to a new version that will support cloud computing, application programming interface (API) integration, and the advanced Swift ISO 20022 messaging protocol. Additionally, this suite of custody services is integrated with the bank’s transaction banking and foreign exchange offerings to ensure seamless management of custody-related transactions.

Beyond its local footprint, its custody business is complemented through a 14-year partnership with J.P. Morgan for regional and global custody outside South Africa, with access to over 100 jurisdictions.

With its extensive Asia-Pacific franchise and broad range of services, DBS retains the title of Best Sub-Custodian Bank in the region. By leveraging a data-driven operating model integrated into the bank’s management and client-servicing processes, DBS continues to pioneer innovative solutions for clients across its footprint, including Singapore and India—in both of which DBS is also the country winner—as well as Hong Kong, Indonesia, and China.

The bank’s ongoing technological investment provides clients with increased operational efficiencies on its custody platform. This includes greater automation, as DBS implemented an enhanced cash-funding module to create more-efficient workstreams in more than 40 markets. Now, trade settlement and cash exchange are settled without manual intervention and include automated reconciliation, reducing operational risk.

Clients benefit from a robust central custody system, with the DBS Ideal Securities digital platform to manage their securities positions and transactions through a comprehensive dashboard displaying trade information and functionality along with corporate actions and customized reporting capability.

Additionally, DBS upgraded its fund-accounting platform with the latest version of Multifonds to ensure clients have the most powerful services available. DBS is at the center of a significant linkage between the Singapore Exchange and the Shanghai Stock Exchange, as the custodian of the first joint offering of ETFs on the exchanges.

The bank also implemented a new fund-services platform in the Singapore, Hong Kong, and Indonesia markets, creating new product capabilities for handling complex fund structures, improving processing time and operational risk management.

DBS is the first Asian bank to offer custody for five asset classes: equities, bonds, funds, securities tokens, and cryptocurrencies. DBS has a competitive advantage in the growing digital asset sector. The expansion of digital assets represents a growth opportunity for DBS as the bank offers secure solutions for administering and storing digital assets, including bitcoin, ethereum, bitcoin cash, and ripple. This includes access to an online portal to view holdings and transactions, cybersecurity risk management, and dedicated account and client service managers. These digital asset clients also benefit from seamless integration with DBS Digital Exchange, the bank’s platform offering institutional investors greater exposure to digital assets, including digital offerings of security tokens and secondary trading of digital assets by institutional investors.

With its longstanding commitment to the region through a diligent focus on high service levels, UniCredit repeats as the Best Sub-Custodian Bank in Central and Eastern Europe (CEE). Serving this market for over 30 years, UniCredit leverages a flexible operating model and a strong team culture to deliver a comprehensive range of post-trade services that reflect the bank’s themes of client focus, digitalization, risk management, and workforce development. The result is a highly responsive management team that serves unique customer requirements by developing innovative products. This approach is designed to expand UniCredit’s strong regional market share in servicing foreign and domestic institutional clients, by securing new custody mandates and expanding existing relationships.

The bank targets global custodians, investment banks, and domestic financial institutions as core clients. It offers a single entry point for foreign investors doing business in each of the bank’s CEE franchises and domestic institutional clients that invest in other CEE countries. UniCredit is the country winner in Bosnia & Herzegovina, Bulgaria, Hungary, Serbia, and Slovenia. Its estimated market share ranges from approximately 36% to 90%. The bank’s franchise also extends to Croatia, the Czech Republic, Romania, Slovakia, and Turkey.

This success can be attributed to a significant competitive advantage, gained through the bank’s versatile servicing model. This model involves a direct model providing efficient market access to each of the countries it serves and a hub model involving a single point of entry, with one UniCredit counterparty in Austria offering operational and onboarding efficiencies with one relationship manager and with central product specialists having local expertise.

UniCredit continues demonstrating product and process enhancements to improve post-trade settlement and risk management while constantly adapting to regulatory developments. This is accomplished by the ongoing migration to an upgraded custody system, BaNCS, now operational in eight of the bank’s 10 CEE markets. The system increases post-trade transaction efficiency, mitigates operational risk, and ensures compliance with industry standards and evolving regulatory requirements. The flexibility of this platform also allows the bank to better tailor solutions for unique client needs, and UniCredit works closely with clients to realize operational synergies with their systems.

In Latin America, Citi retains the top sub-custodian title not only on the strength of its exceptional service model, which includes a powerful proprietary custody platform, but also from its commitment to the ongoing development of the custody infrastructure across the region. Citi is a strong advocate for the sector as a trusted adviser to clients, market participants, and regulators. In addition to this regional award, Citi is recognized as our country winner in Argentina, Colombia, Mexico, Panama, and Peru, and offers comprehensive services in Brazil. Citi’s commitment is evidenced by numerous country initiatives involving operational and structural enhancements. Citi’s network is prepared to operate across all jurisdictions as the region’s countries become increasingly connected.

A major initiative, called “nuam,” involves the integration of regional exchanges in Chile, Colombia, and Peru. Citi is leveraging its physical presence and leadership in all three markets by assisting in implementing this plan to create a single trading platform. This integration includes a technology partnership with Nasdaq and an expected launch in the second quarter of 2025. Further, Citi advocated for postponing the implementation date of the migration to the T+1 settlement cycle in these countries to coincide with the expected 2025 nuam launch, to allow time for addressing the potential impacts of this change.

In Argentina, Citi introduced new features to its internal Citidocs application to fully automate cash instructions and ensure funds are available before processing transactions. This allows greater volumes of straight-through processing of trades, eliminating manual elements and reducing delays. Citibanamex actively participates in market associations to represent client interests in the Mexican market on initiatives including tax withholding on dividend payments, and with the new shortened settlement cycle, as Mexico, Canada, and the US moved from T+2 to T+1 in late May. The local central securities depository (CSD) in Panama is modernizing its core system for greater automation of transactions by the end of 2024. Citi is collaborating to align with the new platform. Citi Brazil continues to streamline workflows, with improved prematching of equity trades in real time by automating manual touch points, thereby reducing risk and accelerating transaction processing. The bank also implemented API connectivity with the Brazilian Depository Receipt depositories, resulting in a faster and more transparent process.

In the Middle East, First Abu Dhabi Bank (FAB) continues to build on its position as one of the region’s largest and most capable direct custody providers through investments in infrastructure and new product capabilities. In addition to claiming the top spot in the region again, FAB is once again our country winner in Bahrain, Kuwait, Saudi Arabia, and the United Arab Emirates. Its franchise also covers Oman and Egypt, with services in Qatar expected to begin by 2025.

For custody providers, process automation is essential for operational efficiency in the post-trade value chain. FAB clients benefit from a robust online client custody portal with high levels of functionality, customization, and reporting features for effective monitoring and risk management of the settlement process.

The bank has also strengthened its team with key management appointments, adding strong regional and global expertise. To broaden its product line and boost its franchise, the bank is moving aggressively to capture new fund business by launching MENA Securities Services for Asset Managers, an integrated suite of robust post-trade services focused on asset managers based in the Middle East and North Africa (MENA). The new platform offers unique features for real-time securities servicing across the largest direct-custody network in the region. It includes middle office support from the bank’s partnership with State Street to provide world-class fund accounting services.

FAB is also the settlement bank for the Tabadul platform, the region’s first digital exchange hub, which provides a trading network with regional exchanges in Abu Dhabi, Bahrain, Jordan, and Oman. Advancing the custody sector is a key priority for FAB. Its commitment to the Middle East region is unrivaled, and it has strong connections with industry participants and regulatory bodies.

The bank continues to advocate for its clients across a range of initiatives. In the United Arab Emirates, this includes harmonizing capital requirements and extending margin trading. FAB has lobbied to eliminate minimum asset requirements for foreign investors and improve Swift connectivity in Saudi Arabia. FAB is also collaborating with local regulators to implement a delivery-versus-payment model in Bahrain.

With deep resources and outstanding post-trade capabilities, CIBC Mellon is again recognized as the winner in North America and in Canada. In addition to custody, CIBC Mellon’s investment-servicing solutions also provide clients with multicurrency accounting, fund administration, recordkeeping, pension services, securities-lending services, foreign exchange settlement, and treasury services. Scale and automation are critical elements for a sub-custodian to deliver efficiency and security in the settlement process.

CIBC Mellon continues to refine its business model by leveraging the most advanced technology. As the product of a 50/50 joint venture between BNY Mellon’s and CIBC, significant resources are available that contribute to infrastructure and process enhancements for the automation and standardization of services.

One example is CIBC Mellon’s adoption of BNY’s Nexen digital information-delivery platform, which uses data analytics services to help clients by giving faster, real-time cash position and activity reporting through an improved interface for easier access from any mobile device. The firm continues to bring BNY’s technological advancements into global custody by using trade analytics to reduce the impact of trades that settle late. As millions of trades are settled each month, there are significant costs associated with late settlement. To help determine the probability of a trade settling late, CIBC Mellon uses a predictive AI engine, thus increasing market efficiency and cost savings for clients.

Leveraging data analytics is a priority. CIBC Mellon’s recently announced strategic collaboration with Duco, a leading software-as-a-service provider of AI-powered data automation, will contribute to lowering operational risk and streamlining processes for greater efficiency.

In the Canadian market, CIBC Mellon has an automated link to multiple reporting and processing systems of the Canadian Depository for Securities (CDS) for securities clearing and depository services. CIBC Mellon’s system performs a match function on trades, whereby a trade is automatched and confirmed with CDS as soon as it is authorized in the custody system. If matched, trades automatically settle in the custody system, and the securities and cash positions are updated automatically on the settlement date.

Global banking giant BNP Paribas (BNP) offers a comprehensive range of world-class services for all post-trade client needs, with tailored and flexible services, and wins again this year as the Best Sub-Custodian Bank in Western Europe. Additionally, BNP is again the country winner in Belgium, Italy, Luxembourg, and the Netherlands, while also serving France and Germany.

With $14 trillion in assets under custody, BNP is the largest securities servicer in Europe and a top-five player globally through a proprietary network in 27 countries. BNP continues to expand the custody franchise as part of the overall group’s 2025 strategic plan around growth, technology, and sustainability themes. This involves strengthening service offerings, developing partnerships, and increasing data and digital initiatives.

At the heart of BNP’s service model is NeoLink, a leading system offering digital banking services for institutional clients, including custody, clearing, cash management, asset and fund administration, market and financing services, and alternative investments. The platform is highly customizable to adapt to unique post-trade requirements, simplifying workflows and reporting. Connectivity between NeoLink and client systems provides a seamless gateway to BNP applications as part of its service model.

The bank actively solicits client assessments, and NeoLink was recently redesigned using this valuable client feedback. The bank recently upgraded the platform with a new user interface, an extended digital portfolio of solutions, embedded fintech services, an API store, and AI features, for an enhanced client experience.

Also, BNP continues to expand its centralized booking model through the Paris office, which provides direct access to multiple markets, with six CSDs across Europe and the administrative advantage of contracting with only one legal entity.

Other initiatives include expanding the capabilities of its CapLink Private platform for unlisted investments, in addition to existing features like benchmarking; risk analysis; forecasting; and environmental, social, and governance scoring, to align portfolios with responsible practices to guide better investment decisions.

Tech consultant Juniper Research predicts that banks’ spending on genAI will rocket to $85 billion in 2030, up from $6 billion this year, as the firms push to offer a more personalized user experience. But a key lesson of the blockchain bandwagon is that innovation for the sake of it is unlikely to succeed, whereas innovation that solves problems or provides a better user experience has value.

Among the past year’s innovations that appear to be yielding the best results are systems that solve cash-flow and liquidity-management problems, improve supply chain efficiency, and furnish a more seamless way for treasurers to carry out their daily operations. All of these deliver real value to their banking partners.

Similarly, our respondents singled out innovations that offer greater protection against fraud, increase stability and performance, and improve support for small and midsize enterprises (SMEs), citing the additional value they provide.

Some hyperpersonalized app enhancements underscore how far banks have come in tailoring their services to match customer journeys, many of them leveraging AI and machine learning to provide personalized recommendations in real time. From apps tailored to different age ranges to wealth management and financial advisory tools providing customized advice and investment guides, all promise to help banks strengthen their client relationships    —Gilly Wright

Our initial call attracted entries from innovators touting their achievements at the global, regional and local levels. Global Finance also received nominations for the top innovations of the year from correspondents and external sources. To accommodate invention, we do not set categories but insist that nominations be a “first” in some way. The editorial board evaluated entries, and nominations were vetted with independent research. Winners were selected following rigorous debate.

With their deep knowledge of domestic and regional markets, the regional and country winners as Best Banks in the Middle East continue demonstrating resilience and innovation in navigating the region’s many complex economic and geopolitical challenges. In addition to enhancing existing services, these banks are aggressively launching new products that are increasingly focused and specialized to serve their country’s many different demographics. Internal development labs are fueling this product growth in many cases. At the same time, partnerships and collaborations with the fintech sector represent powerful opportunities to dramatically accelerate the development and launch of new services in conventional products and in the rapidly growing Islamic banking segment. In addition to domestic growth, all seek to expand regionally, some aided by affiliations with larger regional and international banking groups. Sustainability is a crucial component in each bank’s business model through significant financing commitments and by integrating environmental, social, and governance (ESG) principles in its transactions.

Innovation is the driving force behind Arab Bank’s success and leadership in the Middle East. This commitment is evident in its aggressive approach to developing new banking offerings, contributing to its expanding product line and diversified business model. Accordingly, Arab Bank won as our Best Bank in the Middle East and as the country winner in Jordan, Lebanon, and Yemen. Its regional expertise and ability to navigate complex market dynamics are invaluable to its broad client base, including consumer and commercial clients, multinational corporations, and regional governments.

The bank’s strong regional franchise is reflected in its revenue diversity, as 74% of earnings are derived outside its home market of Jordan. With over 600 branches spanning 29 countries, including seven in the Middle East, the bank continues to innovate with new services and enhancements to existing products for consumers, small and midsize enterprises (SMEs), and commercial clients. Additionally, the corporate and institutional banking division is effective in leveraging its international network. It is positioned to assist multinational companies in tapping Middle East markets as well as to support local companies’ regional and international growth strategies and cross-border business that is critical for infrastructure, energy, transportation, and trade finance.

Through its Acabes in-house fintech development lab, Arab Bank cultivates its digital strategy to improve the customer experience. The bank’s first-to-market launches include Arabi Shopix for SMEs, which offers clients the ability to design and build an e-commerce website with integrated digital banking solutions. Additionally, the bank’s Omnify application programming interface (API) platform lets partner companies provide banking-as-a-service to their customers by embedding finance products from Arab Bank, and this will be expanded beyond Jordan to select Middle East markets.

To advance its digital collaboration with the fintech sector, the bank’s AB Xelerate startup accelerator sponsored an artificial intelligence (AI) boot camp. The camp provided 100 tech entrepreneurs with the opportunity to participate in interactive workshops and gain insight into developing and integrating AI and machine learning solutions for the finance, health-care, and e-commerce sectors.

Arab Bank has unveiled notable service improvements in its card-related offerings. Retail customers have new digital payments and funds-transfer offerings with RemitEx, in collaboration with Mastercard, a new cross-border payments service that includes 28 countries; also, Visa Direct enables cross-border transfers with 17 countries. The bank integrated Apple Pay and rolled out tap payment features at merchant point-of-sale (POS) terminals using a customer’s mobile phone. For greater versatility, the bank now offers Arabi Switch, combining debit and credit card features in a single card, with the ability to navigate between the two.

The bank also has expanded its digital services for corporate clients, particularly in transaction banking, liquidity management, payments and collections, and trade services, resulting in strong adoption in the United Arab Emirates (UAE) market, where over 85% of client transactions are handled via digital channels.

Additional 2023 initiatives include the launch of a funds-transfer service, Arabi Rails, for efficient and secure remittances, initially between Jordan and the UAE. Expansion is planned for Bahrain, Egypt, Palestine, Qatar, and Saudi Arabia.

Furthermore, the bank has enhanced its digital banking app, Reflect, and its rollout to the Palestine market has added more than 100,000 customers. The bank extended its Arabi Junior youth savings program to the UAE. Partnerships in education, with the introduction of the Arab Bank Innovation Space at Al Hussein Technical University, represent a strategic collaboration to leverage opportunities for an innovative and interactive learning experience to improve student readiness for jobs in the technology sector. Arab Bank is a leader in financing renewable and clean energy initiatives, including solar projects in Jordan, Bahrain, Oman, and Palestine. As part of the bank’s ESG strategy, it issued $250 million in sustainable capital securities to finance a portfolio of sustainable projects.

Ahli United Bank (AUB) is leading the advancement and growth of Islamic banking in Bahrain following the December 2023 completion of its conversion to a fully Shariah-compliant Islamic bank. This involved the transformation of critical systems, which was done seamlessly and efficiently to facilitate the conversion of client accounts and products to Shariah-compliant alternatives. This transition follows the bank’s acquisition by Kuwait Finance House, now the second-largest Islamic bank globally, which has contributed to several initiatives and digital enhancements. The retail bank launched a new mobile banking app that added 50 new features to provide improved performance, functionality, and security. Additional initiatives include the introduction of the AUB Premier credit card for retail banking customers, providing extensive rewards and travel-related benefits. Corporate clients benefited from enhanced online banking services that provided a consolidated user experience for banking activities across the bank’s Middle East network, contributing to a 32% increase in 2023 transaction volume.

Effective customer service is critical, and AUB has boosted its relationship management capabilities with over 100 digitally automated services to improve the accuracy and efficiency of client inquiries. Data and system integrity are also top priorities, and AUB has adopted cloud technology to ensure a secure backup environment and enhanced its network protections to prevent cybersecurity threats and data loss.

In Iraq, Qatar National Bank (QNB) retains its status as Best Bank, operating primarily through its majority stake in the domestic institution Al-Mansour Bank. This franchise provides consumer, SME, and commercial banking through a nine-branch network, representing an important QNB market and contributing to the bank’s regional presence. The ongoing development of the domestic market will leverage the considerable resources of QNB as the Middle East’s largest bank by assets, as well as its extensive regional and global banking network. A significant opportunity exists with the expansion of digital offerings in Iraq, where QNB’s capabilities can help serve new customers.  

The bank has successfully launched innovative digital services, including more efficient digital client onboarding, advanced contactless solutions, and digital credit cards for use on a customer’s smartphone for safe and seamless payment capabilities. New service rollouts have contributed to solid adoption rates. As of the first quarter of 2024, 87% of customer transactions are done digitally across its online and mobile banking channels, up from 77% year-over-year.  These initiatives can benefit the Iraqi market with integrated digital services that provide banking convenience on a secure platform.

The National Bank of Kuwait (NBK) continues to refine its banking model to expand its domestic and regional service capabilities. The bank holds a competitive advantage in Kuwait as the only bank offering both conventional and Islamic financial products. NBK seeks to leverage both markets and capture more business, particularly given the increasing demand for Islamic banking in the country, where NBK targets high-net-worth, large corporate, and SME segments.

NBK aims to provide a transformative banking experience for all clients. This strategy is closely tied to its digital evolutionwhere the bank applies a customer-centric approach to product and application design for the creation of new banking offerings. This has contributed to the successful launch of a new NBK mobile banking app that has resulted in strong adoption rates and increased activity. Additionally, NBK’s digital bank, Weyay, is instrumental in bolstering customer retention and reaching the goal of 30% market share in the country’s youth segment.

Country-specific strategies in NBK’s International Banking division are the catalyst for expanding cross-border financing transactions and result from effective collaboration among teams in various locations to deliver seamless and efficient client services.

In consumer banking, an enhanced mobile banking app added 30 service upgrades, and NBK achieved a first-to-market offering with its launch of Apple Pay. To reinforce its status as the bank of choice for corporate customers in Kuwait, NBK looks to increase the adoption of digital service channels by upgrading existing IT platforms, simplifying and improving the user experience and increasing security. This includes the launch of a new suite of commercial credit cards and more efficient digital documentation processing.

Through its focus on cultivating a culture of learning across the bank, NBK is developing its workforce by empowering employees through targeted training seminars, workshops, and educational programs to improve employee skills. Sustainable initiatives include the ongoing integration of ESG principles into its business and the expansion of Kuwait’s sustainable economic development. The bank has financed more than $3.5 billion in sustainable assets is part of its goal of $10 billion by 2030.

Meanwhile, Bank Muscat, this year’s winner as the Best Bank in Oman, operates the leading franchise through a broad portfolio of consumer, commercial, and corporate banking services that are complemented by private banking, wealth management, insurance, and product offerings specialized for the country’s youth demographic. Through the largest branch network (151) in Oman—and more in Kuwait, Saudi Arabia, and the UAE—Bank Muscat continues to enhance its digital banking services to expand its franchise, which has captured approximately a third of Oman’s banking-system assets.

In addition to conventional financial products, Bank Muscat provides Shariah-compliant banking services through its Meethaq Islamic Banking business. This has steadily grown to represent 13% of Muscat’s financing portfolio and has captured an impressive 30% of Oman’s Islamic banking assets. The corporate bank’s dedicated branches and relationship managers tailor specialized solutions for robust digital banking services. Regarding transaction banking, Bank Muscat’s one-stop integrated platform improves cash management efficiency and simplicity for payments, collections, and trade transactions to maximize liquidity and working capital. Commercial clients can integrate seamless offerings for high-volume online services through their enterprise resource planning software in a secure and encrypted format for payroll and vendor payments. The bank’s merchant services offer clients additional contactless payment options with a digital wallet for mobile payments at POS terminals and through QR codes.

As the country’s leading Islamic bank, Qatar Islamic Bank (QIB) continues to enhance its product line with comprehensive digital solutions tailored to individuals, SMEs, large corporations, and government entities.

The bank has aligned its strategy with Qatar’s National Vision 2030, centering on fostering customer relationships, engaging with the community, and undergoing a profound digital transformation. This transformation continues with the introduction of over 50 new digital offerings and features, including the late-2023 rollout of the QIB Lite app, a simplified version of QIB’s mobile app with access to multiple banking platforms for instant payments and fund transfers.

For retail and merchant clients, QIB SoftPOS provides merchants with contactless payment capabilities, and customers now have a convenient retail option with QIB Marketplace for competitively priced products with direct account payment, credit card, or rewards points payment options. These initiatives are showing promising results, with a 17% increase in mobile banking users, a 28% increase in monthly transactions, and a high digital adoption rate of 79%. Digital sales through the mobile app represented half of the total sales volume for key products, including personal financing and credit cards. Collectively, these successes continue to boost the bank’s franchise, which has captured a 36% market share of domestic Shariah-compliant assets. By catering to all segments of society, QIB demonstrates its commitment to financial inclusion through initiatives focused on specific demographics in the community, including programs for women, low-income clients, students, and persons with disabilities. The bank also provides support for SMEs and programs to help with financial literacy.

The Saudi Awwal Bank (SAB), winner of the Best Bank in Saudi Arabia award, continues to upgrade its services to capture market share in Saudi Arabia and regionally. Retail and commercial clients benefit from the high functionality and efficiency of SAB’s range of digital banking products via its online platforms, including SAB360 and HSBCnet. The bank is also focused on boosting services for SMEs.

Recognizing the potential to capture new clients in this market, SAB’s launch of its merchant portal has improved its support for retail and SME clients. It includes enhanced POS technology and transaction transparency for merchants to elevate their customer experience. The automated credit approval process for loan applications is more efficient with the 2023 rollout of the SME Digital Credit Platform, which significantly reduces manual inputs, leading to quicker funds disbursement. Operationally, a new service for seamless on-boarding led to 90% of new SME clients utilizing this platform.

Within SAB’s personal banking segment, “lite” branches offer easy access to noncash services; and to capture young customers, SAB has launched alternative channels for mobile and tablets with features targeted to this demographic. Corporate banking clients benefit from dedicated relationship managers in three commercial hubs in the kingdom that draw on support from product specialists for financing, liquidity, cash management, and trade finance services.

Following the merger integration of Saudi British Bank and Alawwal Bank, the combined entity rebranded as SAB in 2023 and remains part of the HSBC Group, where SAB can leverage vast resources, research, and HSBC’s global network for access to global markets and clients for cross-border business.

Extensive technology-related organic and external partnership initiatives are fueling digital advancements for Emirates NBD, the winner as Best Bank in the UAE. The bank is transforming at an aggressive pace and positioning itself for future expansion there and elsewhere in the Middle East.

With the 2023 launch of its ENBD X mobile banking app, Emirates NBD incorporates the latest technologies to deliver the largest selection of banking products in the UAE market, including improved functionality and security features. The cloud-native app delivers a faster, seamless digital experience with 150 instant or simplified services and a global dashboard for a complete portfolio view. The app’s wealth management capabilities cater to a growing high-net-worth population that can trade securities on global exchanges. With robust functionality and strong adoption rates for ENBD X, the bank has invested one billion Emirati dirhams (about $272 million) in the app since its launch.

Other new products include Tablet X, a tablet banking platform with rapid account-opening features for credit cards, loan applications, and deposit accounts. To identify operational efficiencies, the bank is using AI to enhance productivity across business functions and create a more agile and intelligent workplace, driving innovation and optimizing productivity.

In addition to internally generated digital product developments, the bank is also engaging with the broader fintech industry through the Emirates NBD Digital Asset Lab, which is designed to advance digital financial services innovation in the UAE through collaboration with the fintechs. Emirates is also leveraging strategic partnerships across the region to drive growth in digital capabilities. Through Abu Dhabi’s HUB71 global tech ecosystem, the bank can tap into a network of high-potential startups to accelerate fintech innovation and bring customers cutting-edge fintech solutions. Collaboration with innovation enabler Plug and Play Abu Dhabi provides expertise from leading fintechs to enhance risk management and cybersecurity protections.

On the ESG front, Emirates is one of the first banks in the region to integrate the Microsoft Sustainability Manager in its strategy, which will drive efficiencies across its franchise. The bank is also a principal banking partner of COP28, emphasizing Emirates’ commitment to the UAE’s Year of Sustainability. A key component of its fintech strategy also includes the launch of the SustainTech Accelerator program that invited global green fintechs to create innovative, sustainably focused financing solutions to support climate resilience.

For the Best Bank winners in North America, aggressive innovation is the catalyst for the banks’ evolution and permeates all areas of their franchises. A focus on improving engagement with new and existing customers is a critical component driving expansion strategy, and these banks increasingly rely on integrating a growing suite of digital banking solutions to achieve strong adoption among clients. This involves developing targeted products with robust functionality, backed by effective customer support. As banks create more efficient products with increasingly self-service or automated apps and platforms, maintaining high service levels while deepening the connection with clients is an ongoing challenge. Many banks have successfully integrated online virtual assistants into their platforms to address this issue. These institutions firmly support social and environmental issues within their franchises. They have contributed significant resources to develop extensive programs providing affordable and sustainable financial solutions in their communities.

With a consistent focus on exploring how its clients manage their finances, Bank of America (BofA) returns for its third win as Best Bank in North America and also in the US by continuing to develop cutting-edge banking applications for retail and corporate clients, including programs for underserved segments.

BofA recently debuted a powerful digital platform that consolidates five existing apps across banking, investing and retirement services into one. This provides a simplified dashboard view of all client accounts, with access to a full suite of personalized digital offerings based on each client’s financial needs. BofA’s successful rollouts of innovative products have led to an 11% increase in digital interactions in 2023 and strong adoption rates in consumer banking (77%), wealth management (84%) and business clients (75%).

Automation has increased service efficiencies, particularly with Erica, the bank’s virtual financial assistant, which saw activity increase 12% in 2023 to 18 million users. The bank integrated this feature into its commercial application, CashPro, which now resolves 43% of client inquiries for the 40,000 clients using CashPro to manage their treasury operations.

The bank is reaching underserved population segments with effective and targeted programs, including the recently launched Bank of America Breakthrough Lab, an accelerator program for early-stage startups from underrepresented communities. The program provides mentorship, digital expertise and networking access to potential investors. BofA surpassed $500 million in equity commitments to support minority and women entrepreneurs through investments in over 1,000 companies across 40 states. In partnership with the Community Reinvestment Fund, USA, BofA launched its Access to Capital Connector, an online platform which links entrepreneurs and small businesses to business support organizations. Through these initiatives, BofA is the leading small-business lender, with a $43.7 billion loan portfolio supporting 11 million clients.

Meanwhile, in Canada, Scotiabank continues to build on its successful banking platform by introducing new consumer, commercial and wealth management business apps for the North American market.

The bank developed an enterprisewide strategy to accelerate this progress and boost its performance by maximizing capital deployed to improve the scale of its operations, provide high-quality offerings and experiences, simplify its product line across platforms and efficiency, and further develop its workforce.

This strategy includes as a key component building on Scotiabank’s solid digital capabilities and adoption rates. Scotiabank operates Tangerine, where 97% of all sales are done digitally. Active mobile users have increased to 81% of clients, while digital sales represent 51% of total sales.

Seeking to capture more wealth management assets, Scotiabank launched Smart Investor in 2023. This digitally assisted investment platform combines artificial intelligence-generated recommendations and in-person advice for creating and monitoring financial goals. The strong momentum of this program has added CA$13 billion (about $9.5 billion) in assets across 378,000 new accounts.

Additional platforms include Scotiabank’s Developer Portal, which helps business-banking customers access application programming interfaces (APIs) and embed banking and payment services into their own business processes and platforms. Scotia TranXact allows commercial clients to access Scotia’s cash management and payment APIs; while ScotiaRISE is a program for members of underserved communities, which has invested CA$102 million toward a goal of CA$500 million by 2030.

With a relentless focus on expanding their respective franchises, this year’s winners as best regional banks in the US continue to drive growth in their organizations through various strategies to strengthen their banking model. The ongoing refinement of core banking services continues; however, amid intense competition, banks are increasingly offering specialized services through tailored solutions for their consumer, commercial, and wealth management clients and new products designed for corporate customers operating in specific industries. These initiatives rely on robust technology capabilities, and many banks are modernizing their infrastructure with upgrades to support the rollout of new platforms and banking applications. For many, strategic acquisitions have added branch networks and access to new products and markets, which must be integrated swiftly to capture and retain new customers. All of our winners continue to demonstrate leadership within their communities through many social programs designed to reach underserved segments of the population.

Following the merger with Columbia Bank, which closed in March of last year, Umpqua Bank is one of the largest banks in the Northwest. Among the top 30 US banks, it has a 300-branch footprint across eight western states; and it is our winner as Best Bank in the Far West. Operating primarily in the high-growth markets of Washington, Oregon, Idaho and northern California, Umpqua offers a comprehensive suite of products and services for commercial, consumer and small-business customers. These include specialized lending products, treasury management, mortgage banking and wealth management solutions. The bank is leveraging this combination with new digital solutions. As part of the online bank, consumer clients benefit from a chat platform combining human engagement and artificial intelligence (AI) to enhance customer service.

The bank launched a new cloud-based receivables platform for reconciling high volumes of invoiced payments, using machine learning and AI technology, for commercial clients. Umpqua collaborated with a leading health-care technology firm to launch a payment solution to improve operational workflows and systems efficiency for health-care practice customers. The bank’s commitment to social programs includes a community development program involving a pledge of $8.1 billion over five years for affordable home ownership and small-business formation.

While Fifth Third Bank is a leading regional bank in retail,  corporate and wealth management, advancements in its treasury management services helped it win the award as best bank in the Great Lakes region. The bank has a competitive advantage in attracting new commercial clients. Newline by Fifth Third provides integrated payment solutions with integrated payment-processing capabilities within business platforms or software systems that companies can use to streamline their payment-processing infrastructure. This represents a high-growth service; and the recent acquisition of Rize Money, an embedded payments platform that serves technology companies, further boosts the bank’s scale and offerings in this segment. Focusing on the health-care industry, Fifth Third has built an enviable franchise in this high-growth sector through its Provide division, which serves independent healthcare practices. Fifth Third’s 2023 acquisition of Big Data Healthcare, a payments company serving physicians and national health systems, further accelerates its innovation and service to this industry. Fifth Third is also making solid progress in wealth management. It has achieved a significant milestone, as the bank’s Wealth Advisors national platform recently exceeded $1 billion in assets under management since its inception less than 18 months earlier.

Through internal initiatives and strategic acquisitions, Citizens Bank is accelerating growth across its franchise and wins as Best Bank in the Mid-Atlantic and New England regions. Its expansion in these high-density markets was bolstered by acquiring large branch networks from HSBC and Investors Bancorp, contributing to strong deposit growth in those markets. Citizens holds leading positions in education and merchant finance, in addition to its complete business model, which includes retail, small-business and commercial banking. To accelerate growth in its wealth management segment, the bank launched Citizens Private Bank in the fourth quarter of 2023 with six new offices, including locations in New York and Boston. Current initiatives to improve operational efficiency involve simplifying the organizational structure and boosting automation through generative AI to reduce expenses.

Additionally, Citizens is in the middle of a technology transformation to modernize its infrastructure. As part of the bank’s Next Gen Tech strategy, it plans to migrate its data centers and banking applications to the cloud. Solid environmental, social and governance goals include a sustainable finance target of $50 billion by 2030, a local grant program for renewable energy, and a $500 million pledge in lending to underserved communities.

With its aggressive expansion in the US, BMO Bank is now a top-10 bank serving four million clients across 32 states. We recognize it as the Best Bank in the Plains, Rocky Mountain, and Southwest regions. BMO in the US is a critical market for parent BMO Canada. The personal and commercial banking segments now account for 37% of group revenue, with additional services in wealth management and capital markets. Much of BMO’s momentum in the US is attributable to its successful conversion, completed in September 2023, of the Bank of the West acquisition earlier that year. This involved integrating two million customers, thousands of employees and hundreds of IT applications. This was the largest conversion in Canadian banking history. BMO continues to advance its technology platform with a solid lineup of digital services. It looks to build on a 62% adoption rate while improving functionality and service offerings on its mobile app.

Regions Bank is deepening customer engagement through specialized financial products and a suite of effective digital offerings to expand its franchise in the Southeast, where it won as our Best Bank in the Southeast. The bank is firmly established with its complete range of consumer and commercial banking products and wealth management services supported by its 1,300-branch network, primarily in the region. With its long tenure and solid banking services, Regions holds a top-five deposit market share in 70% of its footprint and is poised to capture more business, as many of the bank’s markets are forecast to grow faster than the national average while also benefiting from population migration within the footprint.

Regions is very strong in specialized banking, particularly for entrepreneurs and small businesses, with a dedicated team focused on financing solutions for franchise owners. At the same time, the bank’s EnerBank subsidiary caters to contractors by providing financing options that contractors can offer their clients. With intense competition for banking services, client retention is an inherent challenge for the industry. Regions continues to provide effective banking products, a highly recognized mobile app, and personalized financial plans that deepen client relationships, resulting in high customer satisfaction and loyalty. Adoption and utilization of the bank’s attractive digital offerings experienced solid growth during 2023 as active digital users increased by 13% and mobile banking rose by 14%. Digital sales grew by 12%; and 74% of all transactions were done over digital platforms, up from 71%.

With a highly skilled team of investment bankers, J.P. Morgan remains undeterred in the face of geopolitical turmoil to provide exceptional investment banking solutions. In 2023, when according to Dealogic, global investment banking fees for the industry fell 16% to $66.5 billion, J.P. Morgan was able to retain its top position in global investment banking revenue, capturing an 8.7% revenue market share. Regionally, the bank retained the top spot in Europe, the Middle East, and Africa. In the Asia-Pacific region, apart from Japan, the bank rose to be top fee earner from the fourth position, year-over-year, with improved performance in Southeast Asia, South Korea, India, Malaysia, Singapore, and Australasia. This success is the result of a deep and talented team of bankers. J.P. Morgan recognizes the importance of developing its staff by rotating senior management to broaden their roles. The firm recently announced new and increased responsibilities for some key executives to position the investment bank for future success and growth. —David Sanders

In the 2010s, CITIC Securities (CITICS) became China’s first securities company dual listed on the Shanghai and Hong Kong stock exchanges. CITICS operates in 13 countries and has a diversified client base of over 4,500 worldwide. CITICS’ client-focused investment banking service covers a full scope of products, including domestic and overseas equity, bonds, asset-backed securities, and M&A. Since 2022, CITICS has been ranked the world’s No. 1 bank for initial public offerings (IPOs). In 2023, CITICS had top IPO deals across different continents and regions, including North America, Asia, East Europe, and the Middle East region. CITICS remains in a leading position in A-share equity financing and the Chinese domestic M&A market, and it has been ranked first in global equity financing of Chinese issuers in the past five years. While continuously growing its offshore bonds and international M&A financial service, CITICS also actively expands its service into other areas, such as wealth management, equity pledge, family trust investment adviser, and full cycle asset allocation consulting service. —Lyndsey Zhang

In a year when many emerging markets saw financial conditions improving on the back of subsiding global inflation, Emirates NBD Capital took advantage of its penetration across diverse markets to post very solid growth across all investment banking offerings. Focusing on markets such as its Middle East and North Africa home region, as well as Turkey, India, Pakistan, the Maldives, China, and Indonesia, the Islamic powerhouse bank secured an aggregate closing of $50 billion in 77 transactions across the equity and debt markets during the fiscal year, showing substantial growth. Notably, the bank dominated capital market debt issuances among regional players, closing a remarkable $39 billion in transaction value through regular and Shariah-compliant bond instruments (sukuk), underscoring Emirates’ strategic commitment to diverse markets. In equity, the giant raised more than $11 billion, exemplifying its versatility in IPOs, rights issues, and sell-down mandates. —Thomas Monteiro

When operating and investing in frontier countries, Standard Chartered is invaluable as a strategic partner to lead clients in navigating the inherent complexities of these markets. Significant challenges exist with less advanced capital markets, related to liquidity, currency volatility, the regulatory framework, and political instability. In what are considered high-barrier markets for many participants—in Asia, Africa, and the Middle East—Standard Chartered is a trusted advocate providing local expertise to domestic and multinational clients, with bespoke financing solutions, and with risk mitigation and hedging strategies. This is achieved mainly through credit products including bonds, loans, and structured financings that also support environmental, social, and governance (ESG) initiatives with sustainability-linked products. The bank’s capabilities are backed by 120 industry specialists in five global hubs, offering leading industry expertise across key sectors including power, utilities and infrastructure, oil and gas, technology, real estate, clean energy, and metals and mining. By executing complex transactions, the bank performs a critical role in the development of each country it serves, assisting both domestic and multinational clients in their financing needs. It also identifies global investors to increase foreign direct investment to advance these frontier economies. —DS

In 2023, the global leader of sustainable financing, Societe Generale (SocGen), supported key projects across all green energy sources, such as solar, wind, geothermal, and hydropower, with a particular focus on developing the first two. These make up roughly 95% of the bank’s financial commitments in renewable energy. One of SocGen’s top accomplishments in the year is the bank’s key part in the first closing of the Afrigreen debt impact fund to boost solar energy in Africa, raising €87.5 million (about $95 million) toward the fund’s €100 million target. The French powerhouse also acted as a leading adviser in crucial deals for the industry, such as the Net Zero Teesside partnership with Northern Endurance to create the UK’s first decarbonized industrial cluster. SocGen also arranged financing of 4.4 billion euros for Poland’s first offshore wind farm. And the bank focused on the “S” part of ESG with the structuring of the world’s first corporate-backed development impact bond issued by Unilever and the SDG Outcomes Fund to foster development in Nigeria. —TM

In the face of ongoing conflicts and environmental disasters, such as the 2023 earthquakes in Turkey and Morocco, the European Bank for Reconstruction and Development (EBRD) played a crucial role in providing relief to local businesses and populations through financial access and targeted investing. The multilateral institution deployed a record €2.1 billion in Ukraine in 2023, following a €1.7 billion total in 2022. These numbers helped solidify its position as Ukraine’s largest institutional investor amid the conflict. EBRD also took the front line when tragedy struck Turkey early last year, providing another record-breaking €2.5 billion to the country, including €1.5 billion in the event’s immediate aftermath. The bank’s incredible efforts in 2023 also extended beyond relief initiatives. During the year, EBRD invested €20 million in Bank Pekao’s debut eurobonds, marking a significant step toward supporting long-term positive change with the issuance of the bank’s first green bond. —TM

Emirates NBD Capital takes home our Best Bank for Client-Facing Technology title for relentless commitment to providing unparalleled convenience and accessibility to corporate investors via its best-in-breed platforms. Among the several capabilities offered, the Islamic powerhouse innovated with its flagship IPO portal—a fully digital platform that facilitates investor participation ahead of upcoming listings on the Dubai market. Available via a subscription model, the portal has allowed Emirates to catalyze some of the most important IPOs to emerge from the United Arab Emirates and regions in the last two years. Not satisfied with this success, the bank hasn’t stopped moving into new endeavors. Recently, it made a strategic investment in trade finance tech company Komgo, further expanding the bank’s treasury, credit, and trade finance offerings. “We recognize how the fast-changing fintech landscape impacts our industry, and we will continue to find and support the next generation of technologies that will help us shape the future of finance,” explains Ahmed Al Qassim, group head of Wholesale Banking at Emirates NBD. —TM

Our winner for the third consecutive year, Banco BTG Pactual hasn’t let the challenging macroeconomic environment of higher interest rates and globally dwindling investment banking activity stand in the way of innovation. The Brazil-based giant kept on pushing the limits of the industry. In 2023, in partnership with Crypto.com, the bank launched the BTG DOL, theworld’s first dollar-backed stablecoin from a bank. The initiative has allowed its customers to diversify into cryptocurrency with the security of BTG’s reserves behind it. The bank also broadened its already outstanding lineup of local-market products, with more options in fixed-income and agriculture. Furthermore, BTG opened its first set of internationally diversified accounts, allowing its local-market customer base to invest in global products such as US-based ETFs, REITs, and ADRs. Moreover, the Brazilian powerhouse acquired Luxembourg-based FIS Privatbank, boosting BTG’s capability to offer its products and services to customers looking to diversify into the European continent. —TM

Equity capital markets enjoyed an extra boost last year, as the MSCI World Index and the S&P 500 each gained just over 24% in 2023; however, the equity capital markets issuance volume failed to keep up, rising only 8%, according to Dealogic, which attributed the sluggish pace to elevated interest rates plus ongoing geopolitical turmoil. Regionally, relatively strong issuance in the US, Europe, and Japan was offset by weakness in Latin America, Asia excluding Japan, and the Middle East.

The initial public offering (IPO) market is looking to shake off sluggish growth this year with an improved economic outlook. However, headwinds, including uncertainty surrounding the US elections, may prompt issuers to come to market sooner rather than later.

This year’s regional winners are recognized for their comprehensive equity capital markets platforms, leadership in executing transactions, and depth of knowledge across most key industries. —DS

With operations in 35 countries, Bank of America Securities (BofA Securities) boasts a powerful equity capital markets franchise that has achieved notable gains in league table rankings both globally and regionally. Despite sustained high interest rates, BofA’s ranking in global issuance volume rose four spots to second place, with $39 billion across 266 deals, for a 7% share, while its global revenue ranking improved two places to fourth, for a 6% market share, according to Dealogic.

Regionally, the bank claimed the top spot in Europe, the Middle East, and Africa (EMEA) equity issuance volume rose from fourth place year-over-year, with $11 billion in proceeds on 54 deals, for a 9% share. In the Americas, BofA held steady at third place in US issuance, with $18 billion in volume and a 12% share, and cracked the top 10 in Canada, up from thirty-first last year. In Latin America, it rose three spots to second place in deal volume, with $2 billion across 33 deals, for a 15% share, nearly surpassing the regional leader, Itaú BBA.

BofA moved up one spot to tenth in Asia excluding Japan, with $4.9 billion in equity issuance, for a 3% share; and it gained ground in IPOs in the US and EMEA, rising to fourth and fifth place, respectively. The bank is well-positioned to build on these gains, given its deep execution capabilities and exceptional sector knowledge. —DS

Macroeconomic upheaval has not dampened optimism at Chapel Hill Denham. “Africa’s long-term story is a growth story,” says partner Phil Southwell. As banks and corporates seek to bolster their equity to meet the twin challenges of financing organic growth on the continent and recapitalizing, issuance volumes will continue to grow, he predicts.

Chapel Hill Denham sits at the pinnacle of Africa’s equity capital markets. The firm’s team boasts more than 280 years of collective experience. Since 2017, the firm has dominated issuance in Nigeria with over 57% market share, participating in over 48% of completed transactions last year. Over the 12 months ending last October, the firm oversaw equity capital markets deals worth $421.6 million. It acted as lead bookrunner for its Nigeria Real Estate Investment Trust, which collected $95 million through a Series II fundraising. The transaction, the largest ever for a REIT, was 125% oversubscribed. —JN

DBS is the Asia-Pacific region’s leading equity house, thanks to its agility in structuring equity solutions; and it aims to maintain its standing by embracing new opportunities and challenges and improving its strategic vision.

In REITs and business trusts, DBS retains the top ranking in the capital markets of Singapore and the Association of Southeast Asian Nations as a whole. In Hong Kong and Indonesia, it offers customized solutions to state-owned entities and privately owned small and midsize enterprises. In 2023, DBS acted as lead financial adviser, joint global coordinator, joint bookrunner, and underwriter on several equity offerings on the Singapore Exchange, signaling a post-pandemic comeback for Singapore equity capital markets.

In 2020, DBS received permission from the China Securities Regulatory Commission to establish a majority-owned subsidiary, DBS Securities (China), which operates in the mainland’s onshore equity capital market and also provides services to Chinese clients on their cross-border equity financing initiatives. —LZ

The leading bank in Central and Eastern Europe, ranked by net income, equity, and customer base, PKO Bank Polski rode a remarkably good year for Polish dealmaking and equity activity to post continued positive results. The Warsaw-based giant continued to lead in its home country’s investment market, one of Europe’s liveliest IPO scenes last year. Driven by 15 debuts on the Warsaw Stock Exchange, in many of which PKO played a pivotal role, the region saw IPO activity soar.

Looking ahead, PKO’s customer-centric positioning and decades-long market dominance signal the investment bank’s intention to keep improving its key performance indicators into 2025. The bank aims to achieve a return on equity above 12% and cost-to-income ratio below 45% in investment banking next year, while holding the cost of risk to the 0.7% to 0.9% range. —TM

A key component of Banco BTG Pactual’s investment banking success is its talented team of bankers and an organizational structure that it periodically refines to meet shifting market dynamics and client needs. The current structure, organized around execution and industry groups, is designed to combine client-focused investment bankers with necessary expertise.

This structure allows BTG to be more responsive as it serves corporate clients in sectors including financial institutions, logistics and transportation, retail, technology, energy, electric utility, healthcare and pharmaceuticals, construction, and environmental and waste management.

Following equity markets’ strong regional performance last year that saw the MSCI Latin America index surge 33.5%, far outpacing the broader MSCI Emerging Markets Index, the outlook is for continued momentum aided by an easing monetary policy at many of the region’s central banks. Against this backdrop, BTG aims to improve its league table rankings. Last year it placed third in Latin American equity capital markets volume, with $1.8 billion in proceeds across 24 transactions, for a 14% market share, according to Dealogic. The bank kept its position as Brazil’s top equity capital markets platform, notching 19 deals for $1.6 billion in issuance. —DS

The Global Corporate Finance division of First Abu Dhabi Bank (FAB) operates a leading investment bank in the United Arab Emirates (UAE) and throughout the Middle East, offering deep local and regional knowledge across a range of sectors combined with strong origination and structuring expertise. The division’s international reach also affords extensive distribution capabilities to domestic and global institutional investors by virtue of its location within the UAE’s largest bank.

While equity issuance volume fell 47% in the Middle East and North Africa (MENA) region last year, according to Dealogic, FAB secured high-profile mandates from Abu Dhabi National Oil Company (Adnoc) for its IPO representing 5% of the company’s gas business and a separate IPO of 19% of Adnoc Logistics and Services. These transactions placed FAB among the top five banks in MENA equity capital markets, according to Bloomberg, and earned it 10th place in EMEA IPO fees, with a 2% share, Dealogic calculated. —DS

The outlook for renewed activity in North American equity capital markets is strong as economic conditions improve. The Federal Reserve Bank (the Fed) appears to have engineered a soft landing for the US economy after successive rate cuts to dampen inflation, and recession fears have subsided following strong GDP growth of 3.2% in the fourth quarter and 2.5% for the full year 2023. The IMF is now forecasting that US growth will continue, albeit at a slightly slower pace of 2.1% in 2024.

With falling unemployment and sustained levels of consumer spending supporting many US companies, analysts are predicting elevated rates to persist in the near term and cuts to materialize toward the end of the year. This bodes well for the equity capital markets, says Elizabeth Reed, global head of the equity syndicate desk at Goldman Sachs, in a February article on the company’s website.

“The Fed’s shift, and that of global central banks, will be a positive tailwind for the full suite of equity capital markets,” she states. Moreover, the IPO “pipeline is growing,” with increased activity expected “from financial sponsors and venture capital firms aiming to monetize their portfolios.”

Given this outlook, Goldman will seek to maintain and strengthen its first-place league table position in US equity issuance, bolstered by a 14% market share, 14% share in fees, 6% share in IPO proceeds, and 12% share in IPO revenues. —DS

European equity offerings jumped a solid 44% year-on-year in 2023, according to Dealogic; and UBS, our best bank in the region, was able to drive some of the year’s key transactions. The bank led not only in the volume of issuance but in the quality of its offerings, helping its customers take advantage of the positive momentum by providing tailored and unique opportunities within the equity spectrum.

Among several landmark transactions, UBS was joint global coordinator and primary issuer on the UK’s largest IPO since 2021, Admiral Acquisition’s €507 million (about $551 million) debut on the London Stock Exchange in May. It also served as sole global coordinator and bookrunner for a 108 million Swiss franc (about $121.6 million) primary accelerated book-building offering of shares in Swiss biotech Bachem Holdings and was the primary adviser on Societe Generale subsidiary ALD Automotive’s €1.2 billion rights issue, which was completed in 2022. —TM

Total global debt capital market activity improved slightly last year, hitting $8.9 trillion for the full year. That’s up 6% compared to 2022, according to Refinitiv. The number of new offerings brought to market last year hovered at around 29,300, an 8% increase compared to 2022. Issuance was weak during the fourth quarter, however, down 15% compared to the third.

High-yield offerings from issuers in the US, UK and Canada accounted for 76% of last year’s total, up from 72% in 2022. One attention-getting trend was so-called green bond issuance, which rose 10% to $422.3 billion.

Debt action also improved in the emerging markets, where corporate issuance totaled $268.4 billion, a 12% increase from a year earlier. Corporate debt issuers from India, Brazil, Thailand, and Malaysia dominated, accounting for 57% of emerging markets activity in 2023. —AN

Despite volatility owing to aggressive interest rate hikes by most global central banks, debt issuance volumes held up well in most regions of the globe, according to Dealogic. North American activity remained essentially flat; while Latin American, European, and Japanese issuance increased over 10%. The Middle East posted a 39% rise, while Asia, excluding Japan, saw an 18% drop.

Bank of America Securities (BofA Securities) navigated these markets well, maintaining and expanding its league table rankings in several global and North American debt categories. It kept its No. 2 spot in global issuance volume and fee income, with 6% and 7% market shares, respectively. In global investment-grade debt, BofA retained the top position and ranked second in international debt issuance.

In the US, BofA remained second in issuance volume and revenue. Its third-place ranking in European investment-grade debt represented a jump from eighth in 2022 and rose two spots to third place in Asia excluding Japan.

Many analysts regard 2024 with cautious optimism, given waning inflation, solid global growth projections, and the potential for central bank rate cuts in the second half of the year. One catalyst for expanded debt issuance could be recovery in M&A volumes, since acquiring companies would need to tap the high-yield bond and leveraged loan markets to finance their transactions. This would likely be a bright spot for BofA, given the bank’s progress in global and US high-yield issuance, as it rose from fifth- to third-place ranking in these categories in 2023. —DS

African debt issuers were locked out of the eurobond market for about two years owing to high interest rates and elevated risk profiles. For governments, this meant an increase in domestic borrowing; and corporates too looked to local markets for financing. That sparked a dramatic year-on-year increase in debt capital market issuance volumes on the continent.

“Risk remains a key factor, and that is why issuers must be agile and pick the right windows of opportunity,” says Brian Marshall, head of investment banking at Standard Bank.

Notably, Standard Bank helped Kenya avert possible default on $2 billion in eurobonds through a buyback issuance under tight market conditions. By staying close to its markets, Standard Bank has enabled corporates to attract private capital. Case in point is $1 billion in senior unsecured notes that it raised for troubled South African ports operator Transnet, an issue that was approximately threefold oversubscribed. —JN

State-owned China Construction Bank (CCB) is the second-largest Chinese bank. Its customer-centric bond underwriting and distribution business has established a “one place and multiple centers” structure. With nearly 20 years of experience in the field, CCB is the only underwriter in China’s interbank market offering a broad range of innovative products. It actively promotes Beijing’s national strategies and facilitates the sustainability transformation of both state-owned and privately owned enterprises.

Deals in which CCB participated last year included carbon-neutrality bonds, sustainability-linked bonds, rural revitalization bonds, and energy-supply guarantee bonds. The bank also led in creative special products for nonfinancial enterprises, floating China’s first hybrid science and technology innovation bill REITs and Volkswagen’s first panda bond. —LZ

Economic activity in Central and Eastern Europe rebounded substantially in 2023, after two difficult years owing to the pandemic-driven slump and the war in Ukraine; and Erste Group helped the region’s corporate issuers raise the funds needed to support growth. Through best-in-region debt issuances, the Vienna-based bank leveraged its leadership to secure some of the most important deals of the year.

Among these was a €600 million (approximately $656 million) package of sustainability-linked bonds for energy giant CEZ, for which Erste acted as global coordinator and green structuring adviser. Another cornerstone deal was the 2022 €500 million five-year, fixed-rate green bond issuance for Czech-based railway operator Ceske drahy. And in financial services, Erste acted as joint bookrunner on Romanian CEC Bank’s roughly $162.6 million issuance of senior nonpreferred notes. —TM

Interest rate cuts early this year put Latin America’s central banks ahead of the interest rate cycle compared with their global counterparts. The emphasis is on stimulating growth, and guidance from the banks indicates the easing bias will continue. Brazil lowered its benchmark rate by 50 basis points in January—its fifth consecutive easing—while Chile cut rates by 100 basis points and Colombia by 25. The hope is that these moves will stimulate regional debt capital markets and build on the momentum they exhibited last year when debt issuance volume rose 10%.

As part of Itaú Unibanco, Itaú BBA is the top debt capital markets platform in Brazil, managing $15 billion in issuance across 248 transactions in 2023, for a 26% market share, according to Anbima (Brazilian Association of Financial and Capital Markets Entities). The bank’s expertise covers financing solutions in investment grade, high yield, loans, liability management, and acquisition finance across industries that include chemicals, oil and gas, technology, roadways and tolls, and real estate. Itaú BBA led a $1.1 billion project finance transaction last year in what was then the largest-ever deal in the sanitation sector, benefitting 10 million people in Rio de Janeiro. The bank also arranged the largest-ever transaction in Brazil’s telecom sector, a $250 million issue. —DS

Emirates NBD Capital (EmCap) operates one of the region’s leading debt capital markets platforms, providing comprehensive origination, structuring, and distribution expertise across a range of debt products. Debt issuance across the Middle East and North Africa (MENA) region surged 39% last year, far outpacing other regions. EmCap benefitted from the boom, managing $39 billion across 72 deals, representing an increase of 180% over its 2022 business.

EmCap ranks among the MENA league tables’ top four banks, notching 52 transactions for $38 billion in value for sovereign, corporate, and financial institutions last year. It is also active in Islamic finance, posting $2.1 billion in volume across 19 deals, for a 6% share last year, to make it MENA’s sixth-largest bank in the sector, according to Dealogic. In environmental, social, and governance (ESG) finance, EmCap raised $8 billion across 15 sustainable and green issues in the loan and debt capital markets in 2023, representing progress toward its goal of 100 billion Emirati dirhams (about $27 billion) in financings by 2030. The bank also advises clients on the use of proceeds, with a framework that includes sustainability performance targets.—DS

Debt capital markets staged a solid rebound in Europe last year, growing 11% over 2022 in total deal value. While the results were partly offset by a much larger jump in equity proceeds, new debt issues provided critical support to Europe’s economy as it navigated a challenging macroeconomic landscape.

Our Best Debt Bank in Western Europe, Deutsche Bank, secured solid gains through the issuance of 443 local deals that raised $259 million in proceeds.

Among the German powerhouse’s top deals was the European Bank for Reconstruction and Development’s $2.5 billion, five-year fixed-rate note issue in January of this year, for which Deutsche Bank acted as a joint bookrunner. It also served as joint coordinator for a 2023 $3.3 billion bond offering by Deutsche Boerse, a landmark deal of the year. —TM

M&A activity was notably lower among venture capital and private equity firms, with estimated declines of 39% and 35%, respectively, as reported by Bain & Company. Technology saw the most significant decline among sectors, with banking revenue resulting from the industry’s M&As dropping roughly 30% from the year prior.

But despite the overall gloomy picture, there were plenty of bright spots, especially in the oil and gas sector. Recall ExxonMobil’s pending $60 billion acquisition of Pioneer Natural Resources and Oneok’s $18.8 billion purchase of Magellan Midstream Partners.

Pfizer’s $43 billion merger with biotech company Seagen was the largest healthcare-related transaction. —TM

Consistently topping the league tables, Goldman Sachs continued the trend in 2023 despite a volatile and challenging M&A landscape. The company retained its top ranking in global M&A volume and revenue with solid market shares of 29% and 10%, respectively, according to Dealogic. Global M&A activity is seeing a resurgence following a significant decline over the past two years, as uncertainty related to the heightened interest rate environment, geopolitical instability, and concerns over a possible economic recession depressed merger activity. The weakness in deal-making that began in 2022 extended through 2023, as global M&A volume fell 13% to $3.1 trillion. Revenue slid 25% to $27.8 billion, reflecting a sharp decline of 40% in the technology sector. While geopolitical tension persists, many economic fears have waned; and global central banks have shifted to a rate-cut bias as 2024 unfolds. This bodes well for Goldman Sachs to capture renewed deal activity. Better fundamentals combined with improved confidence among global CEOs may unlock a backlog of transactions to allow companies to make strategic acquisitions. —DS

According to LSEG (formerly Refinitiv), the value of M&A transactions in sub-Saharan Africa stood at $12 billion during the first six months of 2023. That’s a 51% decline and the lowest first-half total since 2020. The number of deals also plunged by 23% compared to the previous year, representing a 10-year low. Despite the slowdown in deal-making, Absa Bank demonstrated energy in corporate finance advisory and M&A. Riding on its commitment to build a reputation of supporting Africa’s growth sustainably by targeting more than $6 billion in sustainable lending by 2025, the bank continues to be active in deals, particularly in sectors like renewable energy, manufacturing, and information and computing technologies. Its key deals include acting as the sole adviser in a landmark transaction that saw South Africa-based technology group Alviva become a privately held and majority Black-owned company. This entailed a cash offer of 2.5 billion South African rands (about $132 million). —JN

CCB International has built a reputation as the leading provider of M&A advisory services regarding the volume of deals and the total value. China Construction Bank’s (CCB’s) wholly owned Hong Kong subsidiary company offers various M&A advisory services covering divestments, acquisitions, restructuring, capital market takeovers and privatizations, and leveraged buyouts. Since 2020, CCB International has expanded its environmental, social, and governance (ESG) bond issuances with green, social, and sustainability-linked bonds, as well as transition bonds: 16 ESG bonds were issued in 2023. Since 2014, CCB International has also ranked as one of the top 10 houses for initial public offerings (IPOs) in the Hong Kong global finance market, specializing in large deals involving Chinese enterprises, building on its credentials in the Hong Kong market, and benefiting from the influence in mainland China of its parent company, CCB. —LZ

Despite the broad-based slowdown that cut merger activity in larger Europe by 37% from the previous year, Central and Eastern Europe’s (CEE’s) deal-making remained resilient in 2023. The better-than-expected numbers were driven by thriving action in Romania’s banking sector and substantial changes in the region’s telecom industry. Against this backdrop, UniCredit positioned its clients to take advantage of some of the year’s most important moves, such as the Emirates Telecommunications Group Company’s acquisition for up to €2.5 billion (about $2.7 billion) of PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia, and Slovakia. As a result of its best-in-breed M&A advisory activity, the Italian giant garnished a reported excess of more than $10 billion in cash, which it used to boost its M&A adviser team by hiring as many as 20 bankers throughout the year and moving deeper into CEE with acquisitions of its own. In October, the Italian bank took over Alpha Bank Romania. —TM

Banco BTG Pactual is the leading Latin American bank in M&A, with regional operations in Brazil, Chile, Peru, Colombia, and Mexico. Its team extends to New York, and the bank looks to leverage advisory opportunities across its global emerging market franchise. BTG successfully cultivates long-term relationships with a large and diverse group of Brazilian and Latin American issuers and identifies large Latin American and international investors. A challenging operating environment in 2023 resulted in M&A revenue declining by 37%, according to Dealogic. However, BTG continues to build impressive market shares in the region, with $20 billion in deal volume across 65 transactions, for a 25% share in 2023. It is Brazil’s dominant investment bank, placed first in deal volume with $19 billion across 60 transactions, for a 39% market share. On the revenue side, the bank ranks fifth in M&A fees in Latin America and fourth in Brazil. —DS

Standard Chartered (StanChart) operates a dominant global bank with a solid local franchise in the Middle East, a skilled team of bankers, and extensive tenure, to serve nine regional markets. Its investment banking operations consistently demonstrate its comprehensive M&A capabilities by securing high-profile strategic advisory mandates for regional governments and large multinational corporate clients in key industries. Supported by 120 industry specialists in five global locations, StanChart offers broad industry coverage of critical sectors of oil and gas, power utilities, infrastructure, technology, metals and mining, clean technology, and commercial real estate. Its scale is a competitive advantage, and its Middle East business can leverage an extensive global investment banking network to provide international reach with clients and investors. As economic uncertainty and global instability in 2023 depressed the environment for new transactions, overall M&A revenue fell 43% in the Middle East, according to Dealogic. However, the bank’s strong local and regional franchise, combined with support from the broader global team, is particularly valuable and positions the bank to capture new M&A mandates as the market recovers in 2024. —DS

The outlook for renewed M&A activity has improved following a sluggish environment in 2023, which was caused by recession fears and rising interest rates to combat inflation, and exacerbated by regulatory impediments from the US government’s antitrust stance. While these factors resulted in a 7% decline in North American M&A volume, Morgan Stanley’s volume of business rose slightly in 2023, according to Dealogic. However, the firm expects stronger momentum in 2024, as fundamentals have improved with moderating inflation, the resilient US economy, and recent strength in the equity markets. A prolonged period of elevated interest rates means financing is more expensive for M&A deals. Still, the Federal Reserve appears to be at the end of its tightening cycle, with a shift toward a more accommodative monetary policy. Additionally, Morgan Stanley believes that improved financial markets, healthy corporate balance sheets, and CEO confidence will catalyze a rebound in activity, particularly in the energy, healthcare, and technology sectors. Additional M&A traction could result from the return of financial sponsors as both buyers and sellers, corporate reorganizations involving spinoffs to streamline their business or raise capital, and economic challenges in regions of the globe spurring acquisitions in the US. —DS

Despite equity offerings jumping, on improving inflation and expectations of a more dovish European Central Bank in 2023, companies remained reluctant to balloon their balance sheets through acquisitions. As a result, European M&A activity dropped by a hefty 37% in the year, with utilities and technology being the most affected industries. But in the face of the challenging scenario, our Best Bank in Western Europe, J.P. Morgan, saw an opportunity to overtake rival Goldman Sachs as the leading adviser in the region. With an impressive 164 deals in the region, worth $209 billion, and $594 million in proceeds, the New York-headquartered global behemoth closed the year with a 7.2% share of the European M&A market. Among J.P. Morgan’s most significant deals landed in the year were the historic takeover of Credit Suisse by UBS and the €22 billion takeover of Telecom Italia by private equity group KKR, in which the bank served as a primary adviser for both parties. —TM