Global banking aced 2023 despite the drama of bank failures. Table of Contents Africa Asia-Pacific The Caribbean Central America Central and Eastern Europe Latin America Middle East North America Western Europe U.S. Regional The banking industry emerged triumphant in 2023, a year that had threatened to be catastrophic. Rapid industry intervention averted the nightmare scenario of a contagion-driven financial crisis fueled by multiple bank failures in the US and Europe. Last year’s mini-crisis of bank failures was best seen as the result of idiosyncratic manageme ..read more

Leading banks deliver record returns. Banks in Africa have recently been operating in challenging environments, owing to economic turmoil. The stress factor has been particularly elevated in big economies. Amid the harsh environment, African banks’ top leadership and management have demonstrated shrewdness and prowess. Instead of crumbling, banks remain resilient. Some are even posting record-breaking profits. Local currency crises in Egypt and Nigeria have caused havoc. The ripple effects for banks have heightened risks to asset quality. In South Africa, sluggishness in critical sectors like ..read more

However, the second-largest economy remains conspicuously absent. In the Asia-Pacific (APAC) region last year—as in 2022—net interest margin (NIM) dynamics were optimal for banks in Southeast Asia, Australasia, Hong Kong and India. Lending rates followed central bank tightening moves, while deposit rates lagged; and across the region, there were some record profits. In Japan, profits at the country’s five most prominent banking groups leapt 56% to a record ¥2 trillion (about $12.6 billion) in the fiscal second half as lending spreads widened. By contrast, China’s banking system suffered from w ..read more

Post-pandemic growth meets soaring remittances. Central American economies have flourished in the pandemic’s aftermath due to the region’s lower-than-average inflation, allowing central banks to impose more-accommodative policies than larger economies worldwide. However, the region received a further boost in 2023 owing to record-breaking remittances and an improving labor market, buoyed mainly by the near-shoring boom, thriving tourism and continued profitability across the commodity spectrum. As a result, Central America’s combined GDP is estimated to have grown 3.5% year-over-year (YoY) in ..read more

With war in their midst and a challenging macroeconomic environment regionally and globally, it wasn’t an easy year for banks operating in Central and Eastern Europe (CEE). The Russian invasion of Ukraine continued through its second year with no signs of subsiding. Meanwhile, interest rates throughout the developed world remained at multidecade highs. Yet, for the region overall, economic growth remained solid. And, encouragingly, most banks saw rising demand for financial products, from vanilla savings accounts to more-sophisticated instruments. Global Finance’s Best Banks in CEE for 2024 ar ..read more

Banks show solid performance but regional economies didn’t fare as well. It was an overall solid year for Latin American economies. Tailwinds that helped to push economic activity in the region to better-than-expected levels included the lowering of interest rates in some of the region’s largest economies—such as Brazil, Mexico, and Chile—and increased trade on the back of the near-shoring boom stemming from the US. However, lower commodity prices during the year; lingering inflation in Argentina, Colombia and other key geographies; continued political uncertainty; and a strong base effect fro ..read more

Global Finance hosted this year’s Private Bank Awards Dinner on the evening of March 21, 2024. Convening in the iconic Biddle Room at The Harvard Club of New York City, private bank executives from around the world shared industry insights and kudos for excellence.  1.  National Commercial Bank Jamaica: (L to R) Karrian Hepburn-Malcolm, Head of Wealth; Audrey McIntosh, Head of Private Banking 2.  Banque Richelieu Monaco: Thomas Lhuillier, CEO 3. Bradesco Global Private Bank: (L to R) Alexandre Sylvestre, Senior Credit Manager; Joseph D. Giarraputo, Global Finance; Roberto Schwa ..read more

Leading Middle Eastern banks offer a bumper crop of online services. 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 sa ..read more

Banks blend the best of high-touch services and low-touch environments. 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 ..read more

Industrial Bank Korea launched the first ESG loan in Korea in and has been supporting SMEs transition to sustainable business through several innovative products that has seen them selected as best bank for sustainable finance in South Korea, best bank for social bonds in Asia-Pacific and Best bank for ESG-related loans in the regional and globally in 2024. The post Best Bank for ESG-Related Loans appeared first on Global Finance Magazine ..read more