UBS was named Best global bank and Bank of America Merrill Lynch won the Best global investment bank prize at Euromoney’s Awards for Excellence Dinner in London.
The awards dinner took place at the Natural History Museum in London and was hosted by TV presenter Richard Hammond, world-famous for his role in Top Gear. The dinner was attended by 500 leading bankers from across the globe. Ken Moelis picked up the coveted Banker of the year award.
Clive Horwood, Euromoney’s editor, said: “Competition for the awards this year was tough, arguably the toughest it has been since the start of the global financial crisis. Increasingly, banks are adapting their business models to the new market and regulatory environments. The banks that have won our awards have, for the large part, also taken important decisions on their own strategy. Banking in the future will be about what you do, as well as what you don't do. This year our most successful banks have clearly defined what their core strengths are, and built their businesses around them.”
As part of the Awards for Excellence process, Euromoney decides global awards in more than 20 categories, publishes regional awards in North America, Latin America, the Caribbean & Central America, Western Europe, Nordic & Baltics, Central & Eastern Europe, the Middle East, Africa and Asia, as well best bank awards in almost 100 individual countries.
Banks who take part in Euromoney’s Awards for Excellence consider them to be the global benchmark for the banking industry.
In presenting the Best global bank award to UBS, Euromoney said: “The clear definition of a radical strategy distinguishes UBS from most of its peers. The successful execution of that strategy makes it Euromoney’s Best global bank for 2014. The strategy is clear: focus UBS around the areas in which it could and should be a leader. That means it is a global wealth manager first and foremost, underpinned by a Swiss universal bank and a powerful asset management business, with a more focused investment banking operation. The execution of the strategy has exceeded expectations: in 2013, all of UBS’s businesses were profitable in every quarter. It is a stunning turnaround for a bank that was not long ago seen as one of the biggest victims of the financial crisis.”
Sergio Ermotti, group chief executive officer of UBS, said: “On behalf of the 60,000 employees of UBS I want to thank Euromoney for this important recognition. This will further reinforce our determination to continue to execute on our strategy in order to create value for our clients and shareholders.”
Presenting the award for Best global investment bank, as well as for Best global transaction services house, Euromoney said: “In investment banking, Bank of America Merrill Lynch has come a long way in a short space of time. BofA Merrill is clearly one of the go-to firms today, harnessing the strength of its overall business and balance sheet to complement its growing capabilities in providing financing and smart solutions to corporate and institutional clients. BofA Merrill has clearly demonstrated it can bring all of its abilities to the table for its clients.”
Tom Montag, co-chief operating officer at Bank of America, said: “We are delighted to be the first firm to be recognized by Euromoney as both Best global investment bank and Best global transaction services bank in the same year. These top awards are not only an honour but a testimony to the tremendous work done by our team in creating a fully integrated corporate and investment bank that consistently delivers for our clients worldwide.”
Euromoney’s Banker of the year for 2014 is Ken Moelis, the founder and CEO of investment bank Moelis & Co.
Euromoney said: “Ken Moelis launched his own firm in the teeth of the financial crisis. That he floated the business seven years later speaks to the success Moelis & Co has had winning business from clients. The firm has advised on over $1 trillion-worth of transactions since inception. While many other investment bankers have launched their own advisory firms since the crisis, none did so with the scale of ambition that Ken Moelis brought from the outset, and none have delivered so effectively.”
Moelis said: “It is an honour for me to be chosen as Euromoney’s Banker of the year, although I see this more as great recognition for my colleagues at Moelis & Company who have all helped grow our firm into the world-class independent investment bank that it is today, with unmatched focus on our clients. Together, we have had a particularly memorable year after listing on the New York Stock Exchange in April. I accept this award on behalf of everyone at Moelis & Company as we look forward to many successful years ahead.”
HSBC won four global awards on the night, more than any other firm, with its awards for Best emerging markets bank and Best emerging markets debt house showing the strength of its franchise in developing markets.
Other multiple global award winners included Goldman Sachs, scooping both the Best global and emerging market M&A awards; Credit Suisse, for Best securitization and emerging market equity houses; and Citi, for Best global flow house and Best emerging market bank.
There were two new global awards this year. Morgan Stanley was the inaugural winner of Euromoney’s Best bank for corporate social responsibility award, with the magazine’s editors praising the US investment bank for its commitment to sustainable investment.
BBVA was the first-ever winner of the Best bank transformation award. Euromoney recognized that the Spanish bank, which also has strong operations in Latin America and the US, is leading the way in the banking industry’s attempts to cope with the digital and online challenges it faces. Its CEO Francisco Gonzalez has transformed BBVA’s technology infrastructure in an attempt to make it the world’s first truly digital bank.
Citations for all of the awards, as well as in-depth features about both UBS and Bank of America Merrill Lynch, are available online now to subscribers and published in the July issue of Euromoney.
About the Awards for Excellence
Euromoney’s Awards for Excellence cover more than 20 global product categories, best-in-class awards in all regions and the best banks in close to 100 countries around the world. The full results will be live on euromoney.com/awards from midnight. They are also published in the July issue of Euromoney.
For access to the results, please contact:
Patrick McCulloch, Euromoney, at +44 289 029 0402 or patrick.mcculloch@euromoneyplc.com, subscribe online or contact our hotline on +44 (0)207 779 8166, hotline@euromoneyplc.com.