Euromoney names the world’s best banks in its Awards for Excellence 2023
BNP Paribas is the world’s best bank and Morgan Stanley is the world’s best investment bank in Euromoney’s Awards for Excellence 2023. Christian Sewing, chief executive of Deutsche Bank, is named the banker of the year.
Euromoney has named BNP Paribas the world’s best bank in its Awards for Excellence 2023, which were announced at a ceremony in central London on the evening of July 12.
“Despite BNP Paribas’ well-earned reputation for conservative steadiness, the Bank of the West sale has proved it is capable of decisive action when the time is right,” says Euromoney. “And if the deal had anything, it had good timing – so much so that it will reinforce the reputation of [Jean-Laurent] Bonnafé as a dealmaker, particularly as the bank enters exclusive negotiations with French telecoms firm Orange over the future of its two million retail customers in Europe.”
The magazine recognised the bank’s role as the eurozone leader on the global stage.
“In Europe, the bank is an increasingly indispensable economic actor – possibly to a greater extent than JPMorgan is in its home market. BNP Paribas has a corporate banking market penetration rate of 64% in Europe, compared with only 49% at its nearest rival, HSBC. Today, BNPP retains a reputation in the European financial industry as having a fundamentally more conservative culture than other firms, whose more aggressive investment banking models meant that they have had to retrench or leave the market entirely. It is obviously a reputation BNPP is keen to encourage.”
BNP Paribas was also named the world’s best bank for sustainable finance.
Morgan Stanley was named the world’s best investment bank for 2023 at the same event.
As well as working on the most high-profile M&A deals of the year, Morgan Stanley is a powerhouse in financing on which clients can depend in volatile conditions. Euromoney states: “Morgan Stanley has financed firms through the collision of difficult points in their own industry cycles with equity markets that were tough to access.”
The high quality of the firm’s leadership and strategic decision-making over many years has provided the stability for its investment bankers to outperform in a difficult year.
Euromoney states: “Chairman and chief executive James Gorman has grown and transformed Morgan Stanley in his 13 years at the top of the firm through a string of acquisitions in wealth management and institutional asset management. Those businesses now provide an abundance and stability of earnings to complement the more volatile investment banking and markets businesses on which it used to depend.”
Euromoney also named Christian Sewing, chief executive at Deutsche Bank, banker of the year for 2023.
“Since becoming chief executive of Deutsche Bank in 2018, Christian Sewing has driven a transformation of the firm, bringing a disciplined approach to costs and a radical reshaping of the scope of the bank's businesses,” Euromoney says. “The results are clear to see. At the same time, Sewing has been a passionate advocate for the European banking sector and closer union of the region’s financial markets to tackle the transition financing challenge that Europe’s economy faces.”
Sewing adds: “Thanks to Euromoney for their many years of coverage of our industry and for their recognition of Deutsche Bank’s achievements this year. We are pleased to see the successful transformation of our bank acknowledged by such an insightful publication. This transformation has been a true team effort and it would not have been possible without the irrepressible will and commitment of all our colleagues, and of course our valued clients.”
Citi was named the world’s best bank for payments and treasury, securities services and the world’s best investment bank in the emerging markets.
Euromoney deliberated over 269 different awards categories in 2023, determining winners at country, regional and global level. For details of all the winners, please visit euromoney.com.
About the Awards for Excellence
Euromoney’s Awards for Excellence were established in 1992 and were the first of their kind in the global banking industry. They remain the worldwide gold standard in this regard and are determined by an editorial panel of judges following a three-month research and interview process.