Awards for Excellence 2015: Best bank transformation
From the depths of a government bailout, Lloyds Banking Group has been transformed into a leaner, more focused, less risky and highly profitable business – and a clear national champion.
Best bank transformation:
Lloyds Banking Group
Transformation comes in different guises. Spain’s CaixaBank saw an opportunity to become a clear national leader from the wreckage of the country’s savings bank system. It is rightly awarded this year’s title as best bank in Spain.
In 2012/13, RBC Caribbean faced a perfect storm of downgrades in the majority of countries in which it operated, and its business was in disarray. A programme to overhaul its entire business model in the Caribbean saved a 100-year franchise. That story will be told in detail in the August issue of Euromoney.
The speed, scale and context of Bank of Cyprus’s transformation make its recovery story unique. That stunning turnaround is recognised through our banker of the year award, which goes to Bank of Cyprus CEO John Hourican.
In 2013, Euromoney named António Horta-Osório, chief executive of Lloyds Banking Group, banker of the year. That award reflected how, since becoming CEO in 2011, he had taken the bank from one whose existence was in doubt to one that at least had a chance of a successful future.