Not long ago, Miami was known as a place middle-class Americans went to retire. Today, it is a burgeoning financial hub full of high net-worth families, private equity firms and hedge funds – and it is busy pulling in capital and private wealth at a record rate.

While incumbent Italian banks have seen profits surge thanks to higher rates, the shrinking size and profitability of the non-performing loan market has hit illimity hard. Unperturbed, founder and chief executive Corrado Passera believes the original premise for an SME-focused neobank is more valid than ever.

Nearshoring has become a topic that is discussed so often – and applied to so many issues – that it seems to be everywhere, and nowhere at once. Euromoney talks to banks operating in the Mexican market to find specific examples of new business being generated by nearshoring.

For years, India’s capital markets underwhelmed. Now, the country is the beating heart of IPO activity in Asia, with a raft of big-ticket stock listings expected in late 2024 and 2025. Fees are up, PE firms cannot buy assets fast enough, and global firms want to raise capital onshore.

India’s first international financial services centre was created by premier Narendra Modi in 2008. Today, Gift City is a flourishing hub near Ahmedabad in the country’s arid northwest. K Rajaraman, chair of the International Financial Services Centres Authority, tells Euromoney why the zone is vital to India’s financial and economic aspirations.

Wholesale banking head Andrew Bester explains the renowned retail bank’s ambition to win new revenues building on its expertise in sustainable finance.

Despite Asia boasting the world’s highest mobile payment penetration rate, digital banks in the region have failed to meet expectations. Traditional banks in many Asian markets no longer view them as serious competitors. What explains this underwhelming performance and are there any exceptions?

France’s political and banking troubles obscure good momentum in Societe Generale’s corporate and investment bank. Yes, capital is constrained, but the bank says it is moving in the right direction.

Diego De Giorgi’s arrival at Standard Chartered has coincided with important changes at the bank. He talks to Euromoney about the transition from investment banker to chief financial officer, and how the firm can further leverage its advantages amid growing profitability and geopolitical risk.

After years of retrenchment, Commerzbank’s head of corporate clients Michael Kotzbauer tells Euromoney of a tentative return to growth. The bank has dodged Germany’s commercial real estate slump but is having to adapt to a worsening geopolitical backdrop. Capital and cost efficiency remain big priorities.

The latest in a string of big appointments at debt capital markets-focused fintech NowCM is a reflection of how the firm must increasingly institutionalize itself as it grows. Markus Sauerland tells Euromoney why change is so difficult in the financial world.

Twenty-five years ago in Spain, ING launched a branchless bank – still its biggest greenfield retail operation. Euromoney asks Iberia chief executive Ignacio Juliá Vilar what still makes it stand out from both incumbents and newer arrivals.

UOB’s acquisition of Citi’s consumer assets in four southeast Asia markets strengthens its status in one of the world’s fastest growing regions. The Singapore lender’s CEO Wee Ee Cheong talks to Euromoney about why this matters and what comes next.

Several Chinese bubble-tea makers are looking at Hong Kong IPOs. When high-end tea maker Nayuki listed three years ago investors drank it up, but the deal now trades 90% below its listing price. Can a new group of issuers revive the market?

BBVA could have bought Banco Sabadell much more cheaply in 2020. Sabadell’s CEO César González-Bueno has since turned his bank around. But BBVA’s return to the negotiating table comes at a time when European banking may be moving to a new and more confident phase.

Exactly one year ago, San Francisco-based First Republic Bank was sold by regulators amid a US regional banking crisis. Citizens Financial Group, which had seen the sale as a chance to turbocharge its private banking ambitions, lost out to JPMorgan. But far from being the end of the story, that failed bid was just the beginning. Within weeks the bank had announced First Republic’s Susan deTray as the head of its new private bank, a unit that is now at the heart of a fast-growing wealth franchise.

Recently rebranded and expanded, Wealth at Work is Citi’s most dynamic generator of wealth revenues. Its leader, Naz Vahid, sits down in New York with Euromoney to explain her vision for its future.

The Brazilian neobank is growing its number of clients faster than perhaps any financial institution on earth. Combine this with static unit costs and the operational leverage potential is big. CFO Guilherme Lago explains how its business model is now focused on the next five to 10 years as open banking generates unprecedented price transparency, customer portability and opportunity.

A private credit market growing so fast, away from the oversight of bank regulators, may be a new source of systemic risk. With smaller investors taking greater exposure to an asset class whose high returns and low losses look almost too good to be true, there could be trouble ahead.

Intesa Sanpaolo’s Isybank is the latest in-house neobank to run into trouble. But the desire to migrate core-banking systems onto the cloud is still encouraging other banks to follow this strategy.

When clients talk to the world’s biggest listed hedge fund, market complexity, the use of technology and the need for customised solutions loom large in the conversation. Man Group’s president Steven Desmyter tells Euromoney how the firm’s evolving structure and approach reflect the priorities of the asset allocators it serves.

Isbank’s chief executive Hakan Aran sees embedded finance and an innovative approach to bank branches as the future as the Turkish bank looks to rebuild on a better market environment for its 100-year anniversary.

XP has succeeded in Brazil by using its technological efficiencies to win on digital experience and price. But now the incumbents are catching up and XP chief executive Thiago Maffra is focusing on developing service beyond pure online delivery.

The Greek bailout fund’s exit from Piraeus Bank last month was the country’s biggest post-crisis privatization. The bank’s chief executive, Christos Megalou, tells Euromoney that this is more than a capital-return story. It’s also about growth: in the economy, in wealth and asset management, and, thanks to neobank Snappi, internationally.

After a decade of restructuring, EFG International ramped up hiring last year – above all from Credit Suisse. Chief executive Giorgio Pradelli talks about the firm’s scope to lead a wave of Swiss-bank consolidation, while doubling down on new wealth from the Middle East and Asia.

Credit Suisse’s domestic bank was arguably the failed group’s best and strongest division. One year after the rescue, UBS is not the only one trying to feast on its domestic wealth-management and corporate-banking leftovers. Other Swiss and international players also hope to benefit from the longer-term fallout in Switzerland. Will the rush to pick up the remnants of the fallen champion pay off?

The decision by the US SEC to drop mandatory Scope 3 reporting weakens global emissions reporting standards. However, many corporate issuers are already using Scope 3 performance targets on sustainability-linked transactions for non-regulatory reasons. Are the debt and equities markets leading companies onto ESG ground upon which regulators fear to tread?

Stock market reform has not only revitalized the country's capital markets but has also permeated the real economy. Countries like Korea are quickly following suit. Interestingly, China also seems to be drawing inspiration.

Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.

Norwegian wealth manager Formue has been growing revenues and assets since opening in 2000. It has done this by financially educating people who never gave much thought to wealth planning and by getting people to like it.