BAC International Bank introduced a new brand for its network across central America, but in all other aspects it was business as usual.

Citi wins the region’s best bank for financing award. The investment banking team, led by Chris Gilfond, head of capital markets origination at Citi Latin America, has enjoyed greater focus from management as the bank pulled out of all but one of the region’s retail markets. After a string of disposals in recent years, it has been reinvesting.

Banks throughout Latin America have been seeking to increase their exposure to the small and medium-sized enterprise segment in recent years. Not only is it good diversification and a good potential source of larger corporate clients in the future, it also pays well.

The award for the region’s best digital bank goes to Brazil’s Banco Inter. The bank conducted its $200 million IPO just after the April 1 deadline and continues to lead an exciting industry with great potential. But it was Inter’s ability to attract financing and provide a positive data point for the local exchange’s fintech sector that makes it stand out.

While BAML and Citi are both reaping rewards from maintaining commitment and presence in the region, the winner of the best bank for advisory is probably the Wall Street firm most synonymous with retreat there. Goldman Sachs has invested and divested from the region as its fortunes waxed and waned, but this year saw a very positive return. Led by Gonzalo Garcia and Ram Sundaram, co-heads of Latin America, the bank has thrown resources and balance sheet at the region. It has paid off.

This award goes to HSBC for its transformation of HSBC Mexico. As Euromoney has reported a number of times in recent years, the weak performance of the bank – coupled with the wider strategic retreat of the bank from some Latin American retail markets – had led to expectations that it would be sold.

Under Thiago Fernandes, head of environmental, social and governance (ESG) for Latin America, Bank of America Merrill Lynch is changing the way corporate philanthropy operates in Brazil; this year it wins Euromoney’s award for Latin America’s best bank for corporate responsibility.

Investment bank steps in as BNDES stops crowding out; an important first in local-denominated financing of large project puts down marker.

A strengthening dollar is going to make life harder for emerging markets, whether you want to hear it or not.

There’s an old joke about a tourist approaching a local to ask for directions: The local considers, sucks on his teeth for a while and replies “I wouldn’t start off from here if I were you”.

Bracher admits “severe pressure” to reduce spreads; credit portfolios tilting to SME and consumer segments.

Ground shifts under banks’ move to normalization; financial, economic and political uncertainties to dominate boardrooms.

It is one thing to simplify a business plan but quite another to execute it. Nevertheless, Citi appears to be on the verge of making its new simple approach, well, simple.

The country has blown its chances with its monetary mess.

Professor Niall Ferguson visited São Paulo in April to address Itaú’s annual MacroVision conference, and found time to sit down with Euromoney to talk fintech, social media and trade. In particular he focused on China and how it will impact Latin America’s future.

International investors blame political uncertainty; locals view sell-off as weakening carry-trade dynamics.

Have the vision. Create the plan. Go and do it.

Recent conversations with bankers and economists in Brazil have been confusing – sometimes it is hard to believe that both groups are talking about the same country.

The blueprint for BNDES is for a development bank that partners with the private sector to facilitate more socially beneficial projects while using less capital. Eliane Lustosa, BNDES director of capital markets, is at the forefront of this challenge.

Risk not commensurate with project debt returns; investment crucial to fill gap as economy normalizes.

'Abundant' potential liquidity from international insurance companies and pension funds; with drop in rates, local capital markets financing is now cheaper than BNDES.

The results of Euromoney's best managed banks in Latin America 2018, by country:

BBVA Bancomer

Euromoney attempts to look through the gloss of momentum and short-term results to answer the question long-term investors ask: which banks have the best blend of performance, management expertise and fundamental strength to outperform?

Banco Galicia

Grupo Aval

Ficohsa

Banco Santander-Chile

Banco de Crédito del Perú

Bradesco