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Luxembourg

For a small economy, Luxembourg boasts many banks: 120 were authorized in 2023. Many of these primarily serve international clients, in particular providing securities services to institutional investors from across Europe and beyond.

July 19, 2024

Paraguay

Paraguay continues to prove that a raft of business-friendly economic policies can pay off in Latin America, with the small landlocked country enjoying GDP growth of 4.5%. Part of that bump was due to the recovery from the previous year’s drought, but economists are confident of another year of growth above 3% in 2024.

July 19, 2024

Awards for Excellence

Latin America’s best bank for corporate responsibility: Banreservas

Banreservas’ president Samuel Pereyra would argue that as a state-owned bank, all of its activities are led by a sense of corporate responsibility. Its loan portfolios are directed towards providing credit to industries targeted as crucial for the Dominican economy’s growth and its recent international expansion has been developed to facilitate financing flows between the country and its large international diaspora.

July 19, 2024

Awards for Excellence

CEE’s best bank for corporate responsibility: Isbank

There are many ways in which banks can demonstrate their commitment to social responsibility and some come amid the most challenging times. The devastating earthquake in southern Turkey at the beginning of last year triggered an immediate response in support for the affected communities from the country’s corporate and banking sectors.

July 19, 2024

Brunei

Baiduri Bank is again Brunei’s best bank, not just because of its impressive financial performance but also for its dedication to digital transformation.

July 19, 2024

Montenegro

NLB Banka is Montenegro’s best bank, having demonstrated strong growth and development last year, which in turn contributed to its record bottom line.

July 19, 2024

Costa Rica

While Mexico is at the centre of the nearshoring debate, Costa Rica is quietly getting the job done. In 2023 the country attracted foreign direct investment inflows equal to 12% of its economy, which in turn drove economic growth above 5%. Costa Rica has long been an appealing place to develop service companies that sell into the US, including 170 shared service centres that perform back office and strategic operations for parent companies.

July 19, 2024

Awards for Excellence

CEE’s best bank for transaction services: UniCredit

Transaction services are a vital part of UniCredit’s rationale as a pan-European bank, and its leadership in this area is particularly evident in central and eastern Europe, where the bank’s regional head of transactions and payments is Riccardo Madinelli.

July 19, 2024

Kosovo

Raiffeisen Bank Kosovo is the country’s best bank after a year in which it introduced of a series of new and enhanced products across its banking businesses, materially grew its client base and generated a record net profit.

July 19, 2024

Cyprus

The recent move by Greek lender Eurobank to establish a majority stake in Hellenic Bank, Cyprus’ second largest bank, is a potentially transformational deal for the island’s banking sector. During the awards review period, however, it was still unclear when or if Eurobank would be able to merge its existing Cypriot business with Hellenic, but if it does, it could become the largest bank in the country.

July 19, 2024

Jamaica

Scotiabank has demonstrated remarkable consistency amid a very volatile economic period, reflecting the management team’s focus on initiatives to improve the productivity and efficiency of the bank.

July 19, 2024

Honduras

While Honduras has shifted its political allegiance to China – it ended diplomatic relations with Taiwan in an attempt to win investment from the Asian superpower – its real problems lie closer to home. The economy is stuck in a remittances trap, with annual payments from its diaspora back to the country worth almost 30% of GDP, which is the highest ratio in the region.

July 19, 2024

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