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Getting M&A right in Africa is not easy – big-ticket transactions are rare, and deal flow tends to come in fits and starts – but Standard Bank has got it down to a fine art.

Banca Intesa Beograd had standout year in 2023, launching a number of key initiatives and delivering another set of record results.

In a tumultuous year for China’s investment banks, marked by a muted IPO market and stricter regulatory oversight, CICC has emerged as the undisputed leader. While prominent Chinese investment banks, such as Citic, have faced investigation case filings from the regulator, CICC has solidified its position at the forefront of the industry, particularly in the domestic M&A space.

Morocco-based Bank of Africa boasts a long and storied history as a leading lender to regional small and medium-sized enterprises. Last year, it secured a €50 million credit line from the European Bank for Reconstruction and Development to increase financing for SMEs across the continent.

When Scotiabank’s long-serving chief executive Brian Porter stepped down at the end of January 2023, after 10 years at the helm and more than 40 years at the bank, he left an institution that was in better shape than he found it, but one that still had much to do.

In a year marked by historic lending growth in China, state-owned banks have taken the lead, defying the traditional dominance of smaller banks in driving loan expansion. Among these state-owned giants, Bank of China (BoC) has emerged as a standout performer, securing its position as China’s best bank this year.

Scotiabank is delivering on the promise of its 2018 acquisition of BBVA’s bank in Chile by consolidating its position as the third-largest private sector bank and is now closing in on second place. The bank closed 2023 with a 14% market share and, according to Fitch Ratings, the best risk rating in the industry. In Chile, Scotiabank enjoyed the highest income growth in the financial system. A combination of fierce cost control and increased digital penetration enabled the bank to generate a 41% efficiency ratio and significant savings. The other side of the balance sheet was also strong: revenues grew 10%. The bank’s operating income grew 9% and its return on equity rose to 12.3%.

Awash Bank greatly expanded its digital solutions last year, achieving high levels of engagement across mobile and internet banking.

The bank has made steady but still impressive improvement in its markets business over the last few years. And it was the firm among the 12 biggest to increase revenues in 2023.

Scotiabank has long championed a variety of environmental, social and governance (ESG) priorities in its business and considers walking the talk to be crucial in its home region. For its continued commitment to doing things right, Scotiabank is North America’s best bank for corporate responsibility.

Despite 2023 not being a year for the record books in investment banking and capital markets, clients still required careful and thoughtful advice even when they were not doing landmark deals. For its consistency and all-round excellence, JPMorgan takes the US award for best investment bank.

Bank SinoPac has long focused on initiatives to promote responsible and inclusive finance, primarily by channelling loans to small businesses. The total outstanding of such lending to small and medium-sized enterprises was NT$325 billion ($10 billion) at the end of 2023.