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The fourth-biggest bank in Portugal, which has been fully owned by Spain’s CaixaBank since the end of 2018, saw an exceptional performance in 2023. After record results for the firm across the board, Banco BPI is clear winner of the award for Portugal’s best bank.

Until recently investment banking in central America and the Caribbean was about having the best debt offering. The few international debt capital market mandates were obviously crucial to gain this credibility, but a presence in dollar and local-currency loans was also critical. Today it’s more complicated. The equity capital market still doesn’t really feature, but sustainable finance is crucial to the region. Moreover, the growing cross-border presence of many companies active in these countries means that transaction and treasury services are now areas of true competitive differentiation.

Nicaragua’s economy suffered a rapid deceleration from the 10% growth rate it experienced in the immediate post-pandemic reopening. Political and economic volatility impacted the financial system and there was distinct evidence of a risk-off attitude to loan growth from most of the country’s main banks.

Societe Generale has accelerated its transition and is using important mandates to convince its internal and external audiences alike.

As India’s second-largest private bank, ICICI Bank has once again demonstrated its ability to outperform its peers. While its formidable competitor, HDFC Bank, has a significant acquisition to digest, ICICI Bank has seized the opportunity to catch up in valuation and surpass market expectations, making it India’s best bank this year.

The winds of change are coming to the Mexican banking system. Nubank’s arrival and its 15% interest-paying deposit account are certain to bring new competitive challenges to the established banks. As the biggest and best bank in the country, BBVA theoretically has the most to lose, but its continued excellence across banking segments means that it is the best prepared for any disruption to come.

Techcombank further solidified its leadership in Vietnam’s banking sector in 2023. This has been driven by its five-year transformation journey focusing on investments in digital, data and talent under chief executive Jens Lottner, who took the helm in 2020.

For its range and quality of corporate banking services, investment in digital, and financial performance, Kotak Mahindra Bank wins the award of India's best bank for corporates this year.

The Bolivian financial system has been facing dollar scarcity for more than a year now and the impact on the economy has been predictably negative, with Fitch recently downgrading the country to CCC from B-. It has been a long running crisis, with the strongest and best bank in the system Banco Mercantil Santa Cruz (BMSC), playing an important role in providing much-needed liquidity. One of the peaks of the liquidity crunch came in March 2023 and BMSC played a systemically important role by meeting dollar demand when it had evaporated from many other banks.

Giving state-owned lenders awards for commercial banking is typically something Euromoney is reluctant to do, especially in former Communist countries. But anyone who knows Ukraine knows that PrivatBank is not your average former Soviet state-owned bank.

MUFG, Japan’s largest bank, had an excellent financial year in the 12 months to March 2024, setting new records for the group.

All banks invest heavily in their digital products and services, but the return on that investment can vary widely.