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UOB retains the title of Singapore’s best bank, bolstered by resilient financial performance and a strengthened network across southeast Asia. Under the leadership of chief executive Wee Ee Cheong, the bank devised a three-year plan in 2023 to become the foremost bank in southeast Asia, and it is well on its way to delivering on that aim.

Croatia’s entry into the euro in January 2023 was a landmark event for the country’s banking sector, which is dominated by banks from elsewhere in the European Union.

Standard Chartered wins the award this year for making several key enhancements to its digital banking platform, supporting strong growth in customer sales and engagement.

While political protests in Tbilisi introduced some additional risk to the Georgian economy last year, economic growth remained robust thanks to strong domestic demand and capital inflows from tourism and exports.

As balance sheet pressures have intensified, Morgan Stanley has been at the forefront of a changing financial sector landscape.

Kasikornbank (KBank) receives the award for Thailand’s best bank in in recognition of its commitment to enhancing asset quality in a challenging market and its dedication to sustainability initiatives.

With volumes in the capital markets subdued in 2023, there was increased client interest in private markets and M&A transactions. BofA Securities – led by Augusto Urmeneta, president of Bank of America for Latin America and head of Latin America global corporate and investment banking – embraced this challenge and helped clients tap alternative sources of liquidity. M&A was an important strategic option for many companies and BofA’s deal list featured 26 clients in five countries with both cross-border and domestic transactions, which accounted for a 9.5% market share in terms of fee revenues ($52.2 million).

Banco Santander CIB’s steady progress in Brazil – by far Latin America’s biggest market for financing – coincided with a greater emphasis on local markets financing in 2023. The bank’s sweet spot, straddling local and international debt capital markets, as well as loan financing, meant that it had a very strong year across various debt segments. According to Dealogic, Santander CIB – which is led in the region by Rafael Noya, global head of global debt financing – was the leading underwriter of domestic DCM throughout Latin America and the Caribbean, helped by a second place in Brazil, where it took a 9% share of local issuance. Santander’s local strength was also supported by a strong showing in international DCM.

Despite the overbearing presence in Hungary of national champion OTP – and the emergence in 2023 of a much larger government-owned lender in the form of MBH Bank – international firms continue to compete in the domestic market. The biggest of these international players is K&H Bank, owned by Brussels-based group KBC.

Life for small and medium-sized enterprises is rarely comfortable. Even when your business is faring well, the capricious nature of policymakers and markets can upend carefully laid plans.

Bank of Kigali is again Euromoney’s best bank in Rwanda this year.

Crédit Agricole CIB demonstrated its global capabilities and expertise in sustainability for Hong Kong clients last year, structuring and executing several transactional firsts as well as supporting the growth and development of the broader market.