Banks around the world have achieved record profits and profitability for almost four years in a row as steady economic growth, especially in Asia, globalisation and the awakening of consumer finance in new markets continue to stimulate financial institutions. While uncertainties exist, the relatively benign environment is creating a bonanza for banks.
The Banker’s seventh Bank of the Year Awards – sponsored by the Bahrain Economic Development Board – reflect the success and overall achievements of the world’s top financial institutions.
Our 149 Bracken winners from 137 countries represent the cream of the global banking community and the best achievers in the industry.
The Banker has been a trusted source of global financial intelligence since 1926 and this month’s Bank of the Year Awards listing, like our Investment Banking Awards listing in October, our Top 1000 World Banks listing in July and our Technology Awards in June, has become not only essential reading but also a key indicator of banks’ financial performance. This year, because we have split out our investment banking awards into a separate edition, our seventh annual commercial banking awards have been shifted from September to our December issue. Our 2006 listing provides awards in 137 countries along with eight regional awards including Global Bank of the Year. We also include awards in cash management and securities services, together with two corporate social responsibility commendations. Together they represent the best commercial banking performances across the globe. The criteria for the assessment of the Bank of the Year Awards for the 137 countries and the regions is built around detailed questionnaires provided by the banks. Our global editorial team reflects not only on the latest results, growth rates and performance data over the previous period but also on technology, acquisitions and strategic developments.
The award for a single bank in each country is for the best overall performance in the previous period incorporating both performance criteria, qualitative achievements and strategic initiatives.
Questionnaires from the banks are a key part of The Banker’s process and this year 419 entries were received from commercial banks in the 137 countries.
The entries for the cash management and securities services sectors were provided by the selected banks involved, and the corporate social responsibility award was judged by CSR specialist Innovest Strategic Value Advisors in association with The Banker.
This year, The Banker Awards were dominated by Standard Chartered Bank, our Global Bank of the Year, which also overwhelmingly won in six countries and two regions, and was named best bank for the corporate social responsibility accolade.
Although Standard Chartered’s expansion in Asia continues to provide a prime example of entrepreneurship, the bank’s growing presence in Africa has a particular significance. Africa still faces enormous challenges, and establishing a leading position in the continent means more than running a successful business. It requires supporting the local community and encouraging development, as the bank’s chief executive, Mervyn Davies, notes.
And of the 23 country awards in Africa, Standard Chartered reached a leading position in five of them: Botswana, Cote D’Ivoire, the Gambia, Kenya and Sierra Leone.
In the rest of the world, we have continued to see consolidation and the growth of emerging markets players. In particular, Industrial and Commercial Bank of China (ICBC) amazed the international banking community with the world’s largest ever dual listing in Hong Kong and Shanghai, which left The Banker’s judges with little choice but to select the Beijing-based bank as Bank of the Year in China as well as name it as Bank of the Year – Emerging Markets.
BRACKEN WINNERS
GLOBAL AWARDS 2006COUNTRY AWARDS 2006
