Top 10 best banks in the world | banks
A rough sea makes good sailors. The banking sector faces an ongoing pandemic, regional conflicts with global effects and rising inflation for the foreseeable future. Add to that the growing economic and humanitarian impact of climate change, and these trends separate the best banks from their rivals.
DBS, which earns the highest accolades as Best Bank in the World and Best Bank in Asia-Pacific, has navigated these waters admirably while expanding its product portfolio, growing its business and investing in sustainability.
DBS and fellow World's Best Bank award winners for 2022 based on performance throughout 2021 and other criteria including reputation, management excellence, digital transformation leadership and citizenship of business.
Among the measures, DBS stood out on all levels. As corporate citizenship morphs into environmental, social and governance (ESG) concerns, the bank has put its money in its mouth. Last year, it committed 20.5 billion Singapore dollars (approximately $14.6 billion) in sustainable finance transactions and plans to commit SG$50 billion by 2024. The bank has also committed to being thermal coal-free by 2039 and stopped onboarding customers who derive more than 25% of their revenue from thermal coal. As the target date approaches, DBS will continue to lower the threshold.
input from industry analysts, business executives and technology experts, selected the winners of the World's Best Banks 2022 using information provided by banks and other vendors as well as independent research based on a series of objective and subjective factors.
You do not have to enter to win, but experience shows that the additional information provided in an entry can increase the odds of winning. In many cases, participants presented details that may not be readily available to editors.
Judges considered performances from January 1 to December 31, 2021, with the exception of global winners, for which developments in the first half of 2022 were also considered. Global Finance then applied a proprietary algorithm to shorten the list of contenders and arrive at a numerical score, with 100 signifying perfection. The algorithm weighs a range of materiality criteria, including knowledge of local conditions and customer needs, financial strength and security, strategic relationships and governance, competitive pricing, capital investment and innovation in products and services.
Once the judges narrowed the field, they considered the final criteria, including breadth of global coverage, size and experience of staff, customer service, risk management, range of products and services , execution skills and the use of technology. In the event of a tie, judges look to local providers rather than global institutions. The panel also tends to favor private sector banks over public institutions.
The winners are the banks and providers that best meet the specialized needs of businesses engaged in global commerce. We seek to honor not the biggest institutions but the best: those whose qualities companies should look for when choosing a supplier.
1/ DBS
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| DBS |
DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services company headquartered at the Marina Bay Financial Center in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, from which "DBS" was derived, before the current short name was adopted on July 21, 2003 to reflect its role as a global bank. It is one of the "big three" banks in Singapore, along with OCBC Bank and United Overseas Bank (UOB).
Listed on the Singapore Stock Exchange, the bank was established by the Singapore government on July 16, 1968 to take over the industrial finance business of the Economic Development Board. Today, its more than 150 branches are spread across the country. DBS is Southeast Asia's largest bank by assets and one of Asia's largest banks, with assets totaling approximately US$501 billion (S$650 billion) as of December 31. 2019. It also holds dominant positions in retail banking, treasury and markets. , asset management, securities brokerage, equity and debt fundraising in regions other than Singapore, including China, Hong Kong, Taiwan, Indonesia and South Korea.DBS's largest controlling shareholder is Temasek Holdings, Singapore's second-largest sovereign wealth fund after GIC. As of March 31, 2018, Temasek holds 29% of DBS shares. The bank's reliable capital position has been awarded "AA−" and "Aa1" credit ratings by Standard & Poor's and Moody's, which are among the highest in the Asia-Pacific region, as well as "Safest Bank of Asia" from Global Finance. distinction for six consecutive years, from 2009 to 2015. The Bank was also awarded the prize for the best digital bank in the world in 2016 by Euromoney. In July 2019, DBS became the first bank in the world to simultaneously hold three of the world's most prestigious Best Bank accolades from Euromoney, Global Finance and The Banker.
DBS has been listed on the Dow Jones Sustainability Asia Pacific Index since October 2, 2018, making it the first bank in Southeast Asia to do so. DBS was one of the first companies in Singapore to be recognized for its gender equality efforts with City Developments Limited in the inaugural Bloomberg L.P. Gender-Equality Index (GEI) which was released in 2018. With operations in 17 markets, the bank has a regional network spanning more than 300 branches and more than 1,250 ATMs in 50 cities overseas.
2/ J.P. Morgan
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| J.P. Morgan |
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the largest bank in the world by market capitalization, and the fifth largest bank in the world by total assets, with total assets of US$3.954 trillion. Additionally, JPMorgan Chase is ranked 24th on the Fortune 500 list of America's largest corporations by total revenue. It is considered a systemically important bank by the Financial Stability Board.
As a "Bulge Bracket" bank, it is a major provider of various investment banking and financial services. It is one of the big four American banks, along with Bank of America, Citigroup and Wells Fargo. JPMorgan Chase is considered a universal bank and a depository bank. The J.P. Morgan brand is used by the Investment Banking, Asset Management, Private Banking, Wealth Management, Commercial Banking and Treasury Services divisions. Fiduciary activity within private banking and private wealth management is conducted under the umbrella of JPMorgan Chase Bank, N.A., the true fiduciary.
The Chase brand is used for credit card services in the United States and the bank's retail banking activities in the United States and the United Kingdom. JPMorgan Chase's commercial bank operates under the Chase and J.P. Morgan brands. The bank's headquarters is currently located at 383 Madison Avenue in Midtown Manhattan, New York, since the old headquarters building just across the street at 270 Park Avenue was demolished and a larger replacement seat is being built at the same site.
The current company was originally known as Chemical Bank, which acquired Chase Manhattan and took on that company's name. The current company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.
3/ CaixaBank
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| CaixaBank |
CaixaBank, S.A. formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operational offices in Madrid and Barcelona, Spain. It is the third Spanish lender by market value, after Banco Santander and BBVA. CaixaBank has 5,397 branches to serve its 15.8 million customers and has the most extensive branch network in the Spanish market. It is listed in the Bolsa de Madrid and is part of the IBEX 35.
The company includes the universal banking and insurance activities of the La Caixa group, as well as the group's stakes in the oil and gas company Repsol, the telecommunications company Telefónica and its stakes in several other financial institutions.
As a forerunner in the adoption of biometrics, the bank has upgraded more than 1,200 ATMs on its network to support facial recognition based on data provided by its customers. Typical ATM transactions, such as cash withdrawals, can be performed without touching the ATM.
CaixaBank has also deployed ATM Now, a technology platform that offers a user experience similar to that provided by CaixaBankNow, allowing the bank to offer the same level of quality, image and service across all of its channels. digital.
4/ HSBC
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| HSBC |
5/ Société Générale
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| Société Générale |
Societe Generale S.A. colloquially known in English as SocGen is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered in La Défense.
Société Générale is the third French bank in terms of total assets after BNP Paribas and Crédit Agricole. It is also the sixth largest bank in Europe and the eighteenth in the world. It is considered a systemically important bank by the Financial Stability Board.
From 1966 to 2003, it was known as one of the major French commercial banks of the Trois Vieilles ("Old Three"), along with Banque Nationale de Paris (from 2000 BNP Paribas) and Crédit Lyonnais.
In December 2021, Amundi completed the acquisition of Lyxor Asset Management from Société Générale. Lyxor was an investment company based in France and a 100% subsidiary of Société Générale. It offered index exchange-traded funds and other ETFs, exchange-traded notes (ETNs), and several other products to private and corporate investors.
Rosbank headquarters in Moscow with the Societe Generale logo, 2019
In April 2022, Société Générale became the first major financial group to exit the Russian market due to international sanctions during the Russian-Ukrainian war.
In May 2022, Societe Generale announced the completion of the sale of Rosbank and the Group's Russian insurance subsidiaries to Interros Capital. This transaction results for Societe Generale in a net loss of around 3.2 billion euros and has an impact of around -7 basis points on its capital ratio.
Société Générale is a universal bank. The Group is made up of three major pillars backed by two businesses. Société Générale is often nicknamed SocGen (pronounced "sock jenn") in the international financial world.
Societe Generale's three pillars, at the heart of the development of its relationship banking model, are:
- Retail banking in France (Société Générale, Crédit du Nord and Boursorama)
- International Banking and Financial Services (IBFS)
- Corporate and Investment Banking (SG CIB), with investment banking and interest rate, structured finance, debt and foreign exchange activities on the one hand, and equities and advisory activities on the somewhere else.
The development of these three pillars is based on two other central activities, namely:
- Specialized Financial Services & Insurance
- Private banking, management and global investment services
Societe Generale's head office is in Tours Societe Generale in the business district of La Défense in the city of Nanterre, west of Paris. The company moved there in June 1995 from the former head office on Boulevard Haussmann in the 9th arrondissement of Paris. The head office has 7,000 employees. The former registered office remains the registered office of the company.
In 2015, Standard Ethics Aei assigned a rating to Societe Generale in order to include it in its Standard Ethics French Index.
The Group has long pursued an active and generally very discreet support policy. Its patronage of rugby is well known, but its support in other areas such as music, contemporary art, disabled sports (as an official partner of the French Handisport Federation) and corporate citizenship, professional integration and disadvantaged children, is less known.
6/ BNP Paribas
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| BNP Paribas |
BNP Paribas is a French international banking group, born in 2000 from the merger between Banque Nationale de Paris (BNP, "Banque Nationale de Paris") and Paribas, formerly known as Banque de Paris et des Pays-Bas. The full name of the parent company of the group is BNP Paribas S.A.
With 190,000 employees in February 2021, the bank is organized into three main businesses: Commercial, Personal Banking & Services (CPBS), Investment & Protection Services (IPS) and Corporate & Institutional Banking (CIB).
The group is listed on the first market of Euronext Paris and is part of the Euro Stoxx 50 stock market index, while also being part of the French CAC 40 index.
BNP Paribas is the largest banking group in Europe, after HSBC, and the ninth largest banking group in the world, essentially a slice of bulge. It became one of the five largest banks in the world after the 2008 financial crisis. Despite some legal difficulties in 2014, including the highest fine ever imposed as compensation for violating US sanctions, it remains one of the ten largest banks in the world. It is considered a systemically important bank by the Financial Stability Board.
With global reach and a presence in 57 countries, BNP Paribas wins the title of World's Best Transaction Bank. By implementing the most advanced technology, re-engineering processes and participating in industry initiatives, the bank has increased efficiency, improved user experience and ensured transparency at every link in the transaction chain.
7/ CIBC Mellon
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| CIBC Mellon |
CIBC Mellon was founded in 1996 as a joint venture between Canadian Imperial Bank of Commerce (hereinafter CIBC) and Mellon Financial Corporation (now The Bank of New York Mellon) (hereinafter Mellon) to provide asset servicing to institutional investors. Although commonly known as CIBC Mellon, the company comprises two sister companies, Compagnie Trust CIBC Mellon and Société de services mondials Titres CIBC Mellon (Compagnie Trust CIBC Mellon and Société de services mondials CIBC Mellon in French respectively). Based in Toronto, Ontario, CIBC Mellon provides asset servicing to corporate and institutional clients.
On February 16, 2010, The Wall Street Journal announced that BNY Trust Co. of Canada would acquire the corporate trust assets of CIBC Mellon.
On July 28, 2010, it was announced that Pacific Equity Partners would acquire the issuer servicing business of CIBC Mellon Trust Company (stock transfer and employee stock purchase plan).
In 2016, the company expanded to Mississauga, adding 150 positions.
The bank is at the forefront of innovation in the digital asset custody space, where CIBC Mellon manages 19 of the 23 retail cryptocurrency offerings available in Canada and has responded to increased investor interest and industry participants for cryptocurrencies by acting as a fund administrator for the world's first retail bitcoin and ethereum exchange-traded fund.
The company continues to engage with players in the financial services industry and leverages BNY Mellon's Digital Assets Unit to identify and develop potential solutions to support digital asset offerings. CIBC Mellon is strongly engaged with regulators to drive the evolution of the custodial industry and is an industry leader in initiatives to provide the most advanced claims processing and market communications services. This includes enhancements with straight-through processing capabilities and the annual implementation of new Swift standards.
Strong governance of the business platform and the franchise is essential. CIBC Mellon has become the only Canadian depository to achieve International Organization for Standardization certification for security and business continuity in 2021.
8/ Kuwait Finance House
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| Kuwait Finance House |
Kuwait Finance House (KFH) was established in the State of Kuwait in 1977, as the first bank operating under Islamic Sharia rules. KFH is listed on the Kuwait Stock Exchange (KSE), with a market capitalization of $8.2 billion (2.49 billion KWD) as of May 2016. Assets total $55.52 billion (16.83 billion KWD). KWD) and deposits amount to $34.97 billion (10.66 billion KWD).
KFH and Kuveyt Turk have established presence in the Kingdom of Saudi Arabia, Jordan, United Arab Emirates and Germany.
In July 2017, KFH studied a merger with Ahli United Bank., And in July 2022, KFH sealed the merger of Ahli United Bank.
KFH's total assets were $72 billion at the end of 2021. Net profit increased 68% year-over-year to just over $1 billion, the return average equity (ROAE) reaching 14%. KFH's Islamic banking products and services cover commercial, retail and corporate banking as well as real estate, trade finance and investments. KFH has emphasized digital banking and online banking transactions have increased by 25% in 2021. KFH has successfully launched a national payment system via a fully integrated application corresponding to the global Swift network.
KFH has participated in major development projects in the GCC and international markets in areas such as infrastructure, energy, water, power, transport, communications, housing and property development. In 2021, KFH Capital, the investment arm of the group, successfully arranged numerous sovereign and corporate sukuk issuance deals, exceeding $15 billion.
9/ Goldman Sachs
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| Goldman Sachs |
Goldman Sachs is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Hong Kong, Tokyo, Dallas and Salt Lake City, and additional offices in other centers international financiers. Goldman Sachs is the world's second-largest investment bank by revenue and ranks 57th on the Fortune 500 list of America's largest corporations by total revenue. It is considered a systemically important financial institution by the Financial Stability Board.
The company has been criticized for its lack of ethical standards, its collaboration with dictatorial regimes, its close relationship with the US federal government via a "revolving door" of former employees and the rise in commodity prices thanks to speculation on futures contracts. While the company was on Fortune's list of 100 best companies to work for, primarily due to its high pay levels, it was also criticized by its employees for 100-hour work weeks, high pay levels. employee dissatisfaction among first-year analysts, abusive treatment by superiors, a lack of mental health resources, and extremely high stress levels at work leading to physical discomfort.
The company invests and arranges funding for startups and in many cases secures additional business when companies launch initial public offerings. Notable initial public offerings for which Goldman Sachs was lead bookrunner include those from Twitter, Bumble, Robinhood Markets. Startups the company or its funds have invested in include Spotify, Foodpanda, and Dropbox, among others. It is a partner organization of the World Economic Forum.
In June 2020, Goldman Sachs introduced a new corporate typeface, Goldman Sans, and made it available for free. After netizens discovered that the terms of the license prohibited disparagement of Goldman Sachs, the bank was mocked and decried in its own font, until it finally changed the license to the standard SIL Open Font License.
Goldman Sachs has been embroiled in a major scandal linked to Malaysian sovereign wealth fund, 1Malaysia Development Berhad (1MDB). The bank paid a $2.9 billion fine under the Foreign Corrupt Practices Act, the largest ever. In July 2020, Goldman Sachs agreed to a $3.9 billion settlement in Malaysia for criminal charges related to the 1MDB scandal. For charges brought for the same case in other countries, Goldman Sachs agreed in October of the same year to pay more than $2.9 billion, including more than $2 billion in fines imposed in the United States. .
In August 2021, Goldman Sachs announced that it had agreed to acquire NN Investment Partners, which had $335 billion in assets under management, for €1.7 billion from NN Group.
In September 2021, Goldman Sachs announced the acquisition of GreenSky for approximately $2.24 billion and completed the acquisition in March 2022.
In March 2022, Goldman Sachs announced that it was ending its business in Russia in accordance with regulatory and licensing requirements.
Also in the same month, Goldman Sachs announced that it had acquired Chicago-based open-architecture digital retirement advisory provider NextCapital Group.
In June 2022, Goldman Sachs offered its first-ever ether-linked derivative (ETH). Goldman Sachs has been announced as an official partner of McLaren.
In September 2022, Goldman Sachs announced the layoffs of hundreds of employees across the company, reportedly following the July earnings report of that year which showed significantly reduced revenues.
10/ Citi
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| Citi |
Citibank, N. A. (N. A. stands for "National Association") is the principal American banking subsidiary of the multinational financial services company Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became the First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. US branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C. and Miami.
It was founded as the City Bank of New York and became the National City Bank of New York. He played an important role in war bonds. He played a role in international events, including the US invasion of Haiti.
On April 1, 2016, Citigroup became the exclusive issuer of Costco-branded credit cards.
The bank's private label credit card division, Citi Retail Services, issues store-issued credit cards for companies such as: American Airlines, Best Buy, ConocoPhillips, Costco, ExxonMobil, The Home Depot, Sears, Shell Oil, Staples Inc. and until January 2018, Hilton Hotels & Resorts.
As of September 2020, Citibank US branches are located in the metropolitan areas of New York, Los Angeles, San Francisco, Sacramento, San Diego, Washington DC, Las Vegas, Miami, and Chicago. California is home to the majority of Citibank's US branches, with 292 branches located in the state.
Citi has announced that it may re-establish its retail banking presence in Dallas in 2022. Citibank will occupy more than 9,000 square feet of space in the Berkshire Court building in Preston and Northwest Highway. Construction of the new office is expected to begin early next year, according to planning documents filed with the state. Citibank's new office is described as an "experience center" in planning documents. The plans identify the operation as "retail banking/office space". Citibank does not have a major retail banking presence in the Dallas area. A spokesman for the bank's New York office did not provide details on what is planned in North Dallas. "We will decline to comment on this," Citibank's Drew Benson said in an email.
In April 2021, Citibank announced that it would exit its consumer banking operations in 13 markets, including Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
In January 2022, Citi further announced plans to exit Mexican retail banking (also known as Citibanamex), as well as small and medium business banking.
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