Congratulations to all the winners of the FinanceAsia Awards this year. Once again firms showed great innovation in a wide range of areas from business growth to digital banking to diversity, equity and inclusion (DEI).
In another tough year for financial markets, the winners, from a large pool of entrants, were the firms that managed to show resilience, creativity and investment in the future, with a close eye on protecting their balance sheets and helping clients.
A big thank to you to our judges: Dennis Chia, chief financial officer, StarHub; Douglas Arner, Kerry Holdings professor in law, University of Hong Kong; Gordon Ip, co-chief investment officer, fixed income, Value Partners; Jason Teo, head of treasury, SEA LOGOS Group; Julian Lee, executive director, finance, Hong Kong Airport Authority; Kim Man Wong, chief financial officer, HK Electric Investments; Kok Siong Ng, chief financial officer, Link REIT; Marcus Yeung, chief executive officer, SEAbridge; co-founder, match.asia; Shahrul Azman Mohd Mokhtar, vice president and group treasurer, group treasury division, FGV Holdings; Subhojit Sadhu, Partner, Cyril Amarchand Mangalas; Teresa Teague, co-founder and partner, TBB Partners; and Tony Adams, managing director, R66 Capital.
YYou can see photos from the Awards dinner, and also for Asia's Best Companies Poll 2024, in Hong Kong here.
SOUTH ASIA WINNERS
BANGLADESH - DOMESTIC
BEST BANK
City Bank
City Bank demonstrated resilience and achieved impressive growth in 2023 despite the multiple shocks and monetary tightening that buffeted Bangladesh’s economy. Against the macro backdrop, the bank continued to shine in its pursuit of financial inclusion, technological advancement, sustainability and customer service.
More specifically, City Bank saw total assets rise by nearly 7% to BDT390.5 billion ($3.3 billion) by September 2023. Other successes included growing its loan book by 10% following a strategic focus on the SME segment, boosting deposits by 12.5% and increasing its operating profit by around 7% to BDT9 billion by September.
The bank took a step forward in digital financial services with the launch of several new products and services to ease access for customers. As part of this digital push, it further contributed to financial inclusion in Bangladesh, by leveraging technology to reach the unbanked and underserved populations.
BEST INVESTMENT BANK
UCB Investment
Winning this award for a second year in a row is impressive for an institution that only began its operations as a fully-fledged investment bank in late 2020. However, UCB Investment’s determination to earn its stripes in Bangladesh’s investment banking sector is paying off, and it experienced another year of dominance in 2023.
The diversity of its 11 transactions during the 12 months is testament to its strength across the board. These included M&A, subordinated bond issuance, a rights issue and public bond offerings.
Its deals also reflect UCB Investment’s focus on building enduring partnerships with clients, quickly earning the firm the reputation for reliability and trustworthiness that has led to its involvement in key capital markets activity. At the same time, the firm is committed beyond financial transactions to fostering sustainable economic growth and financial opportunities for all stakeholders.
The firm’s financial performance saw an encouraging positive year-on-year growth of 4.25% in 2023.
BEST SUSTAINABLE BANK
Infrastructure Development Company (IDCOL)
Bridging the financing gap to develop large-scale infrastructure, renewable energy and energy efficiency projects in Bangladesh is in IDCOL’s DNA.
Several key transactions enabled the firm to further sharpen its vision to help ensure the economic development of Bangladesh via private sector participation, while also improving standards of living through sustainable and environmental-friendly investments.
These included the country’s largest ecofriendly power project, to provide clean energy by using solar energy, as well as a first-of-its-kind public-private partnership infrastructure initiative to build a major transportation project to alleviate congestion and associated issues in the greater Dhaka area. Meanwhile, IDCOL also provided consulting services for off-grid electrification solutions in sub-Saharan Africa.
Beyond its transactions, IDCOL also applies a sustainable mindset to the working environment it offers employees. For example, a focus on diversity, meritocracy and inclusion has resulted in around 23% of the total executive workforce being women.
BANGLADESH - INTERNATIONAL
BIGGEST ESG IMPACT - BANKS; MOST INNOVATIVE USE OF TECHNOLOGY - BANKS
Standard Chartered Bank
With an operating history of nearly 120 years in Bangladesh, Standard Chartered has achieved notable success and progress through a mix of impact and technology. This aligns with its commitment to lifting the participation of marginalised communities and small businesses via environmental projects, revolutionising agricultural pursuits, launching an online platform for entrepreneurs and providing training opportunities for hundreds.
The bank prides itself on being “digital-first” in this market, spurred by recent efforts and innovations that aim to build a cashless future guided by four core pillars: simplicity, personalisation, mobility and agility. Throughout 2023, this transformation included initiatives to create a user-friendly experience for clients, with frontline agents incorporating cutting-edge technology into processes and insights.
Among Standard Chartered’s key digital achievements were facilitating Bangladesh’s first Letter of Credit (LoC)application via host-to-host connectivity, as well as pioneering the country’s first end-to-end digital cross-border LoC. The bank was also able to optimise cash and liquidity by curating bespoke digital solutions for over 80 businesses.
At the same time, Standard Chartered has played a key role in helping to shape Bangladesh’s economy through milestone solutions in sustainable and green finance – including across health, sustainable agriculture and environmental adaptation interventions.
To support this goal, the bank is focused on accelerating net zero, resetting globalisation and lifting participation.
This inevitably involves championing sustainable financing in Bangladesh, which Standard Chartered has done recently by making the nation’s first “recourse” financing a reality, to promote environmental friendliness and help to reduce greenhouse gas emissions in the steel industry. The bank also arranged the nation’s first green bond and green zero-coupon bond.
INDIA - DOMESTIC
BEST DCM HOUSE
Trust Investment Advisors
With a 38% increase in its income from debt capital markets activities in 2023, Trust Investment Advisors deserved to retain this award. This financial performance reflects a deliberate focus on high revenue generating structured debt solutions, as well as on deepening relationships with institutional funds and the non-institutional market.
Both the Prime and Thomson Reuters databases for last year showed Trust Investment Advisors participated in the highest number of bond issuances in India. Plus, it was involved in a variety of transactions across all major industry segments – including, among others, 95% of public sector issuances and all major issuances at the state level.
Some of the firm’s deals included: the first ever green bond issuance by an Indian Reit, for Mindspace Business Parks Reit; the follow-on bond issue for Andhra Pradesh State Beverage Corp; and the bond issuance by Jayswal Neco Industries.
BEST ECM HOUSE
JM Financial
Executing 42 equity capital markets (ECM) transactions was an impressive achievement that, in conjunction with the depth and breadth of JM Financial’s offering in this space, led to the firm receiving this award.
It had the leading ECM franchise in both IPOs and qualified institutional placements (QIPs), with a market share of 55% and 45%, respectively, in terms of value. Overall, JM Financial’s ECM revenue was up 340% from the previous year.
Among its key deals were: Tata Technologies’ IPO; the IPO of Nexus Select REIT, India’s first publicly listed urban consumption centre REIT; the IPO of JSW Infrastructure, the largest IPO of a commercial port; and the QIP of Bajaj Finance, the largest in 2023.
BEST INVESTMENT BANK
Axis Capital
The range of market and deal coverage that Axis Capital achieved in 2023 stood out for judges when they discussed this award.
In the equity capital markets, for example, the firm’s market share was 20% by deal volume and 35% by value, positioning it as a key player in India. Notably, it advised on 40% of the IPOs and follow-up public offers by deal value in the local market.
In the advisory space, meanwhile, across M&A, private equity and structured finance, Axis Capital successfully executed 11 transactions for marquee corporates and financial sponsors, including Tata Motors, Wipro Enterprises, Brookfield, Macquarie and others.
BEST PRIVATE BANK
360 ONE Wealth
Formerly known as IIFL Wealth, 360 ONE Wealth had a highly successful 2023 in terms of its growth and coverage within the private banking landscape.
For example, in asset growth, its total annual recurring revenue (ARR) rose nearly 16% year-on-year, while the firm expanded its loan book by 24% during the same period. Retention was also notable, with wealth management ARR retention at 70 basis points.
At the same time, a sharp focus on efficiency and cost management was rewarded by 360 ONE Wealth’s cost-income ratio improving from around 51% the year before to almost 46% in its latest financial year.
Other key developments for the firm throughout the year included: launching a global arm targeting offshore wealth management opportunities; and appointing a CEO to lead its digital wealth management proposition for India’s wealthy.
MOST INNOVATIVE USE OF TECHNOLOGY - NON-BANK FINANCIAL INSTITUTIONS
ICICI Securities
This award was given based on the firm’s creativity and use of technology, which also reflected a digital journey that has seen ICICI Securities develop from a transactional business to experiential wealth management platform.
As part of its latest achievements – a new and improved website and mobile app – the firm now offers a watchlist and charts-led trading ecosystem.
It adds value across client types: a tool for beginners to trade in three easy steps; the option to execute flash trades by simplifying the process with a complete visual experience; and the functionality for execution algos using order slicing and averaging.
ICICI Securities has subsequently carved out a unique positioning in the Indian market, as both a data-driven, digital-led wealth management firm catering to wealthy clients, while also being a trusted mass brand with a specialisation in wealth.
INDIA - INTERNATIONAL
BEST CORPORATE BANK - LARGE CORP & MNCs; BEST INVESTMENT BANK; MOST DEI PROGRESSIVE - BANKS
Citi
It’s no surprise that Citi is a repeat winner for investment banking among international houses in India. In 2023, the bank was prominent across all products – first in IPOs, and second in completed M&A transactions by deal value, as well as in bookrunning for G3 bond issuances, based on Dealogic data.
Especially for IPOs and block trades, Citi was dominant in India last year, leading among its peers in terms of number of deals, with 16 transactions, including the largest qualified institutional placement for over two years (for Bajaj Finance) and the first new age consumer company IPO in 18 months (for Honasa Consumer).
On the debt side, Citi spanned the entire product suite, including US dollar bond issuances for EXIM Bank, HDFC Bank, SBI Bank, and Continuum, and loans and acquisition finance for Reliance, IKS, Reliance JIO, and Shriram Finance.
The bank’s spectrum of advisory work was also notable in 2023, including acquisitions, divestitures, demergers and open offers in cross-border and domestic formats, with roughly $84.3 billion equivalent in deal value for completed M&A, and $22.6 billion equivalent in announced M&A.
Investment banking activity made a significant contribution to Citi’s overall strong financial performance for last year – an underlying 16% year-on-year growth in revenue and 26% growth in profit after tax.
Corporate banking achievements also stood out for Citi in 2023. For example, it now banks 30% of all multinationals operating in India, and a large share of the unicorns in the country. An important part of this is the support provided by a dedicated ESG team, creating innovative solutions around voluntary carbon credit, electric vehicle battery material, ESG-linked FX requirements, deposits and supply chain financing solutions.
Also in India, Citi’s commitment to diversity, equity and inclusion (DEI) impressed judges in 2023. This included the announcement of new, expanded 2025 aspirational diversity representation goals.
Over 39% of the bank’s employees in India are now female, higher than the 24% in 2022. And in mid-to senior-level roles, it has seen representation move up steadily to reach 31% as at the end of 2023, an uptick of roughly 2% year-on-year.
In addition, following the bank being the first in India to implement a 180-day maternity leave policy before it was passed as legislation, Citi launched the first of its kind “Maternity Flex Policy”, to offer work-from-home options for 12 months after maternity leave.
BEST SUSTAINABLE BANK
BNP Paribas
BNP Paribas made significant progress in India across its range of sustainability products in 2023, participating as a lender in transactions, raising over $2.4 billion equivalent of green loans, and arranging over $1.1 billion equivalent in ESG bond issuances across a range of sectors.
Also notable about BNP Paribas’ strategy in India has been its focus on contributing to the country’s ambitious targets for reducing carbon emissions and promoting green growth, by integrating sustainability principles into its financing activities. As a result, the bank has empowered clients to invest in renewable energy projects, energy-efficient infrastructure and sustainable supply chains.
In growing its share of business from sustainability-linked deals through structuring, advisory and bespoke product offerings, BNP Paribas’ transaction track record last year included a differentiated financial solution for India’s maiden “Round the Clock” renewable power supply project.
MOST INNOVATIVE USE OF TECHNOLOGY - BANKS
Standard Chartered Bank
Standard Chartered is well-versed in digital innovation, and showcased this in India last year with great impact across both the banking and non-bank financial institution (NBFI) sectors.
In banking, it implemented two new technology platforms in 2023 within its wealth management offering, to provide clients with a diverse range of assisted and self-led transaction capabilities: SC Invest, an online investment platform; and MyInsure, an online insurance platform.
Collectively, these platforms involved around 45 colleagues working across three countries and the integration of multiple legacy systems. They have seen healthy adoption since launch: for SC Invest, a 38% increase in client visits in 2023 with 68% of all investment transactions now performed digitally; and for MyInsure, more than 300 customers initiating their insurance portfolio reviews online, and a specialist activation rate of 81% versus the benchmark of 50%.
MOST INNOVATIVE USE OF TECHNOLOGY - NON-BANK FINANCIAL INSTITUTIONS
Standard Chartered Securities
For NBFIs, Standard Chartered Securities impressed last year with the development of various new products and technologies.
These included a digital onboarding module, including a self-led customer journey, a relationship manager journey, and a dashboard view for quicker know-your-client verification.
Among various benefits, introducing that module enhanced customers’ onboarding experiences in terms of reducing the time taken to submit the form by 96% compared with a physical form. In addition, with auto-verification in place, the manual intervention to process the form has become minimal, and the time required is now 10 minutes rather than two hours.
Ultimately, around 80% of the accounts now opened are through the digital onboarding module.
PAKISTAN - DOMESTIC
BEST BANK; BEST BANK FOR FINANCIAL INCLUSION; BEST SUSTAINABLE BANK; MOST DEI PROGRESSIVE - BANKS; MOST INNOVATIVE USE OF TECHNOLOGY - BANKS
Allied Bank
It was a year to remember for Pakistan’s capital markets. A notable turning point was the IMF’s $3 billion loan package in July 2023, triggering more bullish sentiment and a brighter macro outlook.
Allied Bank played a key part in helping to rebuild confidence among investors and issuers, both at home and abroad.
The bank, Pakistan’s fifth largest with an asset size of over PKR2.33 trillion ($8.33 billion), executed benchmark transactions that contributed towards the broader economy – boosting GDP and exports, and subsequently increasing forex reserves. The bank also supported PKR880 million of sustainability projects across Pakistan.
The success of these deals plus other initiatives saw Allied Bank grow its overall portfolio on a year-on-year basis by 3%, with profit after tax 92% higher than the previous year. This was based on a stable dividend stream and increasing equity, as well as one of the lowest infection ratios and highest capital adequacy ratios in the country.
The bank also improved its digital channels with 1.7 million using its myABL Digital Banking platform, and boosted its diversity, equity and inclusion (DEI) credentials through the diversity of its leadership teams across the group. It was an overall very good performance by the bank in 2023, and it thoroughly deserved to win the awards.
BEST BROKER
JS Global Capital
In a year when JS Global Capital’s financial performance was generally strong, revenue from equity brokerage was exceptional – rising 64% year-on-year. This reflected an increase in the size of the customer base as well as a surge in market share into double digits.
The firm’s performance in 2023 propelled it to third spot within the industry, despite it being the only big domestic player with no proprietary trading book. In fact, JS Global Capital is proud to rely only on agency brokerage.
Among the key strengths driving the firm’s success last year were its research-centric model, the upgrade of its digital equity trading app, and pathfinding partnerships with its group companies to bring stock trading to micro customers.
The firm also continued to be disciplined in terms of costs, operating with a lean team structure despite its diversified range of offerings.
BEST CORPORATE BANK - LARGE CORP & MNCs; BEST DCM HOUSE; BEST ECM HOUSE; BEST INVESTMENT BANK
Habib Bank
In an economy grappling with high interest rates, rising inflation and political instability, Habib Bank showed the importance of being one of the few institutions in Pakistan with dedicated teams for project finance, debt capital markets (DCM) and syndication, and equity capital markets and advisory.
This one-stop shop enabled the bank to support its client base through difficult times, in turn resulting in an impressive financial performance in 2023. Notably, Habib Bank had the highest fee income in the market, at $4.8 million, derived from closing 26 deals valued at roughly $1.4 billion.
The bank’s transactions were also in diverse sectors, from renewable energy and power generation, to real estate, telecoms and more.
Habib Bank is also well-known for contributing to Pakistan’s growth and development, and last year continued to see its investment banking teams engage with the government across a number of advisory roles to facilitate projects of national interest. In particular over the past year, the team has been focused on the power sector.
More specifically in the DCM space, the bank advised on and arranged 14 rated, unsecured, privately placed short-term sukuks during the year, out of which 13 were in the power sector, and some of whom were first-time issuers.
Meanwhile, in line with Habib Bank’s vision to provide the government with advisory services, the bank assisted in preparing a bankable structure for the Water and Power Development Authority’s Diamer Bhasha Dam, to attract potential lenders and investors.
At the same time, the corporate banking group also had an impressive year in 2023, serving as a one-window solution for large corporates and multinational companies via a range of treasury, transaction banking and investment banking products – from simple working capital facilities to complex infrastructure development project financing solutions.
During the year, the group posted net interest income of around $125.5 million equivalent, up by 118% compared with the previous year, based on an increased focus on capturing additional payment flows along with repricing of deposits held with the bank.
The corporate banking group also generated non-funded income of roughly $26.14 million, an increase of 7% year-on-year.
During the year, Habib Bank also established a global trade services function, which was crucial for managing trade flows and foreign exchange liquidity during a challenging year. The upshot was deepening the bank’s trade penetration into the SME and commercial segments, boosting its share of exports by 1.8% to 13%.
SRI LANKA - DOMESTIC
BEST BANK
Commercial Bank of Ceylon
In regaining this crown in 2023, Commercial Bank of Ceylon improved profit before tax by 41%, with its tier 1 and total capital ratios both above the statutory minimum ratios of 10% and 14%, respectively.
The bank also grew its deposit base and loan book, and saw net interest income as a percentage of total operating income rise to 70%, from 62% the year before.
The performance was a result of prudent growth in 2023 that saw the bank achieve its desired high level of diversification in its income and portfolios – with efforts that included an exclusive long-term bancassurance partnership with AIA and the launch of new green products and policies.
Commercial Bank of Ceylon also continued to drive technological and card innovations, including migrating over 335,000 customers to digital channels.
BEST BROKER
Asia Securities
The commitment by Asia Securities to maintain a leadership position in stock broking in Sri Lanka again paid off in 2023. In addition to the firm retaining this award, it was number one in exchange turnover market share for the year, according to the Colombo Stock Exchange.
In achieving this objective, Asia Securities increased its market share of stock exchange turnover to 10.8%, up slightly from 10.2% in 2022, and enhanced the diversity of foreign and retail clients and flows by placing large blocks as well as using its balance sheet to facilitate trading. This is unique among peers in Sri Lanka.
The firm was able to make this progress despite a drop in equity market turnover last year due to slow economic progress until late in 2023.
Yet Asia Securities’ strategic redeployment of excess capital into high-yielding fixed income investments in 2022 paid off last year, as it could offer a full service to clients when needed.
BEST INVESTMENT BANK
NDB Investment Bank
NDB Investment Bank successfully sustained its market leadership in Sri Lanka last year across debt and equity raisings, corporate advisory services and M&A.
Among the key transactions that highlighted the scope of the bank’s offering were: IPOs of two corporates in the financial services sector; sell-side advisory services for a private equity fund exit; and rights issues and de-listings assignments for a reputed conglomerate.
NDB Investment Bank’s overall deal tally across the equity and debt capital markets was made more impressive against the backdrop of a struggling Sri Lankan economy. Also in 2023, it became the first Corporate Finance Advisor licensed by the country’s Securities and Exchange Commission.
At the same time, the firm expanded its operations last year into Africa, executing its first transaction in this region.
SRI LANKA - INTERNATIONAL
BEST BANK
HSBC
Already one of the largest banking and financial services firms in Sri Lanka, HSBC had another impressive year in 2023 as it furthered its ambition across its diversified operations in the country to digitise at scale, energise for growth and transition to net zero.
In wholesale banking, for example, HSBC launched and implemented the first host-to-host enterprise resource planning link integration, digitising supply chain financing facilities.
At the same time, the bank supported numerous clients last year in their transition to low carbon economies and ESG ambitions through educational sessions, advice and transactions. These included HSBC facilitating the first sustainability linked loan, for an apparel industry client, and the first social finance facility, for a pharmaceutical company.
The bank also extended its reach in wealth and personal banking in Sri Lanka, launching HSBC Premier Elite as a tailored product, resulting in 300% growth in international banking with HSBC Premier.
The rationale was first published in FinanceAsia's Volume Two 2024 print edition.
