Ever wondered which bank holds the title of the best in the world? In this article, we reveal the top bank globally. Recently, Global Finance magazine published its latest rankings of the world’s best banks.
Best Bank in the World in 2024
JPMorgan Chase was named Global Finance’s World’s Best Bank for 2024, also earning top titles for investment and private banking. The bank’s strong financial stability, diverse services, and acquisition of First Republic Bank to stabilize U.S. bank failures contributed to this recognition. Its achievements in 2023 include raising $2.3 trillion for clients and moving $10 trillion daily across 120 currencies. For small businesses, JPMorgan expanded payment solutions with invoicing and tap-to-pay features, making transactions easier on mobile devices.
Also Read: SBI recognised as the Best Bank in India for the year 2024
List of Best Banks in the World in 2024
World’s Best Banks – Global Winners | |
---|---|
World’s Best Bank | JPMorgan Chase |
World’s Best Corporate Bank | BBVA |
World’s Best Consumer Bank | Standard Chartered |
World’s Best Emerging Markets Bank | QNB |
World’s Best Frontier Markets Bank | UBA |
World’s Best Sub-custodian Bank | CIBC Mellon |
World’s Best Transaction Bank | Bank of America |
World’s Best Bank for Sustainable Finance | Societe Generale |
World’s Best Islamic Financial Institution | Kuwait Finance House |
World’s Best Investment Bank | J.P. Morgan |
World’s Best Cash Management Bank | Citi |
World’s Beast Trade Finance Provider | BNY Mellon |
World’s Best Supply Chain Finance Provider | Citi |
World’s Best Foreign Exchange Provider | UBS |
World’s Best Private Bank | J.P. Morgan Private Bank |
World’s Best SME Bank | BTG Pactual Empresas |
World’s Best Bank: JPMorgan Chase
In 2023, JPMorgan Chase excelled with robust growth and strategic acquisitions, including First Republic Bank, leading to a net income of $49.6 billion. Innovations in AI and cloud computing bolstered its operational efficiency.
World’s Best Corporate Bank: BBVA
BBVA’s Corporate and Business Banking unit saw significant profit growth, particularly from its operations in Mexico and Turkey, while expanding sustainable finance initiatives in clean technology and carbon capture.
World’s Best Consumer Bank: Standard Chartered
Standard Chartered achieved impressive growth in consumer banking through a digital-first strategy, increasing its client base and digital sales, while partnering with firms like Singapore’s Trust Bank to enhance market presence.
World’s Best Emerging Markets Bank: QNB
Qatar National Bank (QNB) earned the World’s Best Emerging Markets Bank award for its 8% growth in net profit to 15.5 billion Qatari riyals ($4.25 billion) and its digital expansion across 28 countries. The bank launched QNB Bebasata in Egypt and plans to introduce a digital-only bank in Saudi Arabia. Additionally, it aims to boost its wealth management services in Indonesia by offering diverse financial products.
World’s Best Frontier Markets Bank: United Bank for Africa
United Bank for Africa (UBA) won the World’s Best Frontier Markets award by nearly doubling its deposits to 17.36 trillion Nigerian naira ($10.82 billion) in 2023. The bank increased its loan book by 61% and provided financing to 32,000 SMEs. UBA also pledged $6 billion to support SMEs and has implemented smart automation to enhance efficiency.
World’s Best Sub-Custodian Bank: CIBC Mellon
CIBC Mellon was recognized as the Best Sub-Custodian Bank, offering comprehensive investment-servicing solutions. The firm leverages advanced technology, including BNY’s Nexen platform, for improved data analytics and trade efficiency. A collaboration with Duco enhances operational risk management and process streamlining.
World’s Best Transaction Bank: Bank of America
Bank of America (BofA) was awarded Best Bank for Transaction Banking and Best Bank for Collections. It supports global organizations in optimizing liquidity strategies amid rising interest rates and inflation. BofA established a new Global Payments Solutions division to enhance its payments strategy in response to evolving regulatory demands.
World’s Best Bank for Sustainable Finance: Societe Generale
Societe Generale (SocGen) enhanced its reputation for sustainable finance by managing the first digital green bond, a €10 million bond tokenized on the Ethereum blockchain. The bank is active in ESG projects across six continents and has issued various green, social, and sustainable bonds. In project finance, SocGen advised on a €873 million battery storage factory in France and financed renewable energy projects globally.
World’s Best Islamic Financial Institution: Kuwait Finance House
Kuwait Finance House (KFH) was recognized for its innovation and extensive operations in Islamic financing. As the second-largest Islamic bank globally, KFH serves clients across the Middle East, Asia, and Europe. The bank’s assets reached 37.87 billion Kuwaiti dinars, with net profit increasing significantly. KFH also launched Kuwait’s first Shariah-compliant digital bank and several digital services to enhance customer experience.
World’s Best Investment Bank: J.P. Morgan
J.P. Morgan maintained its leadership in investment banking despite market challenges, capturing an 8.7% global revenue share. The bank strengthened its position in Europe, the Middle East, and Africa, and significantly improved its ranking in the Asia-Pacific region. J.P. Morgan focuses on staff development and strategic management rotations to ensure future growth.
World’s Best Bank for Cash Management: Citi
Citi was awarded for its innovative cash management solutions by integrating Treasury and Trade Solutions with Securities Services. This streamlined approach allows clients to manage payments and liquidity more effectively, leveraging advanced digital tools like Spring by Citi for payment acceptance and tailored financing solutions for e-commerce.
World’s Best Trade Finance Provider: BNY Mellon
BNY Mellon offers extensive trade outsourcing services, helping banks reduce costs and enhance compliance. Its RMA as a service enables efficient processing of letter of credit messages. The bank also collaborates with fintechs to optimize cash flow for corporate buyers and support suppliers’ working capital needs.
World’s Best Supply Chain Finance Provider: Citi
Citi’s supply chain finance (SCF) network spans over 90 countries, benefiting thousands of buyers and suppliers. Its digital platforms enhance operational efficiency, and recent innovations include Citi Dynamic Discounting, allowing clients to invest liquidity directly into their supply chain.
World’s Best Foreign Exchange Provider: UBS
UBS experienced significant growth in foreign exchange services following the acquisition of Credit Suisse. The integration expanded its clientele and volume, while technological innovations like the FX Engine Room enhance service delivery globally, solidifying UBS’s position in emerging markets.
World’s Best Private Bank: J.P. Morgan Private Bank
J.P. Morgan Private Bank thrived amid economic volatility, achieving remarkable growth in net income. The acquisition of First Republic Bank strengthened its market position. The bank continues to expand its offerings and enhance its global footprint.
World’s Best SME Bank: BTG Pactual Empresas
BTG Pactual Empresas was recognized for facilitating access to capital for Brazilian SMEs through a digital platform that enhances the banking experience. The bank offers various services, including credit solutions and financial management tools, while supporting micro and small enterprises.