FinanceAsia Awards 2025: Southeast Asia winners' write-ups

Congratulations once again to the all the winners and highly commendeds of this year’s FinanceAsia Awards.

In another 12 months with higher for longer interest rates and great geopolitical uncertainty, capital markets in Asia Pacific (Apac) finally started to gain some sustained momentum in the second half of 2024, with some significant sized deals and a flurry of activity.

Market participants across the region showed great innovation, resiliency and client service to secure these awards across a wide range of areas and disciplines, including: digitalisation, law, ECM, DCM, ratings, diversity, equity and inclusion (DEI), sustainability and technology.

In these tougher times, market co-operation is becoming more important than ever to help secure clients’ needs, and many firms in the following list collaborated well, and went the extra mile. Despite multiple challenges, the future is looking bright for Apac's capital markets, especially with the region’s middle class set to grow, and the infrastructure needs of governments seemingly endless.

Please see below rationale behind Southeast Asia winners this year. 

BRUNEI

DOMESTIC

BEST BANK

Baiduri Bank

A combination of prudent risk management, strategic investment and digital transformation fuelled record-breaking financial results for Baiduri Bank in 2024, in turn securing this award.

Key financial highlights included: return on equity increasing to nearly 15%, exceeding the industry average of just over 13%; total assets rising over 11% YoY, primarily driven by increased lending and financing; and net profit trending upward.

Dedicated efforts across the bank’s divisions contributed to last year’s success. For example, its corporate and retail banking businesses were able to diversify income streams through increased participation in overseas syndicated loans and robust credit recovery efforts.

At the same time, the bank pioneered digital payment solutions, plus introduced a new savings product designed to help customers balance liquidity with long-term financial growth.

INDONESIA

DOMESTIC

BEST BANK | BEST CORPORATE BANK - LARGE CORP & MNCs | BEST RETAIL BANK | BEST STRATEGIC INITIATIVE - BANKS | BEST SUSTAINABLE BANK | BIGGEST SUSTAINABLE IMPACT - BANKS | MOST DEI PROGRESSIVE - BANKS | MOST INNOVATIVE USE OF TECHNOLOGY - BANKS

PT Bank Mandiri

Bank Mandiri showed in 2024 why it has been able to position itself as the leading domestic bank in Indonesia. It continued to be the country’s largest by asset size, at around $147 billion, and the largest lender, with a market share of just over 21%, with YoY growth of nearly 20%.

The bank’s prominent status stems from a comprehensive multi-segment lending strategy, spanning the wholesale, SME and retail sectors – and complemented by a laser-sharp focus on driving digital innovation across the industry.

In particular, the wholesale loan portfolio grew by over 19% last year compared with 2023. And by leveraging its corporate customer network to cross-sell products from wholesale to retail, Bank Mandiri’s consolidated third-party funds grew by almost 8% in 2024.

The bank has also maintained the lowest non-performing loan (NPL) ratio among peers, improving by 7 basis points to 1.12% year-on-year. Considering its NPL coverage ratio of 326%, Bank Mandiri demonstrates strong risk management and a commitment to financial stability.

The size and reach of the wholesale division was also to thank for the bank’s award recognising its capabilities in servicing large domestic and international corporates. More specifically, it provides financing for large-scale and long-term projects, as well as fund placement. Also, for wholesale customers, Kopra by Mandiri gives businesses seamless digital banking tools, offering faster and more secure transactions.

Bank Mandiri also stood out in 2024 for its retail capabilities. For this segment, its digital platform, Livin’ by Mandiri, recorded a surge in QR payment services, with transaction frequency seeing a 198% YoY increase. In the same period, sales volume grew 200%.

These achievements were due to continued innovation, including flexibility in using source of funds, allowing customers to transact using savings accounts, credit cards or PayLater. Other ‘firsts’ for Indonesia in the retail segment included: Livin’ Auto, allowing customers to apply for vehicle loans with a fully end-to-end process and a guaranteed 30-minute approval; and Stock Investment, enabling customers to buy, sell and manage their stock portfolios directly within Livin’, in collaboration with Mandiri Sekuritas.

Displaying technological prowess is second nature to Bank Mandiri, and in 2024 it again won awards for its innovative use of technology, along with a strategic initiative that differentiated its platform. As part of this, the bank took its mantra of being “adaptive and solution-oriented” even further with an extensive revamp of Kopra by Mandiri, its transaction super platform, to the user interface and user experience.

The aim was to ensure all aspects of the platform deliver on clients’ business needs and can optimise the customer journey to enhance efficiency by reducing the number of steps required for transactions, yet while maintaining functionality. The bank reinforced this by adding new features that resulted in a 40% reduction in transaction time.

That contributed to growth in transaction value in 2024 by over 16%, three times the rate of the year before. There were also YoY increases in transaction frequency, 21%, and fee-based income (8%).

Meanwhile, Bank Mandiri’s commitment to sustainability also earned it two awards. Across the bank, it continued to expand its sustainable portfolio, with YoY growth rates of 15% in the green portfolio and nearly 7% in the social portfolio. It captured a 36% market share among the nation’s top four banks in green financing, including renewable energy, sustainable agriculture, clean transportation, waste management, eco-efficient products and green buildings.

Further contributing to the development of the wider market, in 2024 Bank Mandiri achieved a 43% increase in the disbursement of corporate social and environmental responsibility funds, as part of community development initiatives.

In addition, Bank Mandiri has developed innovative sustainable financial instruments, such as sustainability-linked loans. The social portfolio focuses on promoting inclusive growth in micro, small and medium enterprises (MSMEs).

Judges also pointed to the bank’s strong focus and good governance when it comes to financial inclusion, with activities covering a wide segment of the population – from farmers to fishermen, social loans to MSMEs and women in rural areas.

Finally, Bank Mandiri showcased its philosophy that employee diversity, equity and inclusion (DEI) is not just a metric, but instead a core value which plays a critical role in the key performance indicators of its board.

Notable achievements included boosting the DEI-related training budget by nearly 13% from the previous year, with almost a 23% increase in the number of participants in training programmes. Also, as at the end of 2024, 35% of roles above assistant vice president level were held by women – and across the overall workforce, just over 52% were female, with equal pay for all employees.

BEST BANK FOR FINANCIAL INCLUSION | BEST COMMERCIAL BANK – SMEs | BEST CUSTODIAN BANK | BEST PRIVATE BANK

Bank BRI

BRI had a successful 2024 across key segments of its business, winning several awards as judges commended the quality of its services and solutions in its home market.

Its micro, small and medium enterprise (MSME) clients continued to be core to BRI, with loans and financing to this segment comprising 82% of the bank’s total loans and financing as of December 2024. Within this client base, BRI’s flagship segment, micro and ultra micro, contributed over 46% of total loans and financing, and despite volatile macroeconomic conditions, credit for these clients still managed to grow by 2.7%.

Key to BRI’s market leadership in empowering MSMEs across Indonesia has been the bank’s innovative digital solutions, to enhance efficiency and financial accessibility. For example, its BRImo app, integrated with various payment systems, e-commerce platforms and digital bookkeeping tools, enables MSMEs to seamlessly manage their businesses.

BRI’s success with these clients was also due to its focus on being at the forefront of financial inclusion. It prioritised efforts to provide millions of MSMEs with the access, support and innovation needed to thrive in a competitive market.

Indeed, BRI’s commitment to – and successes in – financial inclusion is evident in its strategic digital transformation. It introduced BRISPOT, a mobile-based loan application system that accelerates MSME loan approvals, ensuring faster access to capital.

Beyond MSMEs, BRI was able to fulfil its commitment in 2024 to enhance the services of its hybrid bank concept, combining the branch office networks and branchless banking (AgenBRILink), to boost financial inclusion across Indonesia.

BRI also stood out in 2024 for its custody services in Indonesia. Through asset safeguarding, clearing, settlement and corporate action services for institutional and retail clients, the bank’s financial performance last year reflected its commitment to delivering secure and reliable custody services.

Highlights included: increasing assets under custody by over 22% year-on-year; expanding custodian services for mutual funds and corporate securities to strengthen BRI’s position in Indonesia’s capital markets; launching digital custodial reporting tools to provide automated, real-time portfolio tracking for institutional clients; upgrading online securities settlement systems to reduce processing time by 40%; and establishing new custody collaborations with leading investment firms, pension funds and global asset managers.

Meanwhile, BRI also excelled last year in private banking for its wealthy clients. It strengthened its position in this segment through consistent financial growth, expanding assets and strong wealth management performance.

In particular, to enhance its private banking services and investment portfolios in 2024, BRI introduced new equity funds, primary and secondary bond issues, high-value client advisory and customised investment solutions, and events including networking and educational forums.

BEST BROKER

PT CGS International Sekuritas Indonesia

Despite challenges for Indonesia’s capital markets last year, CGS retained its position as the fourth largest broker with a market share of just over 6%. Ultimately, profits were driven by retail equities, 78%, institutional equities, 16%, and fixed income, 6%.

Judges considered the firm a worthy winner of this award based on its clear brokerage vision and well-executed strategy.

During the year, the team completed one IPO, two M&A deals and one fundraising for clients including Fortune Indonesia, Perma Plasindo, Daaz Bara Lestari, and Hillcon. Further, CGS successfully issued 24 structured warrant products in 2024.

The firm also pursued growth through strategic partnerships with large Islamic organisations and universities, as well as via new branches to broaden client reach.

BEST DCM HOUSE

PT Indo Premier Sekuritas

Indo Premier won well-deserved plaudits from the judges for its debt capital markets (DCM) achievements in 2024. During this time, it retained its top spot in the Bloomberg IDR Bonds and Sukuk league table, securing a 15% market share due to year-on-year growth of over 16%.

Further, judges acknowledged Indo Premier for being the only private firm in the country’s top 10 ranking, supporting key issuers – including first timers – without having a banking or business group affiliation.

Three of its DCM transactions stood out last year: Bank BJB’s three financial instruments, including the second-ever public issuance of perpetual bonds in Indonesia; an inaugural bond issue by PT Merdeka Battery Materials; and the first sustainability linked bond in the domestic market, issued by PT Steel Pipe Industry of Indonesia.

BEST ESG CONSULTANT | BEST LAW FIRM

UMBRA – Strategic Legal Solutions

With a dedication to sustainability that goes beyond legal advisory services, UMBRA impressed judges for its ESG consulting offering.

The firm was instrumental in 2024 in structuring and advising on various groundbreaking green projects, as well as fostering inclusive growth, empowering communities and ensuring sustainability initiatives translated into broader societal benefits.

Also last year, the firm established its Sustainability, Carbon, and Climate Change Initiative Division, working closely with corporate clients to develop compliance frameworks, implement sustainability disclosures and facilitate access to green financing opportunities.

That type of effort aligned with the legal expertise UMBRA also demonstrated in 2024. In turn, the firm saw significant growth in terms of client relationships and revenue, especially within sectors such as ESG, energy, M&A, infrastructure, corporate finance, banking and financial services, and mining matters.

Among key transactions last year, UMBRA was involved in the issuance of sovereign bonds by the Government of the Republic of Indonesia, for its largest-ever deal in US dollars and Euros.

Other milestones last year included the launch of a pilot programme to offer public seminars, in both offline and online formats, to broaden participation and promote diversity among attendees. The firm also pursued tailor-made client training sessions to enhance client development initiatives.

INTERNATIONAL

BEST BANK

BNP Paribas

BNP Paribas continued to develop and strengthen its franchise in Indonesia during 2024. This was reflected in the increase in its net banking income by 46%, driven by higher transaction volumes and an optimised revenue mix.

In addition, the bank’s net interest income grew by 15%, supported by strategic loan portfolio expansion and stable funding costs, while net profit after tax surged by 85%, reflecting enhanced operational efficiency, improved margins and sustainable business growth

Key to BNP Paribas’ success was a blend of leveraging its global presence while developing a deeper understanding of the local market. This led to growth in key transactions such as advisory deals, large client financings, record-breaking transactions and innovative banking solutions to support clients in their digitisation journey.

BEST COMMERCIAL BANK - SMEs

OCBC

In a dynamic market where micro, small, and medium enterprises drive economic growth, OCBC’s SME banking solutions stand out for their innovative and customer-centric approach. The bank delivers tailored services and enhanced digital platforms that create real impact.

Among their notable accomplishments last year, they expanded their ‘TAYTB* Women Warriors Campaign’ in collaboration with the IFC and World Bank, continuing to empower women entrepreneurs across the region. OCBC also leads in fostering cross-border growth between Asean and Greater China, supporting SMEs with financing solutions, trade expertise, and cash management services to help them thrive in an interconnected global economy.

*TAYTB stands for “Tidak Ada Yang Tidak Bisa” which means “Nothing is Impossible”.

BEST DCM HOUSE | BEST SUSTAINABLE BANK

DBS Bank

Despite a challenging period last year for markets, Indonesia’s debt capital markets (DCM) experienced significant growth, particularly in onshore corporate note and Sukuk issuances. DBS played a key role.

This was clear from the strong 2024 performance for the bank, across total income, net profit and return on equity.

Some of this success came from DBS’ leadership in sustainable DCM. The bank facilitated YoY growth in bond transactions of hundreds of percentage points, leading to a mobilisation of capital into impactful social initiatives across the country.

Beyond its DCM business, DBS made its commitment to advancing sustainability count by facilitating impactful transactions that drove social progress – in turn securing a key sustainability award.

This followed the bank’s sustainable finance portfolio continuing to expand rapidly last year, including from deals in upcountry branches that demonstrated its reach outside Jakarta. Another milestone was DBS’ first ESG loans in the SME segment.

Overall, sustainable loans from DBS in Indonesia now account for a growing share of the bank’s total loan book, reflecting a proactive approach to integrating ESG considerations into business strategy.

BEST ECM HOUSE | BEST M&A HOUSE

UBS

UBS proved its mettle as a leading equity capital markets (ECM) franchise in Indonesia last year, earning recognition from the judges for capturing market opportunities to deliver two block trades, despite a tepid economic landscape.

These included a deal for PT Indosat, where the discount of nearly 5% was the tightest for a follow-on Indonesian offering since 2017. Another key transaction last year was a secondary sell-down of Indosat by Northstar.

More broadly, UBS has acted as bookrunner on five out of the last six international marketed block trades in Indonesia, solidifying its position as a leading ECM house in Indonesia.

UBS also had an impressive year in 2024 for M&A, with Dealogic showing it had the highest deal fee and wallet share among international investment banks in Indonesia.

The bank advised on several key local M&A deals across multiple sectors and structures last year. These included its roles as sole financial advisor on: the sale of Inti Bangun Sejehtera to Protelindo, expanding UBS’ track record in Asia digital infrastructure; on the acquisition of Mandala Multifinance, and on the search by Nusantara and MPTC for a long-term partner to support the growth of their Indonesia toll road investment platform.

BEST INVESTMENT BANK

Deutsche Bank

In our judges’ opinion, Deutsche Bank’s strengths across an array of investment banking services in Indonesia last year were notable enough to earn this award. Securing repeat mandates and being partner of choice to the Republic of Indonesia added to the evidence to support this decision.

The bank executed three landmark M&A deals in multiple sectors, in turn achieving its highest ranking by fees since 2020. The bank also showed its dominance in market share for Indonesia G3 bonds across investment grade and high yield, and became the only bank to be involved in all high yield issuances from Indonesia.

Further, Deutsche Bank cemented its position as being able to help clients navigate complex liability management situations.

BEST STRATEGIC INITIATIVE - NONBANK FINANCIAL INSTITUTIONS

UOB Asset Management

Securing first-mover advantage in product innovation can never be underestimated. UOBAM achieved that in Indonesia last year after recognising the growing demand for offshore Shariah-compliant investments. It subsequently launched the country’s first balanced-Shariah fund to invest into an offshore-Shariah underlying.

Ultimately, the fund introduced a new investment category to Indonesia, expanding Sharia-compliant choices by enabling diversification into Shariah-compliant equities, Sukuk, Islamic money market instruments and Islamic deposits.

The outcome for the firm overall in 2024 was impressive. Despite a flat mutual fund industry during the year, UOBAM saw growth in assets under management of around 81%, leading to a 34% increase in revenue compared with 2023.

BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS

Credit Guarantee and Investment Facility

CGIF was highly effective in Indonesia in 2024 for working on deals and projects that made an impact across each of the environmental, sustainable and governance factors.

Its environmental successes included facilitating green bond issuances, enabling companies to transition to renewable energy and helping to integrate ESG standards in risk management.

In terms of social impact, meanwhile, CGIF’s role in various deals and initiatives led to a mix of contributions, such as expanding access to clean water, supporting employment and economic growth, and promoting financial inclusion and market development through greater access to capital markets for mid-sized and first-time bond issuers.

When it comes to corporate governance, last year saw CGIF help to enhance transparency, strengthen risk management and promote adherence to international governance standards among bond issuers.

MALAYSIA

DOMESTIC

BEST BROKER

CGS International Securities Malaysia

As a standalone brand in Malaysia for the first time last year, CGS Malaysia regained its position as the country’s top stockbroker. By the end of 2024, it had added over 18,000 new accounts, boosting its market share to over 11% due to a mix of strategic execution, resilience and ability to navigate market cycles.

The firm also secured record financial performance, underlined by a diversified revenue base of retail, 51%, institutional, 21% and leveraged products,14%. In addition, CGS Malaysia’s recent forays into investment banking, asset and private wealth management contributed 14% to revenue.

Innovation in 2024 included growing offerings of structured products and contracts for difference, while also increasing volume of proprietary trading. CGS Malaysia also launched conventional and Shariah ESG margin financing.

BEST COMMERCIAL BANK - SMEs

Alliance Bank Malaysia

A deserving winner of this award in 2024, Alliance Bank has shaped Malaysia’s SME banking landscape through digital innovation and ESG leadership, setting benchmarks for inclusivity and sustainability.

It delivered a pioneering integration of Bursa Malaysia’s Centralised Sustainability Intelligence platform to enable SMEs to track emissions while accessing green financing. At the same time, the bank’s Acceler8 Program redefined digital lending efficiency, prompting industry-wide adoption of real-time approvals.

Partnerships like SOLV digitised supply chain financing to plug fraud and scalability gaps for some SMEs, while the BizSmart Challenge spurred entrepreneurial ecosystems.

Ultimately in 2024, Alliance Bank’s 12% compound annual growth rate in SME loans, compared with the 5% industry average, plus its digital-first approach, solidified the bank’s market leadership in the SME sector.

BEST CORPORATE BANK - LARGE CORP & MNCs

Maybank

Maybank’s commitment to servicing larger and international clients stood out last year as its group global banking division delivered 9% YoY increases in both profit before tax and in net operating income. Growth in corporate loans remained strong at home, jumping over 4% YoY.

Maybank’s renewed and decisive focus in 2024 to boost profitability saw rebalancing in the portfolio towards high yield segments and products. The bank was also careful in how it managed its loans portfolio to mitigate potential increases in credit costs, while proactively managing asset quality and vulnerable accounts.

Further, Maybank sought opportunities in high growth areas such as data centres in Johor, as well as facilitating projects in the Johor-Singapore Special Economic Zone.

Last year also saw the bank earn recognition for its capabilities and expertise in sustainability.

BEST SUSTAINABLE BANK

Maybank Investment Bank

 Maybank Investment Bank maintained its leadership in sustainable finance across multiple sectors, with a growing transaction portfolio through inaugural and industry-first achievements for many issuers – including the first SDG Sukuk for a government guaranteed Sukuk, and the world’s first sustainability-linked Sukuk in the plantation sector.

The bank completed 26 sustainable finance transactions in 2024 across bonds and loans, and ranked first among both global and local banks for domestic issuance, according to Bloomberg. It also secured a 38% market share as an adviser for Sustainable Finance Frameworks.

BEST DCM HOUSE | BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE

CIMB

CIMB enjoyed a landmark year in 2024 across its investment banking (IB) franchise in terms of deals and rankings. It finished the year in top spot across multiple Dealogic league tables – including equity capital markets (ECM), debt capital markets (DCM) and M&A.

For overall IB products, CIMB ranked first in Malaysia for both deal value, at $10 billion, with more than a 31% market share, and for share of wallet, at around $25 million in net revenue, securing market share of just over 20%. That performance at home also spurred CIMB’s dominance across Asean, where it ended the year with a number-one ranking by deal value.

In particular, CIMB’s capital markets divisions each offered meaningful contributions in 2024.

In ECM, which rose by over 48% YoY to an apportioned deal value of $1.3 billion, it saw a near-34% market share, about 8% higher than in 2023. Amid 2024 achievements, CIMB commanded almost 58% of Malaysia’s total IPO deal value and nearly 47% of total follow-on deal value.

Standout ECM transactions included the $543.6 million IPO of 99 Speed Mart Retail Holdings, the largest IPO in Malaysia since 2017 and the largest retail IPO in Asean since 2020. CIMB also worked on ANZ’s $593.2 million block trade of AMMB Holdings, the largest follow-on equity offering in Asean since December 2021, and on the largest follow-on equity offering of Malaysian banking stock since September 2017.

Likewise, CIMB maintained its dominant position for DCM in Malaysia, with almost a 36% market share due to total apportioned deal value of RM30 billion ($7 billion) in the domestic bond market. Notably, CIMB ranked first for Malaysia ringgit (MYR) bonds and for MYR Sukuks.

Among highlights in 2024, it counted Johor Plantations Group’s RM1.3 billion sustainability-linked Sukuk Wakalah, the world’s first sustainability-linked Sukuk issuance from the plantation sector, as well as Khazanah Nasional’s $1 billion Sukuk and Notes, the only transaction for US dollar bonds or Sukuk distributed via public offering out of Malaysia in 2024.

For M&A, CIMB saw its deal value increase by $923 million to reach $2.3 billion, earning a market share of more than 28%. The bank’s share of wallet improved by 17% YoY to $6.7 million.

CIMB’s M&A highlights included: Sime Darby’s RM5.8 billion acquisition of UMW Holdings, Malaysia’s largest purely domestic M&A by deal value in 2024; NTT Data Japan’s RM1.2 billion acquisition of GHL Systems; and Sapura Energy’s RM3.3 billion disposal of 50% equity interest in SapuraOMV Upstream to TotalEnergies Holdings.

BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS

AmInvest

AmInvest solidified its leadership in sustainable and responsible investment (SRI) in Malaysia in 2024. It managed 10 of the 72 available SRI funds, representing 30% of total SRI assets under management, higher than the firm’s peers.

The range of funds across the ESG spectrum impressed judges. From an environmental perspective, this covered clean tech and lower carbon emissions. Socially, the AmInvest Nutrition Fund invests in companies involved in the nutrition value chain.

To promote better corporate governance, the firm invests in companies building a more inclusive society through business practices, products or services that reduce inequality, improve resource efficiency and reduce the environmental impact of economic activities.

MOST INNOVATIVE USE OF TECHNOLOGY - BANKS

Kenanga Investment Bank

Kenanga impressed the judges last year for its technology-driven product enhancements, especially for NagaWarrants By Kenanga. It employs machine learning models and historical data analysis to anticipate demand fluctuations based on interest rate changes, market trends and regional dynamics.

The outcome was optimised structured warrants issuances, including refined product ratios and tick sensitivity adjustments. The effect of the initiative was also to help improve investor education and engagement. The impact of the tech advancements could be seen on how Kenanga transformed market insights into actionable trading strategies. Over 27 consecutive weeks, Kenanga issued 62 warrant trading ideas.

Overall, NagaWarrants by Kenanga’s market share was 52% of the total structured warrants turnover on Bursa Malaysia.

INTERNATIONAL

BEST BANK | BEST SUSTAINABLE BANK

UOB Malaysia

UOB showcased its scale and level of profitability in Malaysia last year in terms of total assets, loans and deposits, securing key awards for the bank.

Based on strong growth momentum in 2024, UOB’s YoY net profit after tax increased 13% and income from fee commission grew 14%. Across the balance sheet, a measured and targeted strategy in terms of asset growth paid off, with key focus areas including the bank’s trade business, sustainable financing and credit cards.

Notably, UOB’s retail banking arm continued to add scale with an emphasis on digital card management.

Sustainability was another strong growth area for which UOB won recognition in 2024. The bank grew its sustainable financing portfolio, including becoming the first bank to participate in PETRONAS’ Supplier Support Programme, to accelerate ESG adoption among over 4,000 oil & gas companies.

In terms of transactions, UOB played a pivotal role in structuring Princeton Digital Group’s first green loan. At an industry level, UOB Malaysia was also proactive in enhancing green/ESG financing accessibility, as well as scaling up of adoption of sustainability practices by Malaysian businesses, particularly SMEs.

BEST COMMERCIAL BANK – SMEs

OCBC

OCBC leveraged its group-wide expertise in serving SMEs to strengthen its position in the Malaysian market, showcasing its commitment to innovation and personalised support.

The bank pioneered digital onboarding solutions, increasing automation and streamlining online account opening. Today, one in two loan applications is processed digitally.

With faster processing for working capital loans, local businesses benefit from quicker access to financing, enabling them to respond more swiftly to their financial needs. OCBC also supports serial entrepreneurs with capital for expansion.

By driving cross-border growth and fostering Asean-Greater China connectivity in SME financing, trade, and cash management, OCBC empowers businesses to grow regionally with greater confidence.

BEST M&A HOUSE

UBS

As a leading investment bank in Malaysia, UBS stood out for its M&A performance in 2024 – advising on four high-profile transactions, two of which had deal values of more than $1 billion.

Dealogic data showed UBS as the second most active M&A adviser in Malaysia by deal value last year, with the bank seeing an 11% increase YoY based on working across multiple sectors (consumer and industrials) and various structures (minority control and hybrid).

Its key transactions included Yinson Production’s issuance of $1 billion preferred equity, marking one of the largest structured equity deals transacted in Southeast Asia in the last two decades. UBS also worked on the Malaysia Airports Holdings takeover offer, which at roughly $5.3 billion was both the largest ever M&A and also privatisation in the airports sector for Asean.

MYANMAR

DOMESTIC

MOST INNOVATIVE USE OF TECHNOLOGY - BANKS

KBZ Bank

As Myanmar’s largest privately-owned bank, KBZ Bank reinforced its capabilities in 2024 as a pioneer by driving further digital transformation to achieve greater financial inclusion across the country.

This initiative centred on the introduction and promotion of wide-ranging enhancements to KBZPay, a mobile wallet, in the form of the KBZPay Mini App solution. The innovation was designed to empower businesses to digitise their operations, expand their reach and connect seamlessly with millions of KBZPay users. The solution used a widget that hosts and provides miniature app-like experiences – or in-app e-commerce stores – within the KBZPay ecosystem.

It had a big impact, with the number of active KBZPay users jumping by four million in 2024, to reach 18 million in total across Myanmar, representing 43% of the adult population.

PHILIPPINES

DOMESTIC

BEST BANK

BDO Unibank

BDO Unibank stood out in the Philippines last year, pursuing its dual strategy of physical branch expansion and digital enhancements to improve the overall customer experience. As a result, it strengthened its competitive position and reinforced its industry leadership.

It posted record-high net income in 2024, marking a 12% increase from the previous year, and sustained a return on common equity of just over 15%. The bank created a strong and diversified balance sheet, supported by robust capital and improving asset quality. Gross customer loans expanded by 13% YoY, faster than the industry average, on healthy growth across all market segments.

Also notable were successes in net interest income, fee-based services and income from insurance, and trading and FX gains.

BEST CORPORATE BANK - LARGE CORP & MNCs | BEST RETAIL BANK | BEST SUSTAINABLE BANK | BIGGEST SUSTAINABLE IMPACT - BANKS

Bank of the Philippine Islands

BPI was impressive in the Philippines last year across several segments of the market, with several areas of its business standing apart from peers.

Broadly in retail banking, BPI delivered strong growth. Full-year net income rose 20% YoY, led by a healthy expansion in revenue, helped in part through gross client acquisition of 2.15 million new-to-bank clients in 2024 – 56% of whom came via digital channels. The bank also gained market share across multiple lines, further reinforcing its leadership in digitalisation and sustainability.

BPI also made significant progress in product sales in 2024, registering double-digit growth across its lending products – motorcycle loans, 10%, housing loans, 13%, and auto loans, 25%.

BPI also continued to reinforce its sustainability status in 2024. For example, as a bank, its unique SDF programme – a first of its type in the Philippines – financed 68 sustainable projects last year, amounting to the equivalent of $784 million.

The firm was also at the forefront of sustainable financing in the Philippines last year, with a role in five of the seven sustainable public issuances. These included: Maynilad Water Services’ pioneering blue bond offering; Ayala Land’s sustainability-linked bonds, a first in the Philippines; and the country’s first sustainability-linked loan with the Asian Development Bank for ACEN Corporation.

Reflecting its various sustainability initiatives and projects, BPI was also acknowledged for the array of positive environmental, social and corporate governance impacts it had in 2024.

For example, the firm’s outstanding corporate and SME portfolio in support of UN SDGs increased by nearly 16% year-on-year, to represent more than 54% of the total corporate portfolio. BPI also become the first Philippine bank to give a time-bound coal phase-out commitment (to reach zero by 2032).

Beyond its various green bond innovations last year, socially-oriented products and services in 2024 flourished. These ranged from microfinance, to financial assistance for public school teachers, to supporting low wage earners.

Also, BPI expanded the role and coverage of the bank’s corporate governance committee to include oversight on sustainability matters, and became the first Philippine bank to mandate all employees to have a minimum of 10% of their performance evaluation criteria to be sustainability related.

Further, as one of the largest banks in the Philippines, BPI showed just how well positioned it is to offer its solutions and services to large corporate clients as well as multinationals. The bank displayed its reach in 2024 with nearly 13% YoY growth in total outstanding loans due to acquisition financing deals and higher utilisation of credit facilities.

Gross revenue from banking this segment grew almost 20%, driven by digital solutions in transaction banking, as well as remittance and fund transfers.

BEST ECM HOUSE | BEST INVESTMENT BANK

BPI Capital Corporation

BPI shone last year in investment banking, as BPI Capital leveraged its full suite of debt, equity and advisory products.

The firm topped the Bloomberg Philippine debt capital markets corporate league table in 2024, acting as joint lead underwriter / arranger for 16 corporate bond transactions to give it a market share of over 12%. In addition, BPI Capital worked on 10 mandated advisory engagements, attaining a 67% year-on-year growth in terms of deal count.

The firm’s equity capital markets (ECM) offering was equally strong in 2024, exceeding performance targets and ranking first in the Bloomberg Philippine ECM League Table, accounting for nearly a 25% market share.

BPI Capital dominated the domestic ECM space, reflected in the fees generated – the team boosted its revenue contribution by more than 153% from the previous year, exceeding its target for 2024 by around 66%.

In topping the Bloomberg table, the firm thrived despite a slow year generally for domestic IPOs. Yet BPI Capital participated in preferred share offerings and closed several overnight Reit placements.

Some notable deals during this period include Cebu Landmasters’ first ever preferred shares offering, and Robinsons Land Corporation’s accelerated overnight sale of RL Commercial REIT shares, the largest overnight placement of REIT shares in the Philippines to date.

BEST BANK FOR FINANCIAL INCLUSION

BPI Foundation

Another area where BPI shone in 2024 was in financial inclusion. Specifically, the firm further built on its robust digital infrastructure and network of agency partners to recognise that financial inclusion must be supported by accessible, user-friendly and secure touchpoint infrastructures.

This enabled BPI Foundation to significantly expand its reach, benefiting 5.4 million beneficiaries compared with 1.35 million in 2023 – a 300% YoY increase.

This was driven by key initiatives, strategic partnerships and a stronger focus on financial inclusion by using a multi-channel approach to engage a wider audience and deliver financial education at scale. Targeted programmes, including those for farmers, fisherfolk and informal workers, also played a crucial role in boosting economic participation and financial resilience.

BEST DCM HOUSE

First Metro Investment Corporation

With a strong financial performance in 2024, First Metro Investment Corporation demonstrated resilience, adaptability and strategic execution in a challenging market. The firms achieved sustained profitability and growth, capitalising on its expanding retail investor base and diversified investment offerings.

First Metro Invesmtnet Corporation achieved return on equity of 15%, reinforcing its financial strength and efficient capital management.

Key growth drivers included strong customer expansion, product innovation and a commitment to financial education, with notable achievements including: online commissions growing by 18%; account acquisition increasing by 41%; and assisted trading rising by 11%.

Meanwhile, the firm displayed its strength in debt capital markets, participating in various bond transactions that led to a domestic market share of 71%.

As the corporate bond market grew, the firm played a pivotal role by facilitating some of the largest domestic issuances, including key deals involving SMC Tollways Corporation, SM Prime, Maynilad Water Services, Filinvest, and Ayala Land.

FMIC was also a key player in sustainable financing via green bonds, blue bonds and sustainability-linked bonds, to contribute to the socio-economic development of the country. One of the transactions that stood out was Maynilad’s maiden blue bond issuance, the first peso-denominated blue bond in the local market.

BEST BROKER

First Metro Securities Brokerage Corporation 

FirstMetroSec performed strongly in 2024 and remains a strong force in the broking landscape despite challenging market conditions in the Philippines.

Across the year, online commissions grew 18% and account acquisition grew 41%. The firm used digital marketing and business development, through the likes of webinars and seminars, to help educate and enhance customers’ investing experience. 

The firm also publishes over 700 research reports annually with several key partnerships to provide market insights to clients. As a result, the judges were particularly impressed with FirstMetroSec’s client-centric approach.

INTERNATIONAL

BEST BANK | BEST CUSTODIAN BANK

HSBC

Across its business lines of international wealth and premier banking, as well as corporate and institutional banking, HSBC’s Philippine revenue was notably strong in 2024. This reflected growth in profit before tax and net fee income.

That performance followed deeper client penetration across corporate, institutional and retail customers – perhaps most evident in the bank’s stronger ties with business process outsourcing clients, with this focus resulting in 30% YoY revenue growth.

On the wealth side, by leveraging strong relationships with corporate partners, HSBC offered a wider range of bespoke investment and insurance solutions, aligned with the needs of its high-net-worth and Premier clients. In response, the bank saw year-on-year growth in new both customers and assets managed.

Further, as the country’s international custody bank of choice for 2024, HSBC Securities Services’ fund administration business also differentiated itself from peers, growing in terms of assets under custody and number of accounts custodised, despite challenging conditions.

To ensure a high-quality offering, the bank invested in the automation of its internal processing systems and developed strategic solutions for the Philippine market. This resulted last year in enhancing data reporting for local clients, developing a new fund ordering model and improving trade settlement processing.

BEST BANK FOR PUBLIC SECTOR CLIENTS | BEST CORPORATE BANK - LARGE CORP & MNCs | BEST CORRESPONDENT BANK

Citi

Citi was strong in the Philippines within several areas of the bank in 2024. Notably, its public sector banking unit worked on various key transactions that demonstrate its commitment to helping deliver on economic growth goals.

For example, it worked with the Asian Development Bank to sign an agreement to enhance access to supply chain financing for small and medium-sized enterprises, in turn supporting more than $100 million in additional annual trade across Asia Pacific (Apac).

It also worked on the jumbo bond deal for the Republic of the Philippines, a $2.25 billion and €1 billion ($1.15 billion) offering. This marked the issuer’s largest ever G3 bond offering and largest G3 sovereign bond offering in Apac since May 2023.

Citi also showcased its ability to get the job done for large corporates and multinationals in the Philippines.

Among recent transactions for these clients, the bank took an innovative approach to extend structured loans to local clients to reduce their cost of borrowing by leveraging Citi’s US dollar liquidity.

For multinational clients, the bank has mostly focused on a mix of the following solutions: consolidating their banking relationships to create operational efficiencies and reduce compliance risk; digitising payments and collections; optimising working capital; customising structures to mitigate foreign exchange and interest rate risk; and supporting clients and the communities where it operates through digital inclusion and women empowerment.

Meanwhile, Citi has been a dominant player on both the domestic and cross-border payment fronts. Domestically, it has been the sole settlement bank for US dollar clearing in the country, in turn banking over 40 Philippine member banks to service their domestic US dollar transaction requirements.

In terms of local currency, Citi has a leading position for the largest outgoing payments by value. It also supports the global expansion of universal and digital banks in the Philippines, and was mandated as their partner in empowering them with innovative cross-currency flows payments and US dollar clearing solutions.

Citi is also the sole settlement bank for the Philippine Domestic Dollar Transfer System (PDDTS), and will continue to take on this role until 2030, having been recently mandated.

BEST DCM HOUSE | BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE

UBS

UBS announced and completed 21 transactions across M&A, equity capital markets (ECM) and debt capital markets (DCM) during the year.

Among the key elements of UBS’ investment banking franchise, it continued to be a pioneer and leader for Philippine M&A, acting as adviser on various cross-border transactions. As part of these, the bank demonstrated its expertise in the Philippine infrastructure and power space, having advised four infrastructure / power transactions, most notably the largest foreign direct investment for a greenfield infrastructure project in the Philippines.

Within the capital markets, UBS completed the most transactions during the awards period, according to Dealogic, reflecting its strong execution and marketing capabilities.

More specifically, UBS also earned recognition for its ECM activity and maintained its market leading position despite the muted equity raise environment in 2024.

Several of its transactions were for a repeat client, demonstrating the bank’s depth of relationships with its clients as well as their trust in its platform to deliver bespoke solutions. For example, UBS executed four AREIT block trades last year, consistently filling the books within the first two hours with long-only accounts taking up between 80% and 90%.

UBS was also a standout player for DCM in the Philippines last year, completed nine transactions.

In particular, it was the select bank among both repeat and new clients, the latter including Del Monte Philippines, which marked the first Southeast Asia corporate US dollar high yield trade for 2024, and the first Philippine corporate to tap the perpetual market post-Covid.

Also within DCM, UBS took a leadership role in creating innovative financing solutions to support clients. Notably, SMIC was the first unrated Philippines corporate issuer to market on spread and include a par call for a dated offering. UBS was also one of the only two arrangers for its EMTN programme.

M&A advisory was another area in which UBS was a deserving award winner in 2024, leading large and complex deals across sectors.

According to Dealogic, the bank was the most active M&A adviser in the Philippines by both deal value and number of deals – advising on 13 announced and/or completed transactions, with a 41% market share. This represented strong momentum, with a 13% increase in deal value YoY.

The bank was the sole financial advisor on largest M&A transaction in the Philippines – the joint investment by MERALCO and Aboitiz Power in the Philippines’ first and most expansive integrated LNG facility. UBS was also sole financial adviser on the largest foreign direct investment for a greenfield infrastructure project in Philippines – SPNEC’s sale of a 40% stake in Terra Solar to Actis for $600 million.

BEST STRATEGIC INITIATIVE - NONBANK FINANCIAL INSTITUTIONS

FinVolution Group

In expanding its global footprint last year, FinVolution became the first company to introduce to the Philippines the concept of institutional funding through its loan channelling model – launching a unique programme with Maya Bank that delivered a fully integrated credit solution backed by an advanced risk management system and operational expertise.

The aim to strengthen credit system stability and scalability was a success, ultimately enabling secure, high-volume lending to underbanked Filipinos.

Beyond technological innovation, FinVolution provided end-to-end support to ensure seamless execution, which significantly contributed to Maya Bank’s 2024 lending targets by expanding user coverage and increasing loan disbursement volume.

BEST COMMERCIAL BANK -SMEs

Security Bank Corporation

The Business Banking Segment (BBS) within Security Bank has become one of the fastest-growing parts of the organisation - and last year continued to bring new products and platforms to micro, small and medium enterprises (MSMEs).

Notably in 2024, it saw a boost to new-to-bank accounts, complemented by increases in its loan portfolio, deposit base and net income, all without compromising asset quality. At the same time, gross revenue registered double-digit growth while it kept operating expenses under control.

Several initiatives reinforced the BBS proposition in 2024 to congtribute to the bank’s performance. These included: new internal incentives for sales officers and team leaders; a substantial fee contribution from FX and other investment trading gains; and a boost to low-cost depostis through a targeted campaign.

SINGAPORE

DOMESTIC

BEST BANK | BEST DCM HOUSE | BEST M&A HOUSE

United Overseas Bank

UOB had an especially strong year by doubling down on its position as the ‘One Bank’ for Asean. In doing so, it leveraged its footprint, coverage, sector expertise and integrated supply chain platform to capture business opportunities and expansion in the region.

Its significant strategic investment over recent years to sync the entire supply chain financing has been vital in empowering business to accelerate growth and overseas expansion. This led to year-on-year growth of 6% in net loans balances, 7% in net deposit balances, 100% in number of foreign exchange transactions processed, and 30% in Asean cross-border income from global markets.

UOB also continued to build the digital future of its retail bank – resulting in its digitally-enabled customer base growing 9% in 2024, making up 80% of its total customer base in Asean, up from 77% in 2023.

UOB was also a deserving winner of the debt capital markets (DCM) award, sustaining its strong Singapore dollar bond track record to place first in the local currency bookrunner league table by Bloomberg. Specifically, the bank executed 47 transactions, including lead-managing seven of the 10 largest deals and finishing the year with a 25% market share by volume.

The UOB DCM team executed issuances for clients across a range of industries, with some repeat mandates from key issuers in 2024, including BNP Paribas, City Developments Limited, Cagamas, CapitaLand Integrated Commercial Trust, and GuocoLand Limited, among others.

Apart from underwriting volume, UOB also spearheaded the local bond market in terms of public sustainability-linked perpetual offerings, AT1 issuance, digital bond issuance and ESG-related financing for bond issuers.

Meanwhile, UOB’s M&A capabilities also earned recognition in 2024. The bank maintained its top position in the league table in terms of financial adviser roles for public market transactions in Singapore for the year, having announced seven public transactions.

These included the two largest privatisations of companies listed in Singapore by implied market capitalisation in 2024 – Silverlake Axis and Dyna-Mac Holdings.

UOB also saw its strong relationship with core clients of the bank lead to repeated mandates for M&A transactions, reflecting the confidence in UOB’s structuring and execution capabilities.

BEST BROKER

Maybank Securities Singapore

Maybank Securities capitalised on its wide-ranging offering in Singapore last year to stand out from its peers. For example, it expanded its prime brokerage services, broadened its client base, brought its India access product to the local market, grew in terms of bond clearing and OTC derivatives, enhanced its collateral and product offerings, and further developed its digital retail trading capability.

The upshot was impressive YoY income growth. Prime brokerage led the momentum, with the institutional brokerage business also contributing. That reinforced Maybank Securities’ agility and execution to maintain its leadership in Singapore.

The retail brokerage arm also experienced exceptional growth, reflecting the firm’s ability to capture rising retail investor interest across the region.

BEST COMMERCIAL BANK – SMEs | MOST INNOVATIVE USE OF TECHNOLOGY - BANKS

OCBC

OCBC demonstrated excellence in its home market, developing customer-centric solutions that meet the unique needs of SMEs. The bank launched a first-in-market digital board resolution platform to enable businesses to securely store and utilise their corporate mandates, saving thousands of hours yearly. As the first bank in Singapore to enable Alipay+ and WeChat Pay, OCBC empowers SMEs to expand their customer reach and operate more efficiently.

Notably, 99% of SME accounts were opened digitally, and there is a significant reduction in the time required to access pre-approved loans. The bank also led in sustainability, with SME sustainable financing exceeding S$9 billion ($7 billion) in 2024, reinforcing its commitment to helping businesses grow efficiently and responsibly.

 At the same time, OCBC has been using technology to enhance its internal applications for its 30,000 employees and to meet the needs of its workforce, through a centralised digital office platform.

This includes industry-first innovations that have been entirely built internally, such as its award-winning MyWorld desktop app and HR-in-your-Pocket (HIP) mobile app. Its generative AI chatbot, ‘Buddy’, helps employees to quickly find information, and the in-house ‘OCBC GPT’ tool further assists by summarising reports and locating publicly available information concisely.

As a result of these strategic collaborations with cross-functional teams, close to 90% of office processes are now digitised and streamlined.

BEST ECM HOUSE | BEST INVESTMENT BANK | BEST SUSTAINABLE BANK

DBS Bank

DBS continued to show its leadership in investment banking in Singapore in 2024, especially across its debt and equity teams.

Within equities, for example, not only did the bank maintain high rankings across various league tables. It also continued to leverage the recapitalisation / acquisition trend and attract strong global Reit sponsors. It also executed on targeted M&A opportunities and captured new markets with a focus on the Singapore-based digital economy, healthcare and disruptive technologies.

DBS also contributed to the Singapore dollar bond market pipeline. It ranked second in the Bloomberg league table for 2024, with a market share of just under 22%, and was a pioneer bank last year for local-currency bank capital instruments, particularly Tier 1 and perpetual securities.

Yet across its investment banking franchise, DBS stood out most notably for its equity capital market (ECM) performance.

It ranked first in Singapore for yet another year in the all-equities space. As a testament to its capabilities, the bank was lead manager for the first three equity fundraisings by Reits in 2024. It also lead-managed five placements, one preferential offering and five follow-on offerings in Singapore, accounting for nearly 55% of the total equity proceeds raised from the local market.

Among its equity fundraisings in Singapore last year, DBS led the Keppel DC Reit deal, the largest equity placement on the Singapore Exchange in 2024.

Meanwhile, DBS also shone in terms of sustainability across Southeast Asia’s ESG and green bond markets in 2024.

The bank was involved in the multi-billion dollar green bond offering from the Government of Singapore, as well as in the first perpetual securities offering from a pure-play data centre issuer globally, STT GDC’s sustainability-linked.

DBS was also  involved in Shriram Finance’s social bonds offering, a green bond deal for CK Hutchison International. And New Development Bank’s SDG Panda bond.

BEST LAW FIRM

Allen & Gledhill

Allen & Gledhill’s continued leadership in the Singapore legal market made the firm a deserving winner of this award in 2024. It was able to be innovative and adaptable to provide new solutions as clients grappled with advancements in technology, shifts in regulation and changes in business practices.

Among the key transactions the firm was involved in last year included one of the largest data centre deals in Southeast Asia in 2024, a large digital infrastructure investment in the region, and one of the largest transactions of a private portfolio of industrial assets in Singapore during the year.

Beyond being at the forefront of conventional legal advice, the firm also made significant contributions to the community in terms of pro bono work and sustainability initiatives.

MOST INNOVATIVE USE OF TECHNOLOGY - NONBANK FINANCIAL INSTITUTIONS

UOB Asset Management

UOBAM stood out last year in Singapore amid its commitment to leveraging cutting-edge technology to redefine investment strategies and deliver superior outcomes for clients. The firm continued to develop its AI-Augmentation@UOBAM framework, combining analyst expertise and research integrated with advance artificial intelligence (AI) and machine learning (ML) tools.

Performance last year reflected the innovative nature of this framework. The firm’s flagship funds like the United Asia Fund and United Greater China Fund delivered 8.37% and 8.38%, respectively – figures which are independently audited and accessible, ensuring transparency and credibility.

In short, the performance showcased the ability of UOBAM’s AI-driven approach to navigate market complexities and deliver consistent outcomes for investors.

INTERNATIONAL

BEST BANK | BEST INVESTMENT BANK 

Citi

Citi had a particularly strong year in Singapore, recording impressive growth in several areas: $3.6 billion in net new assets; 16% client growth in its Citigold Private Client category; and a year-on-year increase in total cards interest revenue of 18%.

At the same time, by delivering on its target of net new investment assets, the bank demonstrated its ability to deepen relationships with clients – bringing to Citi more of the assets that its clients hold with other banks.

Citi also significantly advanced its digital wealth portfolio and digital client acquisition strategy. Overall, the revenue results for 2024 were the best since Citi Wealth came together as a single business.

In other parts of Citi’s banking offering in Singapore, it saw strong business performance in its markets business, its treasury and trade solutions division, and within securities services.

In addition, Citi had a stand-out year in investment banking. Its performance in the Singapore market throughout 2024 reflected longstanding and high-quality C-suite relationships combined with strong execution capabilities.

Across various league tables, the bank finished the year as top for equity issuance, first for debt issuance and second in terms of M&A – with a roster comprising three equity and equity-linked deals, two debt deals, and seven M&A transactions.

Landmark transactions during the year included the equity fund raise by Keppel DC Reit, the primary placement by Digital Core Reit, a strategic and opportunistic trade for OCBC, and a Singapore Airlines deal which marked the first US dollar benchmark-sized bond transaction by an airline globally in 2024.

Citi’s M&A achievements included advising KKR and Singtel, as well as IHH and Beijing Capital Eco- Environment Protection Group, on various landmark transactions.

BEST DCM HOUSE | BEST M&A HOUSE

UBS

UBS’ capital markets strength shone through last year, especially in terms of debt capital markets (DCM) and M&A.

Its DCM team showed its ability to be agile in executing trades across a variety of transaction formats, including asset-backed securities, covered bonds, floating rate notes, green and blue bonds, social bonds for both debut and seasoned issuers, as well as high yield and investment grade issuers.

Among key deals were its work with repeat issuers across various currencies, markets and format, including UOB Singapore’s floating rate note and floating rate covered bonds, and also OCBC Singapore’s floating rate note and senior unsecured bonds.

UBS also leveraged the synergies between its Global Banking and Global Wealth Management divisions to contribute tangible deal demand.

When it came to M&A in 2024, UBS advised on seven M&A transactions in Singapore – and despite not being a lender, it ranked third among all international banks in terms of deal value.

The bank worked on various key transactions during the year across sell-side and buy-side within sectors ranging from healthcare and consumer, to industrials and energy.

For example, it was involved in the largest consumer and retail M&A transaction in Singapore since 2019 via the sale of a 86% interest in Eu Yan Sang by Righteous Crane Holding to Rohto Pharmaceutical Co and Mitsui & Co. The bank was also integral to the second largest foreign investment into the India city gas distribution sector over the past 20 years with Osaka Gas’ and Sumitomo Corporation’s joint minority acquisition of AG&P LNG Marketing.

BEST SUSTAINABLE BANK

ANZ

Maintaining its leadership role in sustainable finance across Asia Pacific, ANZ was impressive in Singapore in 2024 – with customer demand for labelled sustainable finance remaining strong and businesses continuing to transition to low-carbon models and direct capital to social and environmental solutions.

More specifically, ANZ’s origination and execution capabilities in Singapore played a key role in driving a 27% increase in sustainable deal participation volume compared with 2023.

The bank’s commitment to driving sustainable outcomes was again strong in 2024, with an updated SDG-aligned bond programme and several billions of dollars of sustainable bonds on issue.

Key transactions last year by the Singapore team included: the Housing Development Board’s green bond; Tata Communications’ inaugural sustainability-linked loan; and Frasers Property’s sustainability-linked loan.

MOST DEI PROGRESSIVE - NONBANK FINANCIAL INSTITUTIONS | MOST INNOVATIVE USE OF TECHNOLOGY - NONBANK FINANCIAL INSTITUTIONS

Aberdeen Investments

Aberdeen impressed judges for its forward-thinking approach to technology in 2024 in Singapore, showing how it is adapting the traditional asset management business model by transforming the way it distributes its investment solutions and implements its ESG investment process.

It developed iHub to enhance client experiences, streamline operations and deliver superior investment outcomes.  The platform leverages state-of-the-art technology to offer innovative features such as automated portfolio rebalancing, personalised investment insights and seamless integration with third-party financial services.

Towards the end of 2024, Aberdeen showcased its collaborative digital approach through its partnership with Trust Bank, one of Singapore’s first and fastest growing digital banks, with the firm launching five bespoke funds with the bank.

Aberdeen also shone in Singapore in 2024 for its diversity, equity, and inclusion (DEI) commitment, continuing to emphasise transparency and ensure DEI was integrated into business operations.

This included a focus on gender and ethnicity, with specific targets and actions as well as broader diversity characteristics like race, background, sexual orientation and physical ability. The firm also further boosted support for employees.

Aberdeen also ensured diversity in its Singapore-based fixed income team. Plus, the firm incorporated discussions on DEI matters as part of investment-focused events and educational sessions.

MOST INNOVATIVE USE OF TECHNOLOGY - BANKS

CIMB Singapore

CIMB’s Singapore business had a standout year in 2024 in making its strategic investments in technology and digital transformation pay off – through enhanced operational efficiency and delivery of solutions to align with customers’ evolving needs.

In operating a single branch model  in Singapore, CIMB’s conversational-style, real-time chatbot, EVA Chatbot, has become a key alternative touchpoint for customers to reach out to the bank.

In particular, CIMB took a big step forward through greater automation. For example, it pivoted EVA Chatbot’s capabilities to also support the bank’s back-end operations. As a result, the team leverages Generative AI capabilities to directly improve customer interactions through an automated email-generation feature that speeds up responses to customers’ emails, plus has the flexibility to adapt the emails accordingly.

THAILAND

DOMESTIC

BEST BROKER

CGS International Securities Thailand

CGS recorded impressive profit levels in 2024 for its Thai securities business, driven by contributions from key business segments – equities, 57%, futures, 16%, structured products, 4%,  and investment banking, 3%.

This success can be attributed to effective execution of the group-wide strategy, adapted and localised to Thailand’s market conditions. Further, CGS ensured integration in strategic planning and cross-department collaboration in Thailand. The firm’s margin loan expansion in 2024 was an example of resilience, flexibility and teamwork to spur growth. This included initiatives such as improving processes, incentivising market engagement and reducing client costs, leading to 30% YoY growth in the margin loan book.

Another key development last year was the launch of the CGS International mobile application, to help enhance the investment experience for the next generation.

BEST DCM HOUSE

KASIKORNBANK

KASIKORNBANK showed in 2024 why it is so highly regarded in the debt capital markets space in Thailand.

The bank’s deals involved a wide range of products and structures from plain vanilla and Reit bonds, to subordinated perpetual debentures, to ESG-related bonds. KBank also facilitated issuers in bond buyback transactions, catering to the diverse financial constraints of clients and helping them tap the capital markets for funding.

Last year also marked a period of innovation for KBank as it arranged two significant deals: Thailand’s first bonds-plus-carbon-credit, issued by BCPG Public Company, a leading renewable energy power generation business; and the first bonds to leverage on blockchain technologies in the capital markets and e-payments by KBank and Orbix Tech, issued by PTT Public Company.

BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE

Kiatnakin Phatra Securities

KKPS reinforced its best-in-class investment banking platform in Thailand in 2024 across equity offerings, M&A deals, group restructuring and debenture deals.

For example, despite market volatility, KKPS executed a landmark capital restructuring transaction and facilitated an overnight block trade. In M&A advisory, the firm played a pivotal role in four complex transactions covering acquisitions, joint investments, strategic business divestments and tender offers. And on the debt capital markets front, KKPS participated in the distribution of 35 debt instruments.

The firm’s success was reflected in the trust and loyalty of its clients, with a significant number of repeat engagements from leading corporations such as PTT, Krungsri, TCC Group, CP Group, and the Prasartthong-osoth family.

Specifically within equity capital markets in 2024, KKPS had a stand-out year among its Thai peers. The firm was engaged as the sole financial adviser and sole lead underwriter for Thai Airways International’s business transformation and capital restructuring to exit its rehabilitation plan – the largest debt conversion and fundraising transaction under the business rehabilitation plan in Thailand.

Further, KKPS leveraged its expertise in the equity market by being appointed as the sole bookrunner for the overnight private placement of Bumrungrad Hospital, being Thailand’s only overnight placement in 2024 and the largest healthcare sector overnight placement since mid-2022.

KKPS also impressed judges for its M&A capabilities last year. For the deals it worked on, the firm showcased its ability to offer innovative structuring to help clients navigate regulatory and financial constraints.

One of the key transactions in 2024 was the joint investment in LNG Receiving Terminal 2 between PTT LNG Company and Electricity Generating Authority of Thailand – a deal which required KKPS’ expertise and track record in sophisticated M&A, as well as its long-standing partnership with the PTT group. The firm also worked on the strategic divestment of the property business by Principal Capital Public Company to become a pure-play healthcare company.

BEST LAW FIRM

Weerawong, Chinnavat & Partners

Last year saw Weerawong C&P maintain its strong financial standing and stand-out legal achievements, highlighting the firm’s resilience and adaptability in Thailand amid market fluctuations and limited economic growth.

Income across various practice groups showed year-over-year fluctuations that demonstrated notable highlights. For example, litigation & dispute resolution remained the top-earning practice group, driven by continued retention of globally high-profile clients in the event-organising sector.

Further, M&A emerged as one of the firm’s top-performing practices, with increased activity driven by international investors seeking to expand their valuations in the Thai market. Similarly, its capital markets group experienced income growth by providing ongoing advisory services to key clients on IPO preparations and fundraising activities.

BEST SUSTAINABLE BANK

Bangkok Bank

Bangkok Bank shone in terms of sustainability in Thailand in 2024, with the institution playing an important role in funding sustainability activities of leading government and private organisations by underwriting ESG bonds consisting of green bonds, social bonds, sustainability bonds and sustainability-linked bonds.

Across the market, Bangkok Bank had a 51% share of the total corporate long-term ESG bond issuance, and 25% of the issuance of ESG sovereign bonds.

Key deals Bangkok Bank worked on last year included the Thai Ministry of Finance’s bond switching transaction and the inaugural Kingdom of Thailand sustainability-linked bond, a first for Asia. Also in 2024, the bank was involved in Minor International’s sustainability-linked bond – the first of its type from Thailand’s hospitality sector.

INTERNATIONAL

BEST BANK

HSBC

HSBC deserved this award for its achievements in 2024, which included supporting large Thai corporates in 37 countries, as well as international clients from 38 other countries.

Across its banking business, HSBC in Thailand saw nearly 9% year-on-year growth in profit before tax and a 156% year-on-year increase in value of real-time payments. Other increases compared with the previous year included 200% in asset management assets and 55% in supply chain financing assets.

HSBC also showed its ability in 2024 to digitise at scale, via a Memorandum of Understanding with the Thai Fintech Association to support the new economy sector, introducing dynamic QR and real-time payments.

BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE

UBS

UBS Thailand emerged as the market leader in equity capital markets (ECM) and M&A. Overall, the bank executed seven transactions during the year, with a combined size of the equivalent of more than $10 billion.

Being fully onshore in Thailand continued to help UBS achieve its success, as did the strength of the bank’s wealth management franchise in the country.

The M&A team has worked on the largest deal of its type to date, including several ‘firsts’ in terms of structures in the Thai market, such as the first vertical amalgamation and concurrent tender offers. On the ECM side, UBS completed the largest equity offering in Thailand since 2021, as well as the largest block since 2022.

The ECM business was on its own also able to maintain its market leadership despite the muted equity raising environment.

Notably, UBS completed the CPN Reit follow-on or primary raise, the largest equity raise in Thailand since 2021 and as the first internationally marketed Reit from Thailand. The bank also completed the US dollar INTUCH block trade for an undisclosed shareholder, the largest block since 2022.

Also in 2024, UBS’ M&A team had an impressive year. As evidenced by Dealogic, the bank was the most active M&A advisor in Thailand, registering as number-one by deal value.

UBS advised on six announced and/or completed transactions with almost 50% market share, representing an increase of over 40% year-on-year.

A big part of this success was due to the bank’s trusted relationships with core clients. This enabled it to secure the largest M&A deal of the year – the amalgamation between GULF and INTUCH, a transaction which took several years to complete inclusive of intensive negotiations among parties and requiring several approvals from regulators across two countries involving five listed companies.

BEST SUSTAINABLE BANK | BIGGEST SUSTAINABLE IMPACT - BANKS

UOB Thailand

By implementing real and measurable sustainable financing initiatives within its wholesale banking business, UOB Thailand was a deserving winner of this award in 2024. For example, the bank provided new facilities under its sustainable finance frameworks, and helped clients in issuing various sustainability, social and sustainability-linked bonds.

More specifically, the bank launched Thailand’s first dedicated sustainable financing framework for the food and agribusiness sector, in response to demand from multinational corporations that collaborate with suppliers in Asean to establish sustainable supply chains.

Further, under UOB’s sustainable finance frameworks, it provided three ecosystem solutions designed to meet the end-to-end needs of specific sectors – such as real estate, green technologies and waste management – helping clients capture opportunities that contribute to the UN SDGs.

UOB also led SMEs on their sustainability journey by providing tools, expertise and partnerships to help them adopt sustainable business practices.

These included: UOB Sustainability Compass, a free online tool that helps SMEs obtain clear, actionable steps in a customised report for their sustainability journey; promoting renewable energy adoption among local companies in northeastern and northern Thailand; UOB FinLab’s Sustainability Innovation Programme to empower more than 240 SMEs to transition towards sustainable business models; and connecting SMEs with greentech solutions through UOB FinLab’s Greentech Accelerator Programme.

VIETNAM

DOMESTIC

BEST BANK | BEST SUSTAINABLE BANK

Vietnam Technological and Commercial Joint Stock Bank

For Techcombank, its vision to “Change banking, Change lives” is more than just a slogan, and its achievements in 2024 proved the commitment to enhancing value for shareholders, customers and staff alike, including strategic investments in data, digital and talent that earned accolades from judges.

This resulted in a strong financial performance, where the bank hit its full-year financial guidance despite a volatile and uncertain global economy. Key success metrics included net interest income rising more than 28% YoY, an increase in total assets by over 15% year-on-year, an industry-leading deposit growth rate of nearly 25%, and over 20% credit growth while also maintaining among the lowest non-performing loan ratios, at around 1%.

Its ability to sustain a growth trajectory of around 20%, while being able to attract top talent and deliver strong profitability and a capital asset return of around 15%, validated the strength of business model.

In addition to its various banking-related feats, Techcombank also doubled down in 2024 on its commitment to sustainability – and was recognised for these efforts by judges.

The bank provided green credit to fund sustainability projects, plus became the first private bank in Vietnam to introduce a Green Bond Framework and issue a green bond in line with International Capital Market Association standards. The bank also issued around 150,000 Visa Eco Cards, a first in Vietnam by enabling customers to track their carbon footprint, promoting sustainable lifestyles.

Further, Techcombank’s sustainability efforts included planting over 31,000 trees and making sizeable donations to local community organisations.

BEST BANK FOR PUBLIC SECTOR CLIENTS

Saigon-Hanoi Commercial Joint Stock Bank

As part of its pivotal year in terms of transformation, SHB’s financial achievements in 2024 included success in targeting public sector clients, in turn earning this award for the bank.

The strategy to reinforce its customer-centric approach saw SHB pursue multiple initiatives. These included: partnering with public schools and hospitals to provide payment collection services; financing large state-owned enterprises like PVN, EVN, PVPower, Vietnam Airlines, and Vinacomin;, and offering tax collection services for tax authorities.

These projects and transactions helped SHB become a more modern and regionally competitive financial institution, plus enabled it to surpass multiple targets for the year, such as total assets, credit growth, non-performing loans and pre-tax profit.

BEST BROKER | BEST DCM HOUSE | BEST INVESTMENT BANK

SSI Securities Corporation

SSI had a stand-out year in Vietnam in 2024 across several parts of its business.

Its overall brokerage performance was especially strong. In the retail sector, SSI launched a series of new events and programmes aimed to deepen market its impact, improve competitiveness and enhance the customer experience. The outcome was positive results in the online business segment in the first half of 2024 – including acquisition of 99,000 new accounts and YoY growth of 41% in the average margin balance.

In addition, the online account opening process was upgraded and simplified last year, reducing operation time for customers from 15 minutes to just three minutes. Within institutional brokerage, SSI shifted to a more sales-oriented approach to better serve clients and attract investors, resulting in new account openings and broking partners.

SSI also had an impressive year in investment banking, being the trusted financial advisor for numerous leading Vietnamese corporates across equity and debt deals in 2024.

This lead to a 57% profit margin for the year, driven by the firm’s agility and innovation in identifying and developing new financial products tailored to the evolving needs of corporate clients and investors. This included advising on large-scale transactions, including public offerings and listings, block trades of listed stocks, and advisory services on private bond issuance, structured financing and margin lending.

SSI also strengthened internal collaboration between the investment banking team and other business units. For example, it integrate traditional services with funding solutions and account opening for public offerings via digital sales channels, strengthened relationships with listed companies to secure new opportunities, and expanded investor networks.

The firm’s debt capital markets team were particularly active in 2024, closing multiple transactions worth the equivalent of nearly $900 billion. This affirmed SSI’s market-leading position for this segment of Vietnam’s capital markets.

Key deals included Hai An Transport and Stevedoring’s convertible bond, marking the first time in Vietnam that collateral of the bond is a container vessel offered to entities that are not a bank.

In addition, SSI worked on the green bond for Ho Chi Minh City Development Joint Stock Commercial Bank, with funds used to finance projects in environmental protection, aligned with the issuer’s sustainable finance framework.

BEST LAW FIRM

YKVN LLC

YKVN had a robust performance in 2024, with growth in revenue compared with the previous year, playing a key factor in the firm winning this award.

This achievement aligns with YKVN’s continued tier-one rankings and the firm’s dynamic contributions to high-profile transactions and disputes across Vietnam and the broader region.

Ongoing client loyalty and growth by acquiring new clients were among the key success factors last year, helping the firm maintain consistent matter volume and revenue streams. Another pillar for the firm was its integration of ESG principles into both client advice and internal practices.

The firm also deepened its commitment to diversity, equity and inclusion as a foundation of its talent strategy, with further investment in advanced training and mentorship programmes.

MOST INNOVATIVE USE OF TECHNOLOGY - NONBANK FINANCIAL INSTITUTIONS

Techcom Securities Joint Stock Company

TCBS was a deserving winner of this award in Vietnam last year after becoming the first securities company in the market to successfully develop Blockchain Layer 1 – the core foundation layer of the internal Blockchain network. It developed this in response to the growing need in Vietnam for a transparent, accurate and secure management system, especially in recording information on issued bonds, ownership and transfer transactions.

In succeeding in bringing Blockchain to corporate bond management in Vietnam, TCBS affirmed its pioneering position in building modern blockchain technology, meeting international standards for performance and security.

Based on internal needs, Blockchain Layer 1 at TCBS is designed with flexible expansion and upgrade capabilities, ready to adapt to diverse requirements and large scale of the market, creating a solid foundation for long-term development.

INTERNATIONAL

BEST BANK | BEST DCM HOUSE | BEST ECM HOUSE | BIGGEST SUSTAINABLE IMPACT – BANKS | MOST INNOVATIVE USE OF TECHNOLOGY - BANKS

HSBC

HSBC had a remarkable 2024 in Vietnam for several parts of its business.

Perhaps most notably was its main banking operation. Despite performance being lower than the previous year due to low market demand on loan and rate impacts, the bank still grew 6% YoY in total currency assets, and 11% during the same period in local currency-denominated assets.

HSBC also continued to invest in its technology platforms to accelerate the digital journey it offers to customers, to innovate with new experiences, improved channel offerings and greater efficiencies.

The bank also pioneered a top-tier international banking proposition for global citizens, reinforcing HSBC’s leading position in the global retail banking landscape. Further, the bank introduced new features on its mobile banking app and drove innovation to strengthen its position in the credit card space.

Meanwhile, HSBC’s capital markets franchise had a strong year in Vietnam. Across both debt and equities, it continued to support clients with whom it has a lending relationship and knows well by delivering a holistic offering and high-quality structuring and distribution.

More specifically in the debt space, 2024 marked a fourth repeat deal for Masan for its syndicated term loan, as well as a first sole-led transaction for Masan Consumer. This was structured without a parent guarantee and upsized 50% on the back of a 1.5-times oversubscription.

HSBC also successfully closed seven green transactions in 2024 – five out of seven of which were as the sole lender. These deals included several ‘firsts’ for green transactions in various industries in Vietnam, earning strong customer endorsements.

In the equity space, 2024 saw HSBC execute repeat deals for Vingroup, the fourth consecutive exchangeable bond within recent years – and the first where the bank’s role was upgraded role to being the sole global coordinator.

This represented the first and only equity-linked transaction out of Vietnam (and Southeast Asia) in 2024, with HSBC demonstrating leadership and successfully placing almost all of the final orderbook. With the bank’s execution, investors demonstrated confidence to rollover in a difficult market.

HSBC was also impressive in Vietnam last year for the impact it had as a result of its sustainability initiatives.

For example, in terms of the environment, it prevented 180 kg of used batteries from polluting landfills, and its Etown branch and metropolitan level 02 office were certified as Leadership in Energy and Environmental Design (LEED) Gold. Further, to align with the new green leasing standards 2.0, it negotiated two leases under this standard. Also, its data centre relocation enabled the bank to reduce 35% of the energy usage at its office in Central Point building.

HSBC also impressed for its initiatives to support employees with a fair and healthy working environment.

Finally, given HSBC’s commitment to digital transformation, it earned recognition for its work in Vietnam in 2024 to redefine banking by making it simpler, faster and more secure.

This included the bank’s roll-out of a new global technology strategy last year, focused on operational resilience, technology risk and control book, digital acceleration, cost optimisation, digital products and journeys, and deployment of artificial intelligence at scale.

This strategy emphasised a digital-first approach, ensuring customers enjoy seamless, intuitive and personalised banking via upgrades to mobile apps and internet banking. HSBC also enhanced its payment and international trade solutions with real-time transaction processing.

BEST COMMERCIAL BANK - SMEs | BEST CORPORATE BANK - LARGE CORP & MNCs | BEST SUSTAINABLE BANK

Citi

Within Vietnam last year, Citi outshone the competition in several areas to scoop three awards.

In servicing SMEs, for example, the bank continued to offer innovative solutions to help these companies grow rapidly and expand internationally – especially mid-sized subsidiaries whose parent companies are clients of the bank’s global network.

Continued revenue growth was achieved through prudent asset growth without any non-performing loans, plus bringing to clients best-in-class cash management and market capabilities.

Last year also saw Citi’s dedicated-industry specialists in the new economy sector help leverage the position of Vietnam as an emerging regional hub for IT solutioning and software with a track record of unicorns. And with the continued investments into the country and increasing digitisation of the economy, there is optimism for continued growth in the SME-focused business over the coming years.

Citi was also impressive last year in servicing larger and multinational clients, earning recognition in Vietnam for its full product suite of corporate and investment banking, capital markets and transactional banking products and services.

For example, the bank implemented several milestone deals, including the largest bridge financing to date in Vietnam and the largest non-Ministry of Finance guaranteed / non-parent guaranteed corporate financing for a state-owned enterprise in Vietnam.

Other key deals for this segment of clients included the first refinancing-guaranteed loan arranged by Citi to DZ Bank, Commerzbank, and LBBW, along with an equity sale of one of the largest local banks in Vietnam, and a large size M&A insurance transaction.

In terms of sustainable banking, Citi also had a successful 2024 in Vietnam. Its role on the country’s largest bridge financing to date – for the Nhon Trach 3 and 4 LNG power project – played a key role bringing in sustainability for the electricity production in critical locations in Vietnam and supporting the transition away from coal power with higher greenhouse gas emissions.

Other notable transactions in term of sustainability in 2024 included Citi’s first trade loan with a financial institution in Vietnam that funds social finance activities.

In addition in 2024, Citi’s Vietnam business continued to be a catalyst for sustainable development with a series of notable transactions that aligned with global ESG best practices.

BEST INVESTMENT BANK | BEST M&A HOUSE

UBS

UBS’ investment banking achievements in Vietnam in 2024 earned this award with six transactions across M&A and equity capital markets. As a result, the bank ranked in first position in the Dealogic league table by deal value. The bank executed and earned fees from marquee transactions across sectors and products, with UBS’ advisory services being noted for their diversity, rather than concentrating on certain products or client groups.

For example, the bank delivered transactions in both the private and public M&A market, as well as equity placements. Further, UBS Research covers more Vietnamese stocks than most other international houses, contributing to a deep understanding of the market with regular reports and investor tours.

UBS also had a stand-out year in Vietnam 2024 for M&A. it topped the local ranking from playing lead or sole roles on most key deals in the country last year.

These included an undisclosed corporate control sale (one of the largest in the country in 2024), reflecting the bank’s strong momentum in this segment of the market – a 250%-plus increase in deal value year-on-year, seeing UBS improve from last year’s seventh position in the league table.

Among the key M&A deals for UBS in Vietnam were one of the largest corporate control sales in the country last year, highlighting how much it is trusted by financial investors and strategics to advise on leading transactions.

BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS

Private Infrastructure Development Group

As part of its innovative approach to infrastructure project development and investment, and its work in Vietnam over more than 15 years, two of PIDG’s investments which closed last year had significant environmental and social impacts. As a result, the firm impressed judges to secure this award.

More specifically, AquaOne involved a landmark green bond to fund the construction of water treatment and supply systems in Hoa Binh province.

In addition, IDI Saomai Seafood involved landmark eight-year, ICMA-aligned green bonds, the first of their type from Asia’s aquaculture sector and the first local currency-denominated green bond issued by a non-financial corporate in Vietnam – to build the capacity on health, safety, environment and social management.