Ron Bain is CFO of Vaalco Energy, a Houston-based upstream oil and gas company with a strong presence in Africa and Canada. Founded in 1985, Vaalco is dual-listed on the New York and London stock exchanges.
Global Finance: You have been CFO for almost four years. How has Vaalco’s competitive position changed during your tenure?
Ron Bain: It’s been an active period during which we have delivered several transformative transactions that increased scale and diversified the asset portfolio. We completed a value-accretive corporate merger with Transglobe in 2022 that saw us acquire operating assets in Egypt and Canada. More recently, we acquired a non-operating interest in a producing field in Cote d’Ivoire through the acquisition of Svenska AB.
“In addition, we continue to drive organic growth across the portfolio with drilling campaigns, while expanding our footprint by adding new licenses that provide long-term upside potential. All of this leaves Vaalco well placed to consolidate its position as a leading independent exploration and production company.”
GF: What makes this business and industry a distinctive challenge for a CFO?
Bain: It’s a very exciting, fluid, and cyclical sector in which there is a lot of deal-making, a lot of investment, and the requirement to deploy material capital across the portfolio to deliver growth. The role of the CFO is to ensure access to capital to support growth objectives as well as work with the finance team and executive to mitigate risk: for example, through implementation of hedging instruments to protect the company against commodity downside.
GF: What absorbs most of your energy and time?
Bain: Most of my time is spent ensuring we maintain a robust balance sheet that balances organic and inorganic growth alongside our commitment to shareholder return. Vaalco is dual-listed in London and New York, so I also spend a lot of time engaging with our investors and wider stakeholders, overseeing our regulatory commitments to those listings, and playing a big role in the development of our strategy and our ESG agenda.
GF: What makes for a great finance team?
Bain: It’s important to have good communication within the team, so everybody knows the objectives and their respective roles in achieving those objectives. I am fortunate to have a great finance team across all our areas. I also have a close working relationship with our CEO, George Maxwell, having worked alongside him at our previous company, Eland Oil & Gas, which achieved a good exit for all stakeholders a few years ago.
GF: What is the role of AI in the finance function? How do you see it evolving at Vaalco?
Bain: AI is already in use in finance at Vaalco. We use AI-powered software to handle data entry as well as invoice processing with optical character recognition that extracts process data from receipts and documents with minimal human intervention. We implemented a global ERP system in 2024 and are collecting huge amounts of datasets through it. With the internet of things and the ability to integrate meter readings and monitoring gauges, we see machine learning models reading and learning from these large datasets to improve our decision-making.
GF: What keeps you up at night?
Bain: Economic and market uncertainty, together with an increased administrative burden via greater government regulation. My responsibility is, first, to ensure the company is performing for the benefit of all of our stakeholders. We have a lot of employees, so we must demonstrate that we are good corporate citizens and oversee a safe working environment.
We see ourselves as partners to the host governments in the countries where we operate, so we have a responsibility to the people of those countries to deliver a positive impact through our activities. As an operator of material-producing assets, we must always demonstrate operational excellence and environmental stewardship.
African Banks ave operated in key markets outside the continent mainly through representative offices. Today, a shift is taking place. The number of homegrown African banks becoming ambitious and opening operations in Western capitals is rising.
Zenith Bank, Vista Bank, and Banque Exterieure d’Algerie (BEA) have announced plans to venture into France. They join First National Bank – which has full operations in France and the UK – Access Bank, and GT Bank, which also have branches in the UK. Access Bank is expanding its reach into Hong Kong. In November last year, Access opened a branch targeting the Africa-Asia economic and trade corridor.
African lenders’ determination to push the boundaries is an emerging trend – and a no-brainer. First, global multinationals have been exiting the continent, with African banks taking over their businesses and assets. The result is growth in stature and financial muscle. A classic case is the French financial group Societe Generale, which sold its operations in most African markets to local banks.
Second, and most critical, African banks are realizing they do not need to use intermediaries through correspondent banking to offer financial solutions to global companies with interests in the continent, tap ballooning trade-finance opportunities, and serve a vast diaspora market remitting nearly $100 billion annually. Some feel it defies logic for them to depend on foreign banks to offer services such as foreign exchange, treasury, cash management, and payment offerings.
Zenith Bank, for instance, reckons that a largely unexploited market exists in France, Nigeria’s leading trade partner in sub-Saharan Africa, accounting for 20% of trade. “The Paris branch opening underpins the need to serve our customers and bolster trade and finance relationships,” says Dame (Dr.) Adaora Umeoji, Zenith Bank CEO.
Undoubtedly, the push by African lenders to battle for a position in the global financial market is bold. Despite demonstrating courageous tenacity, the approach remains cautious.
First National Bank offers a case study into operating a full-fledged branch outside the continent. Though the bank entered the UK four decades ago and Paris over two decades ago, it operates only two branches within the two markets.
For African lenders, the burdens of running a fully developed operation are real. Apart from overcoming obstacles to their entry, they must contend with a tougher regulatory environment. With hawkeyed regulators, the bar of scrutiny is way too high.
Apart from the regulatory regime, building trust and penetrating well-structured and conservative markets are the other challenges African lenders must contend with in Western capitals.
To address these challenges, the banks focus on niche markets targeting clientele with African connections. “This strategic expansion is a testament to our unwavering belief in Africa’s potential,” says Simon Tiemtore, Vista Group chairman.
Granted, an explosion of African lenders establishing operations outside the continent is highly unlikely. However, a growing number of banks daring to make the move indicates a maturing industry no longer afraid to venture into uncharted waters.
Global Finance’s 2025 awards for the best banks in Africa recognize the continent’s lenders’ growth, performance, and innovation. Acquiring assets of multinationals exiting Africa is one thing. Following them to their home markets to wage competition is the ultimate proof of unbridled audacity.
Regional Winner
Jeremy Awori, CEO, Ecobank
Best Bank in Africa | ECOBANK
Pan-African banking group Ecobank epitomizes the ambitions of African banks. The regional winner as Best Bank in Africa has yet to launch full operations outside the continent. However, it has footprints across key global markets. Ecobank holds a banking license and affiliate office in France, alongside representative offices in the UK, UAE, and China.
The bank’s global connections have been central to its performance. With total assets amounting to $26.5 billion, the bank posted $491 million in profits from October 1, 2023, to September 30, 2024, and a return on equity (ROE) of 32.9%. For the bank, Africa’s ultimate connector with a presence in 35 countries, its international network helps create linkages, particularly in trade intermediation. The Paris-based operation, for instance, facilitated letters of credit totaling $920.3 million.
“We are focused on delivering a wide range of trade-finance solutions and excellent trade services to our clients,” states Michael Larbie, group executive for Corporate and Investment Banking (CIB).
Ecobank’s trade-finance loan portfolio totaled $2.4 billion, and this is just one segment of the bank’s foundation. Its other cornerstone, CIB, and the fast-growing small and midsize enterprise (SME) segment have created a phenomenal trail of impacts across Africa. CIB, for instance, has extended loans amounting to $7.2 billion.
The bank has prioritized digitalization in its growth strategy. Besides efficiency, providing offerings and products through low-cost-to-serve platforms has been transformative. Omni Plus, the bank’s CIB internet-banking platform, exemplifies this. With about 40,000 corporate customers, the platform processed 24.4 trillion transactions totaling $50.7 billion for the year ending September 2024.
Country, Territory and District Winners
Algeria | BANQUE EXTERIEURE D’ALGERIE (BEA)
The winner in Algeria, Banque Exterieure d’Algerie (BEA), has unveiled intentions to pursue growth beyond Africa’s borders. The bank has secured approvals from the European Central Bank to establish operations in France.
Angola | BANCO ANGOLANO DE INVESTIMENTOS (BAI)
Banco Angolano de Investimentos (BAI), wins as Best Bank in Angola for the fifth consecutive year. To maintain market leadership, the bank overcame a challenging operating environment characterized by high inflation, foreign exchange pressures, and depreciating local currency. A conservative approach to risk management saw the bank post $164.3 million in net income and 22.3% in ROE.
Benin | BANK OF AFRICA
Bank of Africa (BOA) aspires to aid Africa’s development. For this reason, it continues to roll out its multi-year strategy, Vision 2030. It targets operations in over 25 countries. In these new markets, the bank intends to create value, lead in social and environmental responsibility, promote trade and investment, and serve Africans in the diaspora. Currently serving 6.6 million customers across 20 markets, BOA believes its goals are achievable.
Benin, where BOA scoops the title of Best Bank, embodies future plans. The bank doubled its share capital to $66.8 million and is advancing strategic partnerships to mobilize cheap funds to lend. It secured $16 million from the African Development Bank to finance businesses in the country.
Botswana | ABSA BANK
In Botswana, Absa Bank emerges as the winner. With over a million clients, $1.7 billion in assets, and $31.1 million in profits in 2024, Absa anchors its growth on sustainability and digital innovations. The bank remains a big champion of women’s empowerment.
Burkina Faso | CORIS BANK
In Burkina Faso, where Coris Bank wins the Best Bank award, uncertainty hovers over the banking industry. Junta chief Ibrahim Traoré has launched the nation’s first state-owned bank, Burkindlim, aiming for “economic and financial sovereignty.”
Amid these developments, Coris Bank is maintaining its steadfast focus. The bank raised $31.6 million in a private bond placement to accelerate its growth strategy. Having allocated $84 million to finance SMEs, the bank is also pursuing partnerships to secure cheap funds to onlend.
Cameroon | SOCIETE GENERALE
The future of Societe Generale Cameroun is in limbo. Its French parent group is exiting Africa, and the Cameroonian government and Coris Bank are interested in acquiring the 58.1% shareholding. Societe Generale is not being distracted. It’s focusing on service provision in a market it strongly dominates, with a 14.7% share in assets and 13.7% in loans.
Cape Verde | BANCO INTERATLANTICO
In Cape Verde, Banco Interatlantico lands the Best Bank award. Owned by Portugal’s Caixa Geral de Depositos Group, the bank marked its 25th anniversary in the market. After realizing $3.6 million in profits, the bank looks to the future with renewed vigor, riding on sustainability and on environmental, social, and governance issues.
Cote d’Ivoire | BRIDGE BANK GROUP
Bridge Bank Group tops the class in Côte d’Ivoire for the fifth year running. The bank has built a winning strategy around the micro, small, and midsize enterprise (MSME) market. The results are tangible, with the loan portfolio growing at an average annual rate of 20%. The target is to add over 2,000 new SME loans over the next three years.
DR Congo | TRUST MERCHANT BANK
Trust Merchant Bank (TMB) carries the Best Bank title in the Democratic Republic of the Congo, a market where operations are impacted by escalating conflict. With over 3 million customers, TMB is utilizing mobile teams and agency banking to serve the marginalized, displaced persons and those in conflict zones. Last year, net profits surged by 74.9% to $76.6 million from $43.8 million in 2023.
Djibouti | IIB EAST AFRICA
For iib East Africa, the winner in Djibouti, empowering SMEs is a sacred commitment. The bank has extended loans amounting to $31 million to SMEs, a segment in which it controls a 15% market share.
Egypt | CIB EGYPT
A leading private bank, CIB Egypt is the Best Bank in Egypt. The bank posted $293.2 million in profits and 46% ROE in the nine months to September 2024. CIB wants to sustain growth by being adaptive, resilient, and forward thinking.
Equatorial Guinea| BANGE
In Equatorial Guinea, where Banco Nacional de Guinea Ecuatorial (BANGE) earns the Best Bank award, failures in diversifying the economy away from oil dependence are hurting the banking sector. The bank has a strong command of the market, and its customer base is growing. However, it posted a 19% decline in profits to $7 million in 2023.
Ethiopia| AWASH BANK
Awash Bank is yet again the winner in Ethiopia, for the fourth time in a row. Last year, the bank added 2 million new customers, for a total of 14 million. Having realized $85 million in profits and a mere 1.2% NPL ratio, Awash is unleashing new digital platforms like AwashBirr Pro to drive growth.
Gambia| ECOBANK
Ecobank carries the day in Gambia, a high-potential market where, at 3%, the nonperforming loan (NPL) ratio is one of the lowest among Ecobank’s subsidiaries. The bank is pushing for broader market adoption by riding on digital platforms, among them the Omni Plus E-trade offering, whose transaction value stood at $5.4 million.
Ghana| ACCESS BANK
Access Bank, the award winner in Ghana, is tightening its market grip. Profits are surging exponentially, hitting $54.3 million in the third quarter of 2024 with 57% ROE. The bank is upbeat about sustained growth, based on new products and digitalization.
Guinea| VISTAGUI
VistaGui, which takes home the Best Bank in Guinea award, operates on the overriding principle that to build robust economies, Africa needs strong SMEs. This has seen the bank mobilize massive resources to onlend, including $50 million secured from the African Guarantee Fund.
Kenya| TDB
TDB wins in Kenya. The bank is well grounded in trade finance, which accounts for two-thirds of its loan portfolio. The bank, which has extended $5 billion in trade loans, is expanding its impact in green and sustainable finance.
Madagascar| BRED MADAGASIKARA
BRED Madagasikara, the winner in Madagascar, is entering a well-established market, having acquired the operations of Societe Generale. With nearly 300,000 customers and 70 branches, the bank has appointed Thierry Charras-Gillot as the new CEO to oversee a sustainable growth trajectory and consolidate the financing of the local economy.
Malawi| STANDARD BANK
For the fourth straight year, Standard Bank has won the title in Malawi. The bank continues to be a pacesetter in digitalization and innovations. Last year, the volume of digital transactions rose by 24%, and profits hit $24.4 million in the first half.
Mali| BANQUE INTERNATIONALE POUR LE MALI
In Mali, Banque Internationale pour le Mali takes the title. Although political instability continues to impact operations adversely, this subsidiary of Morocco’s Attijariwafa remains unwavering in its commitment to its country. Parts of the bank’s strategy are anchored on climate finance and on supporting SMEs.
Mauritius| AFRASIA
AfrAsia Bank is the winner in Mauritius. In November last year, the bank changed ownership, with Access Bank UK taking over majority control. Having posted $152.4 million in net profits, the bank has positioned itself as a key player in facilitating cross-regional investment flows between Asia and Africa.
Morocco| BANK OF AFRICA
BOA is also the winner in Morocco. In a viciously competitive market, the bank defied all odds to record a substantial 37% increase in earnings, with a net income of $960.2 million.
Mozambique| MILLENNIUM BIM
The Best Bank in Mozambique, Millennium bim, has seen operations impacted by unrest following a disputed presidential election. Despite the disruptions, the bank maintains a firm grip on the market, commanding a 23.3% market share for deposits and 17% for loans.
Namibia| FIRST NATIONAL BANK
For another year, First National Bank wins in Namibia. Having posted $81 million in profits and 27.9% in ROE in 2024, the bank’s dominance is undisputable, with an average 35% market share across assets, deposits, and loans. A severe drought is forcing the restructuring of agriculture loans.
Nigeria| ZENITH BANK
Zenith Bank wins in Nigeria. The bank raised $232.5 million in a hybrid rights issue and public offer to recapitalize in January. It has seen its profits surge by 67% to $864.4 million in 2024, from $517.6 million in 2023. Deposits rose by 45% to $14.3 billion, with an NPL ratio standing at 4.7%.
Rwanda| BANK OF KIGALI
Bank of Kigali, the Best Bank in Rwanda, remains unrivaled, having held the position for the fifth consecutive year. With $1.8 billion in assets, the bank is a major financier of the real economy, extending $185.3 million in loans to SMEs and $41.3 million to the agricultural sector.
Senegal| CBAO
CBAO takes home the award as the Best Bank in Senegal. A market force, this subsidiary of Morocco’s Attijariwafa boasts a balance sheet of $2.4 billion and over 450,000 customers. The bank appointed Rachid El Bouzidi last September to lead the next growth phase.
Sierra Leone| UBA
UBA is the winner again in Sierra Leone. The bank has been recording phenomenal growth in all parameters. Loans and deposits surged by 80% and 37.5%, respectively, in 2023. UBA remains committed to driving financial inclusion through innovative products and embracing digital transformation.
South Africa| NEDBANK
Nedbank is the Best Bank in South Africa. Despite operating in a fiercely competitive market, the bank’s financial performance was way ahead of its peers as of June 2024, with headline earnings increasing by 8% to $430.7 million. With a 17.3% market share for deposits and 16.5% for loans, Nedbank’s stock was the best performing in 2024, up 30%.
Sudan| BANK OF KHARTOUM
In Sudan, the prospects of peace remain evasive. The country’s winner, the Bank of Khartoum, continues to bear the consequences. While the war has paralyzed operations, a cyberattack left a trail of losses for the oldest continuously operating bank in the country, which boasts $2 billion in assets.
Tanzania| NMB BANK
NMB Bank wins in Tanzania. Digital transformation remains at the core of the bank’s growth. The bank posted $358.3 million in profits and commands a 22% market share in loans and deposits. Notably, 96% of its 8.6 million customers transact digitally.
Togo| ECOBANK
Besides winning the regional award for Africa, Ecobank is the winner in its home market of Togo, where profits rose to $23.2 million. In March, Estelle Komlan was appointed managing director of Ecobank Togo, becoming effective in April. Headhunted from close rival Orabank, Komlan has the task of shaping the bank’s future.
Tunisia| AMEN BANK
Amen Bank is Global Finance’s Best Bank in Tunisia. The bank has maintained steady growth, with customer deposits hitting $2.4 billion, loans reaching $2.2 billion, and operating income attaining $374.5 million despite operating in a tough environment.
Uganda| STANBIC BANK
In Uganda, Stanbic Bank tops the class. The government is taking a keen interest in its affairs due to the bank’s growing stature. The central bank vetoed the appointment of a non-Ugandan as CEO to replace Anne Juuko, leading to the appointment in December of Kenneth Mumba Kalifungwa. Last year, the bank recorded $112 million in profits.
Zambia| ZANACO
In Zambia, Zanaco is the king. The bank boasts a strong command across all business segments, with over 5 million customers. With $1.7 billion in assets and $82 million in profits, Zanaco is committed to financial inclusion and serving underbanked populations with a vast agency network of over 32,000 outlets.
Zimbabwe| CBZ BANK
CBZ Bank takes the crown in Zimbabwe. The bank has built a winning strategy based on innovations, low-cost products, and state-of-the-art technology. ZikiCash, targeting remittances, is a new addition. The bank controls 20% of assets market share and 21% of deposits.
The country winners for Best Banks in the Middle East region continue to aggressively implement a broad range of initiatives to elevate and modernize their respective franchises. This involves significant service upgrades with new digital features and tailored financial management tools to boost client engagement.
Many banks have achieved first-to-market success with newly launched products and services. Increasingly, this includes improved offerings in the payments segment, more cross-border opportunities, and a focus on more effectively serving the small and midsize enterprise (SME) sector.
Some banks have commenced multiyear transformation strategies to coincide with larger national programs to accelerate financial innovation.
Most institutions recognize the critical importance of workforce development and have implemented formal training and mentorship programs to promote career advancement within the bank.
Regional Winner
Randa Sadik, CEO, Arab Bank
Best Bank in Middle East, Jordan, Lebanon and Yemen| ARAB BANK
Through Arab Bank’s extensive franchise in the Middle East, it continues to deliver robust banking solutions. It is our winner for Best Bank in the Middle East. Its footprint spans 26 countries beyond its home market of Jordan, providing extensive cross-border banking opportunities that contribute to diverse revenue generation and consistent operating performance. With its strong regional business model that includes innovative digital offerings for consumers, wealth, SMEs, and commercial clients, Arab Bank also earned the Best Bank award for Jordan, Lebanon, and Yemen.
New digital offerings and enhancements to existing platforms are fueling growth for Arab Bank. Consumer-banking initiatives include efficiencies with onboarding new clients; instant credit card issuance in Palestine and Egypt; and additional digital-deposit products for clients in Bahrain, Palestine, and the United Arab Emirates (UAE). Arab Bank has also partnered with Royal Jordanian Airlines to offer digital flight-booking capability for improved convenience. Through its Arabi Cross-Border program, expatriates now have easy access to account openings and greater functionality with payments and transfers on the mobile app.
In wealth management, the bank has expanded its franchise through its stake in a Swiss asset manager, and has initiated expansion to markets in Bahrain, Palestine, Qatar, and the UAE. Clients of the bank’s Corporate and Institutional Banking group will benefit from an innovative cash-management solution for improved collection and payment capabilities and greater efficiencies with transaction workflows. Client service is also improved with the introduction of a centralized loan-request management system that is available across all branches, for a more effective credit evaluation and approval process.
Arab Bank offers extensive services for the SME market, with more-streamlined access to capital through tailored financing solutions. Digital banking platforms tailored for this segment include the Arabi Next mobile app dedicated to SME clients. Arabi Connect offers online banking solutions, including cash management features, e-commerce, and point-of-sale (POS) solutions for secure and efficient online transactions. These solutions enable efficient access to specialized products covering trade finance, supply chain management, and working capital loans to support SME growth in the bank’s markets. With these initiatives, the bank has captured a 13% market share in Jordan. The bank continues to embed artificial intelligence in its processes with an AI-driven credit-assessment model for greater efficiency in credit decisions and improved risk management. This has allowed it to provide instant personal loan approval in the Jordanian market. In the UAE, similar features were launched for mortgage preapproval via the bank’s mobile app.
Much of the bank’s progress in digital product enhancement and development is attributable to its Acabes technology lab through its mandate to improve customer experiences and services while optimizing internal processes. Acabes centers host 570 employees across six countries, including newly established labs in Saudi Arabia and Egypt. Notable Acabes-driven initiatives during 2024 include the launch of Omnify, a banking-as-a-service (BaaS) platform providing clients with embedded finance solutions, including cards as a service and payments as a service, with additional offerings in 2025 covering lending and loyalty products. BaaS is a key focus for the bank’s digital strategy to deliver robust banking solutions for the region’s large companies and SMEs.
Country, Territory and District Winners
Bahrain | AHLI UNITED BANK
Ahli United Bank (AUB), winner as Best Bank in Bahrain, continues to refine its business model to position itself for leadership and growth in Islamic banking throughout Bahrain and the region. AUB has expanded its Islamic finance offerings since being acquired by Kuwait Finance House (KFH) in 2022. The bank restructured its distribution model in 2024 to provide enhanced client service. This involved the conversion of select branches to focus entirely on personal banking services. In contrast, others converted to business banking centers and changed their core banking systems to Islamic ones.
Improved digital platforms complement the physical branch network, providing convenient and effective banking solutions for domestic and cross-border clients. In the commercial bank, AUB has generated solid growth serving the microfinance industry by offering virtual account management (VAM) that provides clients with operational transparency and efficiency in cash-flow management, transaction reconciliation, and fund segregation. More broadly, the bank’s clients utilize the VAM services in the real estate, insurance, hospitality, education, and nonprofit sectors to streamline operations. Notably, AUB executed the first fully automated Shariah-compliant supply chain finance transaction in Bahrain. AUB’s regional expansion has continued as it increased its stake in the Commercial Islamic Bank of Iraq to 85% in December.
Iraq | QNB
Qatar National Bank (QNB) serves the Iraqi market through its domestic subsidiary, Mansour Bank, in which QNB has a 54% stake. Mansour has established itself as a trusted partner for domestic and international clients. QNB’s comprehensive knowledge of the local market and full suite of retail and corporate banking products through traditional and digital channels have earned it the title of Best Bank in Iraq.
As the largest bank in the Middle East, QNB’s ownership structure (half owned by the Qatar Investment Authority and half publicly traded) provides exceptional stability for its extensive conventional and Islamic banking franchise. The bank offers comprehensive banking solutions across corporate, retail, and wealth management business lines, as well as investment banking through QNB Capital. As approximately 24% of the bank’s net income is generated from outside Qatar, QNB’s Iraqi subsidiary represents an essential component of its international strategy to serve and expand its franchise in the region. With a footprint covering 28 countries in the Middle East, Asia, and Europe, the bank is well positioned to operate effectively in the Iraqi market for its extensive client base. This involves coordinating Mansour Bank’s relationship managers and QNB teams across all the bank’s business lines, including investment banking, credit and trade finance, treasury, and QNB branches and subsidiaries, to ensure seamless transaction execution.
Kuwait | NATIONAL BANK OF KUWAIT
The winner as Best Bank in Kuwait, the National Bank of Kuwait (NBK) continues to accelerate its service offerings, emphasizing modernization and expansion of the bank’s digital platforms to reach new customers. This strategy combines high levels of client service with enhanced features to target all demographics, particularly the youth, retiree, and wealth segments.
During 2024, the bank refined its mobile banking app with 90 upgrades for improved functionality and convenience, including the ability to view key transactions from the main page, convenient payments and fund transfers, and additional fraud-protection features. Within its Consumer Banking Group, NBK seeks to identify new opportunities. One of these is the youth segment (ages 8-14), with products focused on responsible saving and spending combined with high levels of security and parental controls. Weyay Bank, Kuwait’s first digital bank, is key to capturing new clients, particularly the younger demographics, and now includes a new digital interface, faster onboarding, and the availability of tailored financial management tools.
NBK upgraded its corporate online banking platform for commercial clients. Improved features include greater cash management functionality. In wealth management, the launch of the NBK Wealth app provides an efficient digital platform for trading and reporting. To provide consistently high levels of customer service, NBK has prioritized workforce development that involves ongoing training to broaden cross-functional teams and also mentorship to develop its workforce to provide opportunities for increased professional growth and career advancement within the bank. The bank’s focus on talent acquisition includes career fairs and a university program, NBK Connect, which helps attract top candidates from various backgrounds.
The bank recognizes the importance of investing in the communities it serves, by participating in the Central Bank of Kuwait’s program for financial education, partnership with VISA to support women-owned businesses, and youth programs for financial literacy. As part of NBK’s commitment to ESG principles, it was the first bank in Kuwait and one of only 16 in the Middle East and North Africa to join the Partnership for Carbon Accounting Financials initiative to measure and manage greenhouse emissions linked to lending and investing activities.
Oman | BANK MUSCAT
Bank Muscat’s strategic objective to drive digital transformation through innovation has achieved significant progress following its three-year technology campaign and earns it the Best Bank in Oman award. The campaign involved upgrading the bank’s mobile and online platforms to improve the client experience, create operational efficiencies, and boost revenue. This is reflected in enhanced features and expanded digital-service offerings that have captured new customers through a streamlined onboarding process. The success of this program is evidenced by higher levels of customer satisfaction and by improved adoption and utilization rates.
With approximately a third of both conventional and Islamic banking-system assets, Bank Muscat is well positioned to build on its dominant franchise with refined and elevated service offerings. The bank’s progress reflects its commitment to the Oman Vision 2040 initiative for financial-sector modernization. Consumer clients now have greater functionality, including simplicity in expanding their digital wallet by adding credit cards to Apple and Samsung Pay directly through the mobile banking app. The introduction of application programming interfaces (APIs) has enabled corporate clients to access the bank’s services for many features, including account transfers and payments, through those APIs.
As part of the bank’s commitment to strong customer service, it uses its Customer Journey Maps initiative to address client concerns proactively. Currently active with consumer, credit card, and wealth management clients, this program tracks the customer experience, beginning with initial contact and onboarding and continuing through ongoing engagement with Muscat’s banking products, to provide valuable insight into customer preferences and areas for improvement of service offerings.
Qatar | QIB
Qatar Islamic Bank (QIB) takes home the award for Best Bank in Qatar. Through ongoing innovation within its franchise, it continues transforming the country’s banking sector with effective Shariah-compliant products and solutions while contributing to Qatar’s economic growth and sustainability goals.
The bank’s customer-centric strategy has resulted in solid progress on digital initiatives. This includes streamlined digital onboarding of new clients using biometric authentication, improved personal wallet and card services with instant issuance of digital debit and credit cards through the QIB mobile app, and secure funds transfers to VISA cards in over 57 countries.
The bank is also leveraging AI to provide more tailored services, including personalized financial recommendations and automated credit-risk assessments based on customer behavior. In retail banking, QIB offers convenient features via its powerful mobile app, including instant financing approvals; a fully digital auto marketplace to view car inventories; purchases with finance options available; and with high-value purchases, enabling installment payments for flexible management of budgets and expenses.
For corporate clients, there is improved functionality for payments through QIB’s collaboration with the Qatar Central Bank, enabling businesses to make instant payments to other corporate entities for secure and efficient cash management. POS capabilities have been enhanced, letting merchants accept contactless payments via their mobile devices and reducing the need for POS terminals.
At the same time, SMEs benefit from a government-backed financing program for convenience and efficiency in obtaining credit facilities to fund operations and expansion. The bank’s sustainability strategy involves innovative features through the QIB mobile app that includes a carbon emissions tracker, allowing customers to monitor and manage their carbon footprint created by their spending patterns.
Saudi Arabia | SAUDI AWWAL BANK – SAB
Saudi Awwal Bank – SAB has secured the award as Best Bank in Saudi Arabia. With extensive service offerings in the Kingdom, the bank continues to build on its comprehensive domestic and global banking services through its affiliation with HSBC Group. The process involves the rollout of new digital capabilities across the bank’s franchise. Its Wealth and Personal Banking clients have access to a diverse range of retail banking products and one of the deepest mobile and online capabilities among its peers in the kingdom. Innovation continues to drive enhancements to SAB’s digital platform, including an upgraded mobile app and expanded digital card (debit and credit) functionality. These improvements have been generated through in-house initiatives and collaboration with the fintech sector to identify and implement advanced digital capabilities, resulting in solid growth in active customers, online account openings, and transaction volume.
SAB operates a highly rated mobile app in the Kingdom. Expanded features include the availability of Samsung Pay and greater payments and funds-transfer functionality with VISA Direct and Mastercard Send. Enhancements to SAB iCorp, the bank’s digital business-banking platform for commercial and SME clients, include updates involving payroll, cross-border payments, trade services, and digital foreign exchange capabilities. SMEs also benefit from digital credit platforms for automated lending that streamline the application and approval process. SAB has made engaging with the bank more convenient, with its digital onboarding platform for commercial clients, significantly increasing demand for new SME accounts.
Meanwhile, SAB’s Corporate and Institutional Banking group operates with deep knowledge of global markets and leverages HSBC’s vast network through full operational connectivity with shared technologies and processes. This bolsters SAB with deep product offerings and exceptional franchise scale to source and execute global cross-border opportunities. With the kingdom’s Vision 2030 national goal, SAB and HSBC outlined a formal collaboration accelerating financial innovation to help transform the kingdom into a leading financial technology and innovation hub.
United Arab Emirates | ADIB
To build on its leading position in Islamic finance in the UAE, Abu Dhabi Islamic Bank (ADIB) has commenced a 10-year plan for innovation, taking home the title of Best Bank in the UAE. The bank has invested in technology to boost efficiency and productivity, positioning itself for long-term growth as a regional and global leader in Islamic finance. This involves leveraging generative AI (GenAI) and other technologies to enhance the client experience and optimize operations while advancing the sustainability initiative by embedding ESG principles throughout the business.
To date, considerable progress has been made on innovative new offerings, including the UAE’s first long-term, fixed-rate, home finance product for the bank’s consumer clients. For SMEs, ADIB is the first bank in the UAE to offer the convenience of opening an account remotely through a mobile app using face-recognition technology for identity verification. The bank is collaborating with Emirates Development Bank to support the growth of SME franchises in the UAE through a joint finance guarantee scheme.
Ongoing refinement of ADIB’s platforms has added over 100 new features to its mobile app and contributed to strong online adoption, with 90% of banking transactions performed digitally. The bank launched a new digital reward program for customer loyalty whereby customers receive rewards through their mobile app that can be redeemed instantly for utility payments, flight purchases, and retail vouchers.
To accelerate digital innovation, the bank launched ADIB Ventures, a strategic initiative for collaboration with the global fintech sector to integrate advanced technologies, including GenAI, to enhance the banking experience. The bank partnered with the Dubai International Financial Centre’s Innovation Hub to introduce the Generative AI Innovation Challenge to develop advanced AI solutions, advancing banking services whereby global tech innovators can collaborate with ADIB to apply their new banking solutions, with the potential of establishing long-term partnerships.
The banking industry in Central and Eastern Europe (CEE) faced a particularly challenging 2024, marked by a highly fluid interest rate environment, macroeconomic uncertainty, and political volatility.
Further complicating the situation was the continuing geopolitical shadow of the Russia-Ukraine conflict, which entered its third year in February of 2024.
The strongest banks in the region, though, were undeterred by macro difficulties. They continued to expand their product lines, improve their technical and digital infrastructure, and reaffirm their focus on customer satisfaction.
Those financial institutions crowned Global Finance’s Best Banks in CEE for 2025 met with success despite an environment filled with looming questions and uncertainty.
Regional Winner
Peter Csanyi, CEO, OTP Bank
Best Bank in Central and Eastern Europe | OTP BANK
Global Finance’s CEE regional winner for the fourth year in a row, OTP Bank, is leading the way. With operations in 11 countries, OTP has long been a foundation of the region’s financial infrastructure—from its base in Hungary (accounting for 36% of group assets) to its leading positions in Bulgaria, Croatia, Slovenia, and Montenegro. Through the first nine months of 2024, the group posted asset growth of 3% to €105 billion ($119.6 billion) and a strong return on equity (ROE) of 24.9%. Operating profit rose 22% thanks to a sharp increase in net interest income, on the back of higher overall business volumes and improving margins.
OTP is continuing to consolidate its position in the region. This is illustrated by the finalization in August of the merger of two subsidiary banks in Slovenia—SKB banka and Nova KBM—to create the country’s second-largest banking group, with an asset-based market share of 27.5%. Similarly, OTP’s acquisition of Uzbekistan’s, Ipoteka-Bank—with 7% of the total market share by assets in the Central Asian country—in June 2023 gave it a foothold in an exciting, fast-growing market.
Country, Territory and District Winners
Albania | BANKA KOMBETARE TREGTARE
BKT Albania continued to consolidate its position as the country’s largest bank, with a market share of just under 24.6% in total system assets (as of September 2024). It also led the sector with a 25.4% market share of total deposits, at $4.6 billion. Throughout the year, BKT Albania improved its digital banking services, introducing new products and features to its digital experience. The bank migrated its IT services to a newly constructed state-of-the-art data center, underscoring its focus on environmentally responsible banking.
Armenia | ARDSHINBANK
For the first time since 2020, Ardshinbank is our Best Bank winner in Armenia. Income rose 115% last year, partly thanks to a 45% jump in net interest income. Assets grew by 22%—the bank had a market share of 18.3% in the banking sector—while equity jumped by 70%. Ardshinbank points to its strong multichannel distribution platform, featuring 65 branches throughout the country, as a key driver of growth along with its strong digital platform, where 82% of all customer transactions are now made. In addition to its 387,000 retail customers and long-standing blue chip corporate client base, Ardshinbank is particularly strong with small and midsized companies.
Belarus | PRIORBANK
n Belarus, Priorbank is the Best Bank winner for the second year in a row, having won several times in previous years as well. During 2024, equity rose 31.3% to €625 million while assets grew 4.3% to more than €2.4 billion, and ROE jumped 445 bps to 30.72%. Owned since 2003 by Raiffeisen Bank International (RBI), Priorbank was sold last fall to an investor from the United Arab Emirates. Selling Priorbank “lowered political risk for RBI as well as reducing complexity within our group,” explained RBI CEO Johann Strobl in an interview published in RBI’s annual report. The close association of Belarus with Russia in the context of the Russia-Ukraine conflict made ownership of a bank in Belarus a source of ongoing challenges for RBI.
Bosnia & Herzegovina | UNICREDIT BANK DD BOSNIA I HERCEGOVINA
Raiffeisen Bank d.d. Bosnia i Hercegovina is the Best Bank winner in Bosnia and Herzegovina. Serving just over 450,000 customers at 84 branches, the country’s second-largest bank (as of mid-2024) held a market share of total assets of 13.4% and 12.2% of total loans while accounting for 13.7% of all deposits. For the full year, ROE jumped by 443 bps to 24.05% and ROA increased by 110 bps to 3.45%. Digitalization is central to how the bank interacts with its customers. Nearly half of its clients, it reports, now use mobile banking while around 90% activate mobile banking upon becoming customers.
Bulgaria | UNICREDIT BULBANK
In Bulgaria, UniCredit Bulbank returns to take Global Finance’s Best Bank award as Bulbank as it continues to reinforce its market-leading position. Through the first nine months of 2024, the bank increased its market share of total loans to 13.4% while posting an 18% share of system assets, up 6.4% over the same period the previous year. The bank achieved record profitability, accounting for 22.6% of total systemwide profits.
Croatia | OTP BANK
In Croatia, OTP Bank takes the title of Best Bank. With €8.7 billion in assets, it ranked as the fourth-largest institution in the country. It was also fourth by net profit, at €123 million over the first nine months of 2024. OTP saw substantial improvements in its market share in retail and corporate loans over the period. Profitability increased dramatically, with ROE rising by 200 bps to 16.1% and ROA jumping from 1.7% to 2%. The bank points to its ongoing agile transformation—enabling it to react more quickly to market and customer demands and to push digitalization—as a reason for its improving results.
OTP is also focused on its climate impact. The bank launched Sunny Loans in 2023 to help micro and small business customers with installation of solar panels and other energy-efficiency equipment. These “reflect our commitment to the preservation of the environment by promoting sustainable investments,” the bank says.
Czech Republic | CSOB
For the sixth year in a row, market leader CSOB has taken home Global Finance’s Best Bank crown for the Czech Republic. Over the first nine months of 2024, net profit at CSOB rose 2% to CZK13.6 billion (about $619 million), as return on assets (ROA) edged up 2 basis points (bps) to 0.92%. Operating income increased 7%, driven by higher net interest income. The bank boasted a market share of 19.9% in total loans and 19.6% in deposits as of last September.
CSOB talks of its proposition of offering banking and insurance products under the same roof as key to its competitive position in the Czech market. Its asset management business, which saw total assets under management grow by 19%, is also fundamental to its value proposition. As CEO Aleš Blažek explains, “By financing and other services, we guide businesses towards the necessary transformation of the Czech economy into a more sustainable and technologically advanced one.”
Estonia | LUMINOR BANK
Returning as Global Finance’s winner in Estonia after a two-year hiatus is Luminor Bank. It is the third-largest bank in the country in terms of total loans, at €10.5 billion, which was up 2% in the fourth quarter and equated to a market share of 13.8%. Luminor ended 2024 with total assets of €15.7 billion and deposits of €11.4 billion. ROE for the year stood at 8.4%.
Luminor intends to continue building on its strong foundation by doing more of the same. “We are focused on three areas,” says chief executive Wojciech Sass: “to improve our value proposition to customers; to streamline our IT for the benefit of our customers, and so be more efficient; and to be compliant with changing regulatory requirements.”
Georgia | BANK OF GEORGIA
In Georgia, the Bank of Georgia takes home the Best Bank award for the second year running. It holds 42% of all customer deposits in the country and accounts for 38.9% of all loans. It saw a 12% increase in customers, to nearly 2 million.
As of the end of September 2024, operating income was up 9.9% and the bank posted ROE of 22.9%. Bank of Georgia says digital innovation, featuring mobile super apps, has been central to its strong levels of customer satisfaction and continued growth. During the year, the bank expanded into Armenia, acquiring Ameriabank, last year’s Global Finance Best Bank in Armenia.
Hungary | OTP BANK
The overall CEE winner, OTP Bank, also takes home Global Finance’s award in its home market of Hungary. With a market share by assets of 29.3% as of the end of the third quarter of 2024—for growth of 40 bps—OTP is the country’s biggest bank. OTP posted asset growth in euro terms of 1% during the period and an adjusted ROE of 10.2%. A significant effort to increase its range of services and expand the bank’s presence in customers’ everyday lives was the launch of fizz.hu, an online marketplace platform for selling third-party goods.
Kosovo | BANKA KOMBETARE TREGTARE
Banka Kombetare Tregtare (BKT) is a double winner as Best Bank in Kosovo and Albania. In Kosovo, BKT is the third-largest bank by assets, with more than €1.4 billion accounting for 16.9% of the country’s total banking-system assets. During 2024, BKT posted asset growth of 19.4%, driven by retail deposits that rose 19.9% and loans that grew 28%. BKT has been Kosovo’s fastest-growing institution by various measures for the past five years. In 2024, net profit rose 16.6% to €23.6 million.
Latvia | CITADELE BANKA
Next door, Citadele Banka is the five-time Best Bank winner in Latvia. Citadele’s deposit base rose by 5% in 2024, reaching just over €4 billion as of yearend. ROE stood at 17.5% for the year. The number of active customers rose by 6% to hit 401,000, serviced at 11 branches in Latvia (as well as six in Lithuania and one in Estonia). Approximately 89% of customers were active digital-channel users in 2024.
Lithuania | SIAULIU BANKA
After a one-year break, Siauliu Banka returns as Best Bank in Lithuania. It posted a 2% growth in total assets to €4.9 billion in 2024 while deposits stood at €3.6 billion. ROE fell to 14%, from 15.4% in 2023. Net interest income rose by 2%, but has posted a compound annual growth rate of 16.9% since 2018. The bank reports that its following a multiyear strategy with the main objective of delivering the best customer experience. One way it aims to do so is via what it calls “commitment to phygital:” that is, by “bridging the physical and digital worlds to create leading client experience.”
Moldova | MAIB
In Moldova, MAIB repeats as Best Bank. It is the biggest player in the market, boasting market share in assets of 35%, loans of 37.9%, and 35.7% in total deposits. The bank has over 1.1 million customers (up 8% on the year) and 101 branches. Profit rose 15.5% in 2024 while ROE declined by 96 bps to 18%. MAIB continued its digitalization process in 2024. CEO Giorgi Shagidze credits an agile transformation at the bank in 2024 for reducing time needed to launch a new product—two weeks rather than three. Central to the future of Moldova was the October 2024 “yes” vote in a referendum on future European Union membership, which Shagidze predicts will help create a “stable, forward-looking environment” for the country.
Montenegro | CKB BANKA
OTP Group subsidiary CKB banka (Crnogorska Komercijalna Banka) is the winner for the seventh time in a row as Best Bank in Montenegro. It continued its growth trajectory, last year as assets jumped 3.7% to the end of September, and equity jumped 8.2% while deposits grew by 3.5%. The bank’s ROE hit 22.7%, while the ROA was a strong 3.4%. CKB banka is by far the largest bank in Montenegro, with the highest market share in nearly every business segment—just over one-quarter of total system assets and deposits and 33.8% of total loans. Key to solidifying, and continuing to build upon, its dominant position is an all-encompassing transformation, launched in early 2024, of its customer-service effort to improve customer satisfaction.
North Macedonia | KOMERCIJALNA BANKA
In North Macedonia, Komercijalna banka is a fourth-time winner as Best Bank. During 2024, its total assets grew by 9.2% to €2.9 billion, for a system market share of 22.1%, to making the country’s largest bank. ROE rose 370 bps to 23.6% while ROA grew 60 bps to 2.8%. During the year, Komercijalna banka continued implementing technological upgrades, enabling the digital onboarding of clients and digitaliziation of its products and services. One notable improvement was the launch of a program enabling customers to apply for online loans.
Poland | BANK MILLENNIUM
In Poland, Bank Millennium is the winner of the Best Bank award for the fifth consecutive year. For 2024, it posted a 25% increase in net profit while growth in adjusted ROE clocked in at 18.5%. Total deposits rose by 9%, and assets increased by 11%. The bank, which in 2024 celebrated the 35th anniversary of its founding, touts new currency-exchange offerings for customers, a comprehensive redesign of its app, and the implementation of a new buy now, pay later service, as some of its key advances for customers during the year. As part of the bank’s growth strategy, management board chair Joao Bras Jorge aims to double the size of the corporate loan portfolio and increase the customer count by 20%.
Romania | RAIFFEISEN BANK
Raiffeisen Bank returns as this year’s Best Bank in Romania. Through the end of the third quarter of 2024, the bank’s assets grew 10% to €14.9 billion, for a market share of 8.8%. Operating income for the full year rose 8% to €820 million, although net profits fell 3% to €337 million. A significant growth driver has been the bank’s financial planning service, which is partly delivered via tablet. In July, Raiffeisen Bank Romania launched an improved online customer onboarding, which resulted in a fivefold increase in digitally acquired customers during the third quarter of the year compared to the same period in 2023.
Serbia | BANCA INTESA BEOGRAD
Banca Intesa Beograd takes Global Finance’s Best Bank award in Serbia for the eighth year in a row. The country’s biggest bank, it boasts a 15.6% market share with assets rising 11.1%. It was the second-largest bank in the country last year on an equity capital basis, with 13.4% of the Serbian banking system’s total equity (up 12.3%). In 2024, Banca Intesa Beograd boosted operating income by 20% as ROE rose 300 bps to 25.9% and ROA rose 40 bps to 3.11%.
A centerpiece of the bank’s technological advances during the year was the launch of its effort to roll out an AI digital assistant to bank employees. This will provide real-time answers to questions and accurate information on a range of topics as part of an ongoing effort to improve customer experience.
Slovakia | VUB
Intesa Sanpaolo banking group member VUB is Best Bank in Slovakia for the fifth year running. Net profit fell 3.8% due to a new bank levy, but assets grew 23.6% to reach €24.5 billion. VUB increased its market share in retail lending (21.3%) and corporate lending (up 110 bps to 20.4%). A major focus for the bank—with 122 retail branches and 32 corporate branches in the country—was to lay the groundwork for introducing a new internet and mobile banking platform, which it rolled out to 250,000 customers before the end of the year.
Slovenia | OTP BANK
OTP Bank also wins as Best Bank in Slovenia. Previous winner Nova KBM became a part of the OTP Group in February 2023, and its merger with SKB banka—OTP’s existing presence in Slovenia—was completed last August. With the completion of the merger, the combined bank had 750,000 clients and 78 branches. As of the end of September, it had total assets of €14.8 billion and posted a net profit for the period of €230 million. In addition, the bank points to its central role in issuing Republic of Slovenia bonds and introducing contactless payments, partnering with Google Pay, Apple Pay, and Garmin Pay, as key milestones for 2024.
Turkey | Akbank
After a year’s hiatus, Akbank returns as winner of Best Bank in Turkey. Since 2021, it has seen a 69% increase in its active customer base to 14.2 million. During that time, the penetration of digital customers has grown by eight percentage points to 86% of the total client base. Against a challenging macro backdrop highlighted by 60.9% inflation in 2024, Akbank’s core revenues rose 22% on higher fee income. The bank also increased its market share in consumer loans by 1.9 percentage points. Its ROE for the year stood at 19% and ROA clocked in at 1.9%.
Akbank cites its longtime application of AI as a source of competitive advantage. “AI-based applications have been central to Akbank’s business model and decision-making for many years,” says Abkank CEO Kaan Gür. “The rapid deployment of generative-AI solutions and their use in our bank further strengthens this approach.”
Axis Bank, India’s fifth largest bank by market capitalization $40 billion, last month became the first Indian bank to execute an aircraft lease deal, for 34 trainer aircraft for Air India.
The deal also marks a milestone for Indian aviation finance: the first transaction in which all the stakeholders— lender, borrower, law firm (Dentons), facility agent, and security agent—worked through their entities based in the Gujarat International Finance Tec-City (GIFT City), India’s new international financial services center (IFSC).
Indian airlines have typically relied on multinational banks and foreign lenders for aircraft leases, mainly routed through Dublin, Ireland, due to lack of a strong domestic cross-border financing framework. That is changing.
Air India, through its registered leasing entity in GIFT City, AI Fleet Services, has closed eight lease deals worth $1 billion, including with international lenders for Airbus A350s. The March deal for trainer aircraft was done exclusively with an Indian lender, extending US dollar-denominated long-term tenor. InterGlobe Aviation Financial Services IFSC, the GIFT City arm of IndiGo Airlines, has already financed 20 Airbus A321Neos for $1.8 billion through international lenders and has plans to shortly route another 25 aircraft through the IFSC.
The Indian government is pushing the use of GIFT City as a financial hub for cross-border deals for all sectors, but especially aviation in the form of long-term aircraft leases. GIFT City offers a favorable tax regime for domestic and international financiers and a strong regulatory framework, including a new law that allows faster repossession of defaulted aircraft.
Indian airlines have ordered a total of 1,600 aircraft worth $100 billion, to be delivered over the next 10 years, which Indian banks are keen to finance. The government promises to facilitate domestic and foreign banks structuring and financing leases out of GIFT City and has identified $30 billion in funding for fleet modernization and expansion.
Following the Axis Bank deal, several other Indian banks have signaled their interest in entering the space as well.
Ron Bain is CFO of Vaalco Energy, a Houston-based upstream oil and gas company with a strong presence in Africa and Canada. Founded in 1985, Vaalco is dual-listed on the New York and London stock exchanges.
Global Finance: You have been CFO for almost four years. How has Vaalco’s competitive position changed during your tenure?
Ron Bain: It’s been an active period during which we have delivered several transformative transactions that increased scale and diversified the asset portfolio. We completed a value-accretive corporate merger with Transglobe in 2022 that saw us acquire operating assets in Egypt and Canada. More recently, we acquired a non-operating interest in a producing field in Cote d’Ivoire through the acquisition of Svenska AB.
“In addition, we continue to drive organic growth across the portfolio with drilling campaigns, while expanding our footprint by adding new licenses that provide long-term upside potential. All of this leaves Vaalco well placed to consolidate its position as a leading independent exploration and production company.”
GF: What makes this business and industry a distinctive challenge for a CFO?
Bain: It’s a very exciting, fluid, and cyclical sector in which there is a lot of deal-making, a lot of investment, and the requirement to deploy material capital across the portfolio to deliver growth. The role of the CFO is to ensure access to capital to support growth objectives as well as work with the finance team and executive to mitigate risk: for example, through implementation of hedging instruments to protect the company against commodity downside.
GF: What absorbs most of your energy and time?
Bain: Most of my time is spent ensuring we maintain a robust balance sheet that balances organic and inorganic growth alongside our commitment to shareholder return. Vaalco is dual-listed in London and New York, so I also spend a lot of time engaging with our investors and wider stakeholders, overseeing our regulatory commitments to those listings, and playing a big role in the development of our strategy and our ESG agenda.
GF: What makes for a great finance team?
Bain: It’s important to have good communication within the team, so everybody knows the objectives and their respective roles in achieving those objectives. I am fortunate to have a great finance team across all our areas. I also have a close working relationship with our CEO, George Maxwell, having worked alongside him at our previous company, Eland Oil & Gas, which achieved a good exit for all stakeholders a few years ago.
GF: What is the role of AI in the finance function? How do you see it evolving at Vaalco?
Bain: AI is already in use in finance at Vaalco. We use AI-powered software to handle data entry as well as invoice processing with optical character recognition that extracts process data from receipts and documents with minimal human intervention. We implemented a global ERP system in 2024 and are collecting huge amounts of datasets through it. With the internet of things and the ability to integrate meter readings and monitoring gauges, we see machine learning models reading and learning from these large datasets to improve our decision-making.
GF: What keeps you up at night?
Bain: Economic and market uncertainty, together with an increased administrative burden via greater government regulation. My responsibility is, first, to ensure the company is performing for the benefit of all of our stakeholders. We have a lot of employees, so we must demonstrate that we are good corporate citizens and oversee a safe working environment.
We see ourselves as partners to the host governments in the countries where we operate, so we have a responsibility to the people of those countries to deliver a positive impact through our activities. As an operator of material-producing assets, we must always demonstrate operational excellence and environmental stewardship.
As companies navigate a tariff tsunami and reshoring renaissance, they are finding new tools and strategies—some AI-powered—to manage the challenge.
The drive to globalize that began in the years after World War II has reached an inflection point. President Trump’s “Liberation Day” tariff plans have triggered a chain reaction that will have enduring repercussions for international trade and the movement of capital.
While unprecedented in their scale—and currently on pause—Trump’s actions did not come out of nowhere. Reshoring has been a trend since the early 2000s. The decline of industrial manufacturing in both the US and Europe fuelled opposition to trade liberalization, resulting in rising duties and the decision by many companies to relocate production facilities back to their home or neighboring countries. The new protectionism will not halt global commerce, but globalization in its current form “may have now run its course,” HSBC Chairman Mark Tucker suggested at the bank’s recent global investment summit. It also reinforces the shift toward regional supply chains and resilient manufacturing locations.
Facing Evolving Trade Dynamics
Banks play a critical role in the $9.7 trillion trade finance ecosystem and their expertise will be crucial in helping companies navigate market fluctuations and an uncertain trade finance landscape.
“Given the success of banks’ trade finance divisions over the past few quarters, several banks increased their budgets for this year,” notes Frank Tezzi, vice president and head of Trade & Supply Chain at CGI. “However, many banks waited on spending their budgets until after the election. In the new year, we have seen a commitment to continue with this increased expenditure, particularly given the unique role trade banks can play supporting their customers in a rapidly changing geopolitical climate.” BNP Paribas’s slogan, “the bank for a changing world,” helps explain why its global head of Trade Solutions, Jean-François Denis, is sanguine about current developments.
“Banks are always confronted with changing situations,” he says, “whether it’s geopolitics, major events, or ESG topics. But I think for all business and trade finance in particular, our job is to accompany our clients in terms of mitigating their risks. We accompany our clients that are redirecting their flows. Whether it’s nearshoring or diversifying, a lot of things can be de-risked.” ING views trade finance as one of its pillars of growth and is looking to continue to invest in its trade products, people, and systems in the countries where it operates. In line with that strategy, it continues to support clients executing a sustainability transition with green- and sustainability-linked trade solutions.
“We see growth potential in various sectors like energy, where we see an increased demand from clients in trade, supply chain, and receivable finance solutions,” says Ronald Supheert, managing director-Global Lead Trade Finance Services at ING. Last year, ING’s trade unit exceeded €2 billion in volume mobilized to support clients making green or sustainable transitions.
Looming trade wars and the implementation of higher tariffs will have the greatest impact on clients that have large trade volumes with the US, Supheert expects, but he also has faith in their ability to meet their growth targets through other solutions and in other markets.
Thanks to recent supply chain disruptors like the Covid-19 pandemic and the Russia-Ukraine war, banks have already intensified their focus on working capital optimization solutions that help clients secure supplies efficiently, says Eva Rubio Garcia, head of global transaction banking at BBVA.
“There’s an emphasis on being prepared for client treasury needs, particularly regarding instant payments and data,” she says. “Following a period of survival during Covid, companies are now investing in efficiency, rethinking financial flows, and optimizing the cash conversion cycle.”
The evolving tariff landscape poses a real operational and financial risk, and finance teams will need better visibility, faster decision-making, and stronger scenario planning if they want to adapt. Trade wars require agility and a better grasp of trade finance programs that can free up working capital. Working capital solutions such as supply chain finance (SCF), dynamic discounting, and receivables finance can help counter the effect of tariffs on the cost of capital.
Tariffs cause instability, threatening supply chains and business continuity. SCF mitigates the adverse effects of disruptive events by unlocking working capital trapped in the supply chain. Orbian, one of the first companies to develop an SCF solution, offers a bank-agnostic model that is reflected in recent offerings including Express SCF, Fixed Rate discounting and Flex Pay, a Payment with Terms solution.
The biggest trend of the last two years, says Orbian Managing Director Markus Schiffers, is Payment with Terms, which enables working capital optimization without requiring procurement to negotiate payment terms with suppliers. Payment with Terms allows providers to pay suppliers on the scheduled date while directly protecting the buyer’s liquidity by extending their payment obligations. It allows buyers to manage their cash outflow more predictably, as they have a set schedule for payments to Orbian. This predictability helps with cash flow forecasting and overall financial planning. This safeguards the buyer’s cash flow and enhances working capital, all without requiring supplier participation.
“You need a solution that is very fast in improving working capital for buyers,” says Schiffers. “To roll out supply chain finance to improve working capital takes 18 months or longer; Flex Pay is effective within two months. The combination of both solutions in one program achieves fastest working capital improvement at lowest cost to buyers.”
Moving fast is not always possible in real-life supply chains, however, as it takes time to establish new factories, a complex process that entails high costs, numerous operational challenges, and potential regulatory and compliance issues. Many companies that have adopted a “China Plus One” strategy, diversifying their supply chains by establishing production hubs outside of China, will be holding off from further relocation decisions until after the dust settles.
While China faces the highest tariffs at 145%, other Asian economies heavily dependent on exports to the US are also significantly impacted. Vietnam’s garment industry faces a 46% duty and Bangladesh’s textile sector a 37% tariff. African nations with strong US exports are also feeling the pain, with the most punitive duties levelled at Lesotho (50%), Madagascar (47%), South Africa (30%), and Côte d’Ivoire (21%).
Regional Shift
Countries on the receiving end are scrambling for ways to present a united front. The Trump tariffs have led to the first economic talks in five years between South Korea, China, and Japan, with the goal of making regional trade easier, and they appear likely to increase trade among countries in the Global South.
Between 2007 and 2023, South-South trade more than doubled from $2.3 trillion to $5.6 trillion. Daniel Soloway, head of Trade & Working Capital, Europe & Americas and global head of Distributor Finance at Standard Chartered, believes geopolitical uncertainties and a destabilized tariff landscape will cement the importance of new trade hubs.
“The World Trade Organization expects global trade to rise by about 3% in 2025,” he notes. “A lot of that is driven by intra-emerging market trade, by which I mean Global South to Global South trade. We believe China, India, and ASEAN will continue to be the largest contributors for global growth over the next decade.”
Standard Chartered is hoping to facilitate the shift. “We have strong and extensive teams on the ground in Dubai, China and in Singapore,” says Soloway, “so we’re capturing new opportunities in those intra-Asia trades in ASEAN and Middle East network corridors.”
“While we believe that tariffs will affect growth in certain corridors, we believe it will be offset by growth in other corridors that we can capture.”
Daniel Soloway, Head of Trade & Working Capital, Standard Chartered
Asia is home to 18 of the 20 fastest-growing corridors and 13 of the 20 largest, according to the McKinsey Global Institute. With a presence in many of those markets, Soloway says, Standard Chartered is well positioned to capitalize on changing trade flows. From a logistics perspective, planning will be key. Aside from near-shoring and diversified supply chains, logistics networks need to be flexible enough to adapt to new customs barriers and margins sufficient to absorb extra costs.
Jukka Kuusala, Danske Bank
“Unexpected consequences in logistics are affecting business operations,” warns Jukka Kuusala, head of Trade Finance at Danske Bank. “Tariff adjustments have become complex. What was once a single tariff for machinery now varies for components, such as aluminum and stainless steel parts. This complexity is causing logistics problems as customs authorities struggle to manage imports and exports efficiently, leading to shipment delays.”
Increasingly, export/ import companies in Europe are requesting additional security for US transactions, Kuusala notes. “While European companies typically use bank guarantees to secure contractual obligations, US companies prefer standby letters of credit. This difference has led to increased demand for advisory services as companies navigate these requirements.”
Companies will need to remain adaptable to uncertainties and search out trade finance solutions to help them manage balance sheet pressures and working capital. Currency mismatches are also a threat; Standard Chartered offers a digital foreign exchange solution, SC PrismFX, to address these issues.
Navigating Uncertainty
Clients are seeking guidance on navigating current uncertainty, potential tariffs, and geopolitical issues, Soloway notes. They are also concerned with maintaining margins and price elasticity and managing working capital metrics.Clients are seeking guidance on navigating current uncertainty, potential tariffs, and geopolitical issues, Soloway notes. They are also concerned with maintaining margins and price elasticity and managing working capital metrics.
Michelle Bonat, AI Squared
In addition to its Treasury Leadership Forums, which bring together corporate treasurers with Standard Chartered’s in-house experts, the Standard Chartered Trade Institute, launched in 2024 and accredited by the London Institute of Banking & Finance, offers training programs to support clients through these changes.
Useful tools include trade finance platforms that centralize and digitize trade finance operations, allowing companies and their banks to efficiently manage instruments like letters of credit, guarantees, and collections. APIs enable seamless integration between different systems, such as the bank’s core banking system, the client’s ERP system, and third-party services. AI and machine learning are now being used for document processing, risk assessment, and compliance: automating and forecasting, among other functions.
AI is emerging as a critical tool for streamlining tariff classification, duty calculation, and customs documentation, notes Michelle Bonat, chief AI officer at AI Squared, along with monitoring trade regulations, providing personalized alerts, and powering chatbots for tariff inquiries.
“Banks can integrate AI into financial planning tools, helping businesses to run what-if simulations on how tariff changes (e.g., Brexit, US-China tariffs) might affect costs or supply chains,” says Bonat. “AI can suggest alternate supply chain routes or sourcing options based on tariff structures, usually achieved through the use of predictive analytics, optimization algorithms, and AI-based simulation models.”
The global trade environment is changing, and businesses must adapt. But the plethora of new tools and solutions suggests that by embracing innovation, seeking expert guidance, and proactively managing risks, they can still find ways to thrive.
Trump’s pause of the Foreign Corrupt Practices Act has left companies confused and cast doubt on US leadership of anti-corruption efforts.
When President Donald Trump rolled back the Foreign Corrupt Practices Act (FCPA) just three weeks after his inauguration, decades of anti-bribery enforcement seemingly came to a halt. However, it quickly became apparent that government prosecutors were retreating only from some high-profile cases while doubling down on others.
Companies and their executives, both in the US and elsewhere, are now left to navigate a murky new landscape: one where political motivation may be just as influential as legal precedent. Take, for example, the case of Cognizant Technology Solutions Corp. In April, a federal judge—at the behest of Alina Habba, US attorney for New Jersey and a former Trump defense lawyer—officially dropped the Department of Justice’s long- running bribery case against the company’s two former bosses, Gordon Coburn and Steven Schwartz, who allegedly authorized a $2 million bribe to expand in India. It was the first time the DOJ had walked away from a foreign bribery prosecution since Trump took office for his second term.
“They’re cherry-picking. You’re either going to prosecute all these cases or none of them.”
Frank Rubino, Attorney
Just a few weeks after Coburn and Schwartz got a pass, prosecutors proceeded with a bribery case against Smartmatic, a London-based voting machine company that far-right conspiracy theorists falsely claimed helped steal the 2020 election from Trump in favor of former President Joe Biden. Ironically, it was the Biden administration that brought a case against two Smartmatic executives last year. Venezuelan-born co-founder Roger Piñate and his colleague, Jorge Miguel Vasquez, were both charged with making $1-million bribes in the Philippines. Trump’s DOJ is still moving forward with the lawsuit in Miami.
Confused attorneys were left wondering: Does the FCPA now only apply to some companies and not others?
“I don’t understand why the government is taking an incon- sistent position,” says Frank Rubino, a lawyer for one of the charged Smartmatic executives. The Cognizant scenario isn’t dissimilar to what’s being alleged against Smartmatic, he argues. The only difference is the one-eighty on the part of prosecutors. “They’re cherry-picking,” says Rubino. “You’re either going to prosecute all these cases or none of them.”
Rubino’s entire practice in Coral Gables, Florida, has been devoted to federal white-collar crime, including cases involving alleged FCPA violations, over the course of his 30-year career. And he somewhat agrees that FCPA enforcement can be too strict. The “tiniest thing”—e.g., taking a prospective buyer to dinner—can be construed as a violation, he says. But the Trump administration’s appearance of favoring one company over another encourages him to gear up for an October trial date.
“We’ll prepare as if Trump never signed that executive order and hopefully be successful,” Rubino says. “The fact that certain cases are dismissed has no bearing on our preparation.”
A ‘Horrible Law’?
According to law firm Greenberg Traurig, the DOJ and the Securities and Exchange Commission obtained over $1.28 billion in total FCPA penalties in 2024, one of the highest grossing years since it became law in 1977.
Over the past decade, several high-profile corporations have been fined for bribery, including Airbus, which settled for over
$3.9 billion in 2020; Goldman Sachs, which settled for $2.9 billion in connection with the 1MDB scandal; and Glencore, a Switzerland-based mining firm, which pleaded guilty and paid over $1.1 billion to settle an investigation.
During his first term, Trump called the FCPA a “horrible law.” This year, he claimed that it “actively harms American economic competitiveness.” His executive order enacted a 180- day enforcement pause to allow Attorney General Pam Bondi time to review FCPA “guidelines and policies.”
This was particularly jarring for the Organization for Economic Cooperation and Development (OECD), the Paris- based group that promotes economic growth, stability, and trade among a broad group of countries, including the US.
Per a letter sent to Bondi on Feb. 13 and obtained by Global Finance, the OECD made its case: A prolonged FCPA pause “will not serve its intended purpose to ‘restore American competitiveness and security.’ It may achieve the very contrary by putting American companies operating abroad at serious risk and depriving the United States of a deterrent instrument it has used to pro- tect US companies from unfair practices by foreign competitors.”
The letter also argued why Trump’s logic, while valid, is dated.
Nicola Bonucci, a former OECD director, maintains that the US was, for a time, at a disadvantage since other countries were turning a blind eye to bribery. “The paradox is that the uneven playing field was a true argument point between 1977 and 1999,” he says. “It’s much less so now.”
The 1999 OECD Anti-Bribery Convention, which Bonucci helped implement, changed the norm when 46 signatory states, including the US, agreed to unite and fight bribery on a global scale. US companies operating abroad “are in a difficult situation,” Bonucci adds, fearing an uptick in bribery solicitations and further confusion if some companies are treated differently than others. “The rationale for discontinuing some ongoing cases while pursuing others is not clear and creates further uncertainty,” Bonucci says.
Drago Kos, OECD
As it stands, most defendants in FCPA enforcement actions over the past decade were based in other countries and regions. A new report from law firm Gibson Dunn based on data from 2015 to 2024 finds that throughout that period, 50% of corporate defendants and 62% of individual defendants were non-US based. Additionally, foreign companies were responsible for eight of the 10 largest monetary settlements, contributing $6.1 billion of the $8.3 billion total.
Should the 180-day pause become permanent, or if the US pulls out as a signatory of the Anti-Bribery Convention, OECD chair Drago Kos expects “some countries may think that the Wild West of unpunished corruption is back.”
The US could also see its image as “a tough enforcer of global anti-bribery norms … slip into oblivion” or be deemed a “rogue state,” he adds. “This is why I really hope that after 180 days the US will be back on track.”
Proximity To Politics Matters
Per the Associated Press, Smartmatic’s voting machines were only used in Los Angeles County, a Democratic stronghold in a non-competitive state that Trump, a Republican, did not contest after the 2020 election. Yet, it remains in the DOJ’s crosshairs. Observers of the case note that this tracks with the Trump administration’s penchant for going after
perceived enemies while friendly ties to his inner political circle appear to carry weight. In late March, Trump pardoned Nikola founder and donor Trevor Milton, convicted of investor fraud. He also showed leniency to the cryptocurrency industry, which provided millions in donations throughout his campaign and up to his inauguration. In late March, he pardoned three BitMEX founders convicted of money laundering while the SEC abandoned investigations involving Ripple, Coinbase, and Gemini.
This year, the SEC also ditched a lawsuit involving Justin Sun, a crypto entrepreneur who invested millions in the Trump family’s World Liberty Financial firm shortly after Election Day.
Whether companies will now be emboldened by the ethical standards the Trump administration appears to be setting whenever they make a cross-border trans- action remains to be seen. Either way, observers say the current goings-on are not a good look for the US.
“I think there’s some sentiments that are starting to shift,” says Kison Patel, CEO of DealRoom, an M&A lifecycle management software provider. “It’s not as glamorous to go into business or get acquired by an American company, just given all the current sentiments towards our administration right now.”
Indeed, as of mid-April, data tracker Dealogic shows US M&A activity is down 3% in 2025 compared to this time last year, whereas in other regions, volume is up: Japan (142%), Asia (99%), Middle East/Africa (80%), Canada (53%), and Europe (9%).
The US is swimming against the tide as the global stance against bribery has become strong and interconnected, Kos says, predict- ing that most countries are unlikely to follow Washington’s lead should it repeal the FCPA or end its involvement with OECD. “The anti-corruption world is now strongly connected,” he argues, “and the fact that one country is pulling out, though very painful, will not be an insurmountable obstacle for the rest of the world to continue to fight corruption. Simply put: the leading role of the US will be replaced by other countries that will con- tinue to show the way for developing economies.”
Several firms like StubHub have suspended IPO plans, and merger activity has slowed following President Trump’s imposition of global tariffs, fueling uncertainty across US dealmaking markets.
Initial public offerings involving StubHub, Klarna, eToro, Chime, Circle, and Medline have all been deferred as these firms navigate a tentative period following the US imposition of “liberation day” tariffs, which triggered retaliatory measures and stirred fears of a global trade war.
StubHub, the ticket marketplace firm, said it has paused its IPO plans but filed an S-1 registration with the SEC and maintains that it is well-positioned for a future listing. The company aims to proceed with the public offering as soon as market conditions allow.
StubHub views the current market environment as highly volatile, with significant uncertainty surrounding future policy decisions by President Trump and how markets may respond. The company maintains that meaningful IPO activity is unlikely until conditions stabilize, though the timing of such a shift remains unclear.
M&A activity in the US has also slowed in the first quarter, pressured by a baseline 10% tariff rate, the potential for further import duties, and a persistently high 4.5% interest rate held since December.
“At this very instance there is a pause-and-wait attitude in the US, that is reflected by the IPOs that were paused at the last moment,” Francois Chadwick, KPMG’s Private Enterprise Global and National Lead Partner of the Emerging Giants practice, told Global Finance.
“In a similar vein, we are seeing a little slowdown in the M&A world, again due to uncertainty. However, some large M&A deals have still progressed,” he said. “There is an increased degree of emotional uncertainty playing out that is slowing things down a little.”
Chadwick noted that, while he couldn’t speak to the specifics of individual companies, most are seeking greater clarity on how global markets will ultimately stabilize. He added, “Once we have more clarity, we will start to see more activity—once the tariff and the tax framework across the US and the globe is more clearly understood.”
The current impasse is what many analysts feared: that Trump’s impulsive policymaking could become a significant headwind for the IPO and M&A markets in the US.
Joseph Giarraputo, Founder and Editorial Director of Global Finance, talks to Melvyn Low, Group Managing Director and Head of Global Transaction Banking at OCBC, about the importance of democratizing digital solutions for cash management and the innovative tools the Singapore-based bank has developed to support its customers’ 24/7 banking needs.
OCBC, one of the largest financial services groups in Southeast Asia by assets, has helped transform its cash management and payments systems through the use of Application Programming Interface (API) integrations, tokenization, QR codes and other digital technology. A combination of many different APls called microservicessupplies the critical infrastructure behind OCBC’s Velocity e-banking system, enabling seamless integration across different financial ecosystems.
Tokenization plays a critical role in the bank’s digital processes. Using the Velocity platform, the bank’s accounts are tokenized and embedded into QR codes, enabling customers to make instant payments via mobile phones. Business accounts have also evolved, with customers able to generate tokenized account numbers that add precision to transaction reconciliations.
OCBC is the first bank in the market to create virtual accounts that can handle both collections and payments, providing customers with additional account management controls.
The bank’s OneCollect platform allows businesses to facilitate instant settlements with dynamic QR codes with embedded payment details. QR codes are also powering domestic point-of-sale systems for a range of retail businesses and food and beverage vendors, generating physical and digital invoices, and implementing cross-border payment solutions.
Low explains how OCBC has used these advanced financial tools to help dramatically reduce transaction costs for its customers, improve liquidity management, and enhance working capital efficiency.
“In the old world, all of these technologies were only available to the largest multinationals because they had the most expensive and comprehensive ERP platforms that could connect,” says Low. “Today, even a simple blockchain could connect to a large system through APIs in a very efficient and cost-effective way.”
