The Eurozone has experienced a moderate level of recovery since the spring of 2013. The challenges faced by financial-services and banking providers has, and continues, to vary from nation to nation. Although economic entities across certain areas of Western Europe have suffered less than positive performance during 2014, with several experiencing stagnation, the outlook for the banking sector remains promising. 

The banking sector of the region has been regaining strength over the past six years, since the global financial crisis, enhancing institutional structures to meet the growing demands of the global banking industry as well as the requirements of regulators. Banks have become more adept at meeting the needs of the times in an increasingly tailored way—with innovative and considerate products, solutions and services. 

Unemployment across the Western European region has been slowly creeping down from the peak level of 2013. Major Western European nations, with sizeable GDP contributions to the EU economy, have achieved especially low jobless rates—in part because of the financial-services and banking sectors—such as Germany and Austria. In addition, Britain, continuing to function with its own currency—the pound, has seen a strong recovery over the past two years—with the financial-services and banking sectors driving and contributing to growth significantly. 

The next phase of financial-market navigation for banking and financial-services firms will be the bond-buying phase of the European Central Bank (ECB). The ECB put measures to work in June of this year designed to stimulate European economic activity. These measures included a further reduction in interest rates and the announcement of a plan to stimulate bank lending to the private sector. However, pressure remains on the ECB to do more to help bolster European growth—to apply a programme of quantitative easing and essentially add money to the financial system. 

As the quantitative-easing programme is applied and funds are added to the financial market and filtered through to the wider economy through Western European banks, the EU region may experience stronger growth. Western European banks have been successful in navigating the new terrain of the banking sector over the past five years—applying regulatory changes and meeting changing customer needs in efficient and effective ways. By continuing with this evolving approach, Western European banks will underpin the economic growth across the region that will result from ECB measures, crucially including quantitative easing over coming years. 

The key issue facing banks across Eastern Europe at the moment is the upcoming asset-quality review. Certain nations in Eastern Europe have been experiencing strong growth—and in particular, significant growth in their banking sectors. Examples include Poland and Hungary, which have not only experienced positive economic growth over the past year but also currently have well-capitalised banks and financial institutions. However, other nations across Eastern Europe, such as the Balkans and Croatia, will substantially benefit from a shakeup and reorganisation of their banking sectors and financial-services firms that will result from the ECB’s phase of health checks. 

The banking sector of the region has been regaining strength over the past two years—improving institutional structure to comply with changing regulation and meet the evolving demands of the global banking industry. If the required changes are properly managed in an orderly and timely manner, Eastern European banks will subsequently be able to strengthen their balance sheets, reducing risks and allowing them to focus on future growth. This will help the banking sector to further develop and better service economic-growth needs more effectively and efficiently.  

The International Banker 2014 Banking Awards recognise the best banking institutions and individuals in the Western and Eastern European regions that have set the bar for industry excellence. The 2014 Banking Awards acknowledge the institutions that drive global economic commerce, create capital within their regions and opportunities for economic growth, while maintaining a high level of regulatory compliance and corporate governance. The outstanding institutions working within retail, commercial, investment and private banking are recognised; as well, a special award given to an outstanding CEO in each region.

 >>>WESTERN EUROPE AWARD WINNERS 

               BANKING CEO OF THE YEAR                  
Western Europe
Pär Boman
Handelsbanken

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BEST CUSTOMER SERVICE
PROVIDER OF THE YEAR

Western Europe
Turkish Economy Bank

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Best Banking Group Spain
Banco Santander

Best Banking Group Germany
Deutsche Bank

Best Banking Group Holland
ING

Investment Bank of the Year Germany
Deutsche Bank

Investment Bank of the Year France
BNP Paribas

Investment Bank of the Year Portugal
Banco Finantia

Investment Bank of the Year Sweden
Handelsbanken

Commercial Bank of the Year Germany
Deutsche Bank

Commercial Bank of the Year Holland
ING

Commercial Bank of the Year Spain
Banco Santander

Commercial Bank of the Year Switzerland
Banque cantonale de Genève

Commercial Bank of the Year Turkey
Turkish Economy Bank

Commercial Bank of the Year UK
Barclays

Private Bank of the Year Belgium
KBC Group NV

Private Bank of the Year France
Compagnie Monégasque de Banque

Private Bank of the Year Israel
United Mizrahi-Tefahot Bank

Private Bank of the Year Luxembourg
Banque Internationale à Luxembourg SA

Private Bank of the Year Portugal
Banco Finantia

Innovation in Retail Banking Belgium
KBC Group NV

Innovation in Retail Banking France
Société Générale

Innovation in Retail Banking Germany
Commerzbank AG

Innovation in Retail Banking Israel
United Mizrahi-Tefahot Bank

Innovation in Retail Banking Italy
Intesa Sanpaolo

Innovation in Retail Banking Luxembourg
Banque Internationale à Luxembourg SA

Innovation in Retail Banking Turkey
Turkish Economy Bank

Innovation in Retail Banking UK
Nationwide BS

Best Practice Investor Relations Denmark
Danske Bank

Best Practice Investor Relations Holland
ING

 >>>EASTERN EUROPE AWARD WINNERS  

BANKING CEO OF THE YEAR
Eastern Europe
Franjo Luković
Zagrebačka banka

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BEST CUSTOMER SERVICE
PROVIDER OF THE YEAR
Eastern Europe
Komerční banka

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Best Banking Group Slovenia
NLB Group

Best Banking Group Poland
PKO Bank Polski

Investment Bank of the Year Czech Republic
Komerční banka

Commercial Bank of the Year Albania
Credins Bank

Commercial Bank of the Year Croatia
Zagrebačka banka

Commercial Bank of the Year Czech Republic
Česká spořitelna

Commercial Bank of the Year Serbia
Komercijalna Banka

Commercial Bank of the Year Slovenia
NLB Group

Commercial Bank of the Year Ukraine
Delta Bank

Private Bank of the Year Bulgaria
First Investment Bank AD (Fibank)

Private Bank of the Year Estonia
Krediidipank

Innovation in Retail Banking Albania
Credins Bank

Innovation in Retail Banking Bulgaria
First Investment Bank AD (Fibank)

Innovation in Retail Banking Croatia
Zagrebačka banka

Innovation in Retail Banking Czech Republic
Ceskoslovenská obchodní banka

Innovation in Retail Banking Ukraine
Delta Bank

Best Practice Investor Relations Estonia
LHV Pank

Best Practice Investor Relations Latvia
Rietumu Banka