When it comes to evaluating the best worldwide banks for business, innumerable factors can be used. Global Finance magazine evaluates banks every year, taking into account standard factors such as growth in assets, profitability, and geographical reach as well as the effectiveness of risk management systems and level of service.
For 2012, the magazine compared worldwide banks in categories such as Best Corporate Bank, Best for Emerging Markets, Best Asset Management, and so forth. Here is a selection of some of the hot contenders.
Deutsche Bank took out the top prize as the Best Corporate Bank as well as being top for Foreign Exchange. Founded in 1870 with its headquarters in Frankfurt, Germany, Deutsche Bank has a commanding presence on the world business stage, raking in a â‚¬33.2 billion revenue in 2011 as the largest bank in the world. With an unparalleled range of financial products and services available for corporate and business clients, Deutsche Bank is definitely a good choice as a bank for business.
Though Citibank has often been thought of as a top-notch institution for retail banking, its incredibly large footprint and customer base means that it is well suited for small businesses. Indeed, Citi prides itself on working hard to get loan and credit approvals for small business customers, lending $6 billion in that direction in 2010. With affordable account management fees and a vast range of specialty accounts, Citi is an excellent choice for small business owners all around the world.
If your business is looking to invest, there is no better choice than giant Goldman Sachs. Taking out the gong for the Best Investment Bank, Goldman Sachs is simply unbeatable as a full-service global investment banking and securities firm. Founded in 1869 and headquartered in Lower Manhattan, Goldman has stood strong despite controversy during the GFC and a string of other incidents. Its unmatched reach and range of services means it will serve your business well whatever your goal.
If you are conducting business in areas outside of North America and Europe, perhaps consider Standard Chartered. The British banking and financial services company, despite being just 44 years young, won the award of Best Bank for Emerging Markets. This in many respects reflects a growing trend as banks cut back their operations in debt-ridden Europe and focus on faster-growing emerging markets, such as the Asia-Pacific, where Standard Chartered rules supreme.
Al Baraka Bank
If perhaps you are looking to do business in areas with a heavier Islamic concentration, Al Baraka Bank would be a top choice. Taking the prize as the Best Islamic Financial Institution, Al Baraka Bank is a commercial bank that prides itself on operating under Islamic (Halal) principles. The bank is becoming a growing force on the world stage, offering retail, corporate, and investment banking services in countries such as Indonesia, Bahrain, Pakistan, Tunisia, and Turkey.