US and Brazilian banks dominate the highest movers table in 2024, partly thanks to a wave of mergers and acquisitions in both markets. A handful of other lenders from the Americas also feature in the ranking, capping a strong year for institutions across the western hemisphere.
Four US banks are among the top 10 highest movers, with Banc of California taking first place. The Los Angeles-headquartered lender completed a merger with PacWest Bancorp in November 2023, accompanied by a $400mn equity capital raise, sending its Tier 1 capital soaring by 283.2 per cent.
Similarly, the US’s First Citizens BancShares, the holding company for First Citizens Bank, registered a 113.5 percent increase in its Tier 1 capital, helped by the acquisition of Silicon Valley Bridge Bank in March 2023. As a result, it secures third place among the highest-moving banks.
Another US bank, Columbia Banking System, is in fourth place, with a 105.5 per cent expansion of its core capital position. It is followed closely by an in-country peer, Community Trust Bancorp, in fifth place.
Brazil’s highest-ranked lender is Nubank, a neobank with a reach across Latin America, which comes in second place in this year’s table. Nubank’s substantial increase in Tier 1 capital of 161.5 per cent was partly facilitated by regulatory adjustments under new Central Bank of Brazil reporting requirements.
Two other Brazilian banks are among the top 10 highest movers, including Banco Cooperativo Sicredi, ranked ninth, and Banco Safra, ranked 10th. Banco Safra’s 63.8 per cent expansion in Tier 1 capital comes after its acquisition of an unknown stake in financial services group Alfa Holdings, completed in October 2023.
Meanwhile, two Colombian banks are included in the ranking this year. Banco de Bogota, in 8th place, is joined by Banco de Occidente, in 20th position. Mexico’s Bancoppel sits one rank higher in 21st with a 42.6 per cent increase in Tier 1.
Beyond the Americas, two British digital challenger banks feature in the table. Monzo Bank comes in 6th position, while Starling Bank features in 7th. The app-based lenders registered 75.2 per cent and 67.7 per cent increases in core capital, respectively, indicating their growing progress in the UK’s banking market.
Just outside the top 10 places sits Switzerland’s UBS, in 12th, with a 59.7 per cent expansion of Tier 1 capital. Its presence in the highest movers table reflects the completed acquisition of Credit Suisse in June 2023.
Ukraine’s PrivatBank, Poland’s Alior Bank, and Hungary’s MBH Bank are also in the highest movers table in 2024, rounding out a relatively strong showing on the part of a broad range of European lenders from east to west.
