Best bank - National Bank of Greece
Best debt house - CSFB
Best equity house - Citigroup
Best M&A house - JPMorgan
Best local partner - Deloitte & Touche
National Bank of Greece, the country's oldest bank, is still its dominant financial institution. Despite a difficult year, it managed a return on equity of 8.7% for 2002 and has a decent tier 1 ratio of 7.5%. Since its planned merger with Alpha Bank fell apart in January 2002, NBG has switched its focus towards organic growth in the Balkans. It has also been restructuring and over the past year has cut staff by 6%. It has arranged important loans for several Greek corporates this year, including Hellenic Petroleum and Cosmote.
In the late 1980s CSFB was the first investment bank to set up operations in Greece. Today it boasts an impressive franchise, particularly in debt capital markets. This year it was bookrunner on the largest ever lower tier 2 transaction in Greece for BBB rated National Bank of Greece. Then, in December, it brought Alpha Bank to market with the first ever tier 1 issue out of Greece. This transaction involved significant legal, tax, regulatory and rating agency issues.