Austria
Best bank Bank Austria
Bank Austria’s acquisition of Creditanstalt gives it the lion’s share of Austria’s retail, corporate, investment and treasury banking sectors. Its financial soundness, giving it a triple-A rating, is a key factor in the bank’s success. In the retail market, the bank is an innovator in product development and product placement, offering not only full banking services but also insurance, securities and mutual funds. The bank is very active in international markets, regarding itself as a central European institution with ambitions in a large number of countries in the region.
Best securities firm Investmentbank Austria
Investmentbank Austria handles all investment banking for Bank Austria Group, offering a wide range of products and services with special emphasis on central and eastern Europe. It has access to the capital markets of Vienna and central and eastern Europe as well as to Easdaq and is offering the first direct access to the Deutsche Terminbörse. Its Austrian and central European research has been rated the best in Austria, serving 500 international and 400 national institutions. Investmentbank Austria issues index and individual share-linked derivatives on the Austrian index as well as on central European indices and acts as market-maker for the Austrian Options and Futures Exchange. It is a market-maker in Austrian and central and eastern European shares. Managing funds in central and eastern Europe through a Luxembourg-based umbrella fund widens its appeal to international investors.
Best foreign bank Deutsche Bank
Deutsche Bank continued to consolidate itself as the largest foreign bank in Austria, becoming as strong as the large domestic banks. Highlights of the past year have included lead-managing and acting as global bookrunner of the IPO of KTM and co-lead-manager of the domestic tranche of the IPO of Boehler Uddenholm. It also co-lead-managed the domestic tranche of the issuance of preference shares of Bank Austria earlier this year. The bank has made strong inroads in the local asset-management business and has acquired major mandates for Austrian institutional investors. It continued to be the strongest foreign bank on the Vienna stock exchange with a market share of some 8% and was ranked top in equity research by two of the biggest international investment banks.
Belgium
Best bank Generale Bank
Generale Bank’s progressive stance has meant that it has continued to eat into the Belgian market. It is ranked as the top Belgian bank in the 1997 Euromoney Bank Atlas in terms of total assets and shareholder equity. With $173,194 million in assets and $4,837 million in shareholder equity, Generale is by far the largest Belgian bank.
Best securities firm Petercam
Petercam came top in last October’s Euromoney European Brokers Poll for execution and was ranked second for research. Its unrivalled knowledge of the Belgian securities market enables it to handle the greatest volume of business on the Belgian stock exchange and it has successfully developed its bond-trading over the last year. The firm is widely recognized as the most dynamic of Belgian securities firms.
Best foreign bank Deutsche Bank/dmg
Deutsche Bank is a primary dealer in Belgian OLOs and is currently ranked third overall for both OLOs and T-bills in the primary and secondary markets and second in the secondary markets only. Senior participations as arranger and lead manager in Euroloans and stand-by facilities have grown strongly over the last year. During the past year it has participated in syndicated credits totalling $664 million for clients such as Société Générale de Belgique, Solvay, Petrofina and Fortis. Deutsche was sole underwriter and arranger of a ¥10 billion ($87 million) private placement for Belgian airline Sabena and sole arranger of an innovative Bfr4 billion ($112 million) asset-backed financing structure for a German client.
Bulgaria
Best bank Bulbank
Last year proved the worst of the past seven for the Bulgarian economy, with GDP falling by 10.9% and frequent currency devaluations. Despite the turmoil Bulbank’s prudent policy paid off, with increasing profit levels and growing client confidence. Return on assets reached 9.1% compared with 1% in 1995 and return on equity rose to 99.8% from 12.8%. Net profit grew more than five times and gross operating income almost six times. Three new branches were established and the product profile was enriched with phone-bank, depository and custody services, and a pilot electronic card payment system.
Best foreign bank Raiffeisenbank (Bulgaria)
Raiffeisenbank (Bulgaria) was the first fully capitalized foreign bank in Bulgaria and with consistent growth now has over 80 staff, the largest of any foreign bank in Bulgaria. It continues to be the main channel for all foreign investment while increasing its share of the domestic market.
Croatia
Best bank Zagrebacka Banka
Zagrebacka Banka has succeeded in putting Croatia firmly on the investment map. It successfully co-lead-managed two Croatian issues in the past year, building up an order book based on quality rather than size. Zagrebacka Banka helped put the message across that Croatia is an improving investment-grade credit as the result of a stabilization programme that has delivered sustainable economic progress. A $300 million issue for the Republic of Croatia in February succeeded in creating a benchmark for the sovereign debt in the Eurodollar market.
Best foreign bank Raiffeisenbank Austria
Raiffeisenbank Austria opened its Zagreb office at the end of 1994, and is now the largest foreign bank both in terms of assets and, with 105 employees, staff.
Raiffeisenbank Austria operates as a universal bank in Croatia, offering services to individuals and companies, and is a major provider of project and trade finance loans to corporates.
The investment-banking division is a key player on the Zagreb stock exchange, providing dealing and custodian services, and the bank has 40% ownership of Raiffeisen Investment, which seeks to match the funding needs of Croatian companies with the capital of international investors.
Czech Republic
Best bank Komercni Banka
Komercni Banka is by far the most aggressive bank in the Czech economy, with a strong branch network and a good funding base. Over the last year it has lead-managed issues for Svensk Exportkredit, the International Bank for Reconstruction & Development and the Islamic Republic of Pakistan.
Best foreign bank Citibank
Citibank opened as a subsidiary of Citicorp in 1991, the second foreign bank to enter what was then part of Czechoslovakia. After-tax profits rose to $22.1 million in 1996, an increase of 30% over 1995. Total assets rose to $1.1 billion, an increase of 20%. Notable achievements included leading or co-leading financings of $1.4 billion in 1996, making Citibank by far the market leader. Of special note were the $750 million network expansion of SPT (led jointly with Chase), and the $317 million financing of the Temelin power plant.
Best securities firm Atlantik Finanhi
Brno-based Atlantik Finanhi rises above all other securities houses in terms of efficiency and reliability and is still the largest securities firm in terms of turnover. It continues to provide excellent service in Czech market.
Best foreign securities firm WoodCommerz
WoodCommerz is a Prague-based venture involving Germany’s Commerzbank and Czech brokerage Wood and Co. WoodCommerz has been successful in expanding its equity underwiting business, particularly in the Polish market, where it has been active since opening in Warsaw in 1994. It is now the leading stockbroker in the Prague capital markets and a primary dealer in Czech government bonds. It is also the leading arranger of Czech-koruna Eurobonds, including a Kr2.5 billion ($75.3 million) issue for the World Bank and one worth Kr1 billion for the International Finance Corporation.
Denmark
Best bank Den Danske Bank
By the end of 1996, Den Danske Bank and its non-insurance subsidiaries had assets of $76 billion, making it the largest bank in Denmark and one of the largest banks in the Nordic countries. At the end of 1996, the bank had an estimated 30% market share of banking business with small and middle-sized corporate and institutional customers. In March 1997, it acquired a 77.25% stake in Swedish bank Ostgota Enskilda Bank.
Best foreign bank Citibank
Citibank has had a full-branch corporate banking operation in Denmark since 1975 and is now the lead international bank for a substantial number of large Danish companies while also enjoying more than 130 relationships with foreign subsidiaries of Danish corporates worldwide. Of the three syndicated loan deals done in Denmark in 1996, Citibank acted as joint arranger for two of them.
Best securities firm Carnegie
With a market share in Denmark of 10% in 1996, Carnegie ranks third on the Copenhagen stock exchange. Carnegie acted as sole lead-manager in nine of the 13 IPOs carried out in the past year and was joint lead in four. Carnegie acted as adviser in five takeover bids, including the mergers between Sparbanken and Foreningsbanken merger and between Skandia and Stadshypotek merger.
Finland
Best bank Merita Bank
Merita Bank is Finland’s leading banking group and one of the largest banking institutions in the Nordic countries. With $58 billion in total assets in 1996 and $2.9 billion in shareholder equity, Merita clearly overshadows even its nearest competitors. Its market position is strong across all business areas, serving some
3 million customers in its domestic market. Merita’s overall share of domestic lending and deposits stands at over 40%. The bank is also the overwhelming market leader in services provided to large corporations and handles over 70% of international payments made to and from Finland.
Best securities firm Alfred Berg
Alfred Berg dominates the Nordic securities markets and offers unrivalled service and research. In 1996 it had the leading market share in equity brokerage on the Helsinki stock exchange with 14% of equities trading. In 1996 it was global coordinator of the Fmk423 million ($81 million) offering of Tamro and co-lead in the Valmet privatization offering.
Best foreign bank Citibank
Yet again the award for best foreign bank in Finland goes to Citibank. Major deals done in 1996 include a Dm1.75 billion syndicated loan for UPM-Kymmene (Europe’s largest forest products company) in which Citibank was one of two arrangers, pushing out Chase and UBS. Another example was the Nokia-TAC deal. Finnish Nokia had sold telecommunications equipment to Total Access Communications (TAC), a Thai mobile-phone operator. This was a $22 million, 6.5-year multi-sourced Export Credit Agency-based buyer financing co-arranged by Citibank in 1996 to finance Nokia’s access to TAC.
France
Best bank Société Générale
Société Générale is France’s fastest-growing bank, with profit levels that beat the other French banks on every ratio. With net income of $1.02 billion in 1996 and equity growth of 9.63% over the same period, it has continued to prosper when competitors have been hit by losses.
Best foreign bank JP Morgan
Over the past year, JP Morgan has continued to illustrate its ability to leverage on its resources and win transactions. In advising the French treasury for AGF’s privatization, JP Morgan was the first foreign bank to lead-manage an equity offering in French privatization. It co-lead-managed a Ffr60 billion ($10.3 billion) multi-currency facility for Cades, confirming its capacity to finance institutions on the best terms. The team also provided advice for UAP in its merger with Axa, which led to the creation of the world’s largest international insurance company.
Best securities firm Paribas
Paribas has shown a strong commitment to building a securities business ready to take advantage of a single European market and currency. From the inception of the single-currency project, Paribas has been the leader in this market, consistently leading the new-issue league tables and secondary trading polls and gaining recognition as the authority on the analysis and legal practices of the market. It was the first to lead-manage a euro-denominated issue. But Paribas’ activities are equally important in markets underlying the movement towards a single currency. It has a leading position in the French government market and a strong position in other core markets.
Germany
Best bank Deutsche Bank
Deutsche Bank is Germany’s largest bank by asset base, ranking in first place in Euromoney‘s 1997 Bank Atlas ratings for Germany. With total assets of more than $536 billion and shareholder equity of $15.58 billion, it is the clear leader. A net income of $1,546 million indicates that the cost-reduction strategy it implemented in 1995 has paid off.
Best securities firm Deutsche Morgan Grenfell
In May’s Euromoney Bond Traders Poll, Deutsche Morgan Grenfell was the clear winner in terms of secondary market turnover, climbing 12 places. It was also voted the most improved government bond trading house of the last 12 months. DMG looks set to maintain its strong position in the run-up to European monetary union.
Best foreign securities firm Merrill Lynch
Merrill Lynch has built up a pre-eminent position from its base in Frankfurt with a combination of global reach and firm roots in the German market. The growing global orientation of equity investors has made it an ideal partner for German large-capitalization corporations and in privatization issues. Merrill has successfully expanded its M&A business giving it a number-one ranking in cross-border deals, as demonstrated by transactions for Ruck/American Re and Hankel/Novamax. Merrill Lynch is also the leader in advisory services and in the purchase and sale of US and international equities.
Greece
Best bank Alpha Credit Bank
As the largest private commercial bank, Alpha Credit Bank has a superior cost structure that enables it to undercut the larger state-sector banks. With income growth of 18.78% and return on equity of 29.89% in 1996 it is the most promising of all the Greek banks. It acted as lead manager for the $527 million Hellenic Telecommunications Organization IPO.
Best foreign bank Citibank
Citibank dominates the Greek market and is the shipping industry’s principal bank. It has maintained a leading position in the Greek foreign exchange and derivatives market. Citibank’s innovative strategy in the market continues with a private-placement deal for dairy company Fage, a pioneering financing transaction for the Greek private sector. The deal posed a twofold challenge. It was a Greek corporate client accessing US investors for the first time and had to take account of Greece’s unfavourable sovereign risk.
Best securities firm Sigma Securities
Sigma Securities is the largest broker in Greece and has retained its leadership in 1996 in terms of market share, profitability and expansion in new fields of activity. During 1996, market share measured by volume of transactions reached 9.14%. Its 85-strong team the largest of any securities firm in Greece is highly regarded for its expertise and experience in the Greek markets. In the past year Sigma has introduced various pioneering products to the Greek market, including call warrants and the Sigma Greek index fund.
Hungary
Best bank CIB Hungaria Bank
CIB Hungaria Bank is fully owned by Central European International Bank, an offshore financial institution founded by the Hungarian central bank and six prime international banks to become the fourth bank established in Hungary with foreign participation. The bank’s customers are mostly corporates playing an important and strategic role in the national economy. The bank has long experience in trade finance and loan syndications. Because of the parent bank’s status, CIBH is able to offer the most sophisticated products in the field.
Best securities firm Concorde
Concorde is the largest of Hungary’s domestic stockbrokers, and the fifth-largest including the foreign firms. It was involved in the major deals of the last year. That included being co-lead-manager on the primary and secondary share offers for BorsodChem which contained both a domestic and an international tranche and sole manager on the IPO for TVK. The firm also worked on the secondary offering for Mol, the Hungarian national oil and gas company. The firm is also a successful operator in asset management, in which it has one of the country’s best-performing equity investment funds. And it is building up a name in corporate finance where it acted as adviser to, among others, Greenfields when it set up a life insurance and pension company.
Best foreign securities firm Creditanstalt Securities
Creditanstalt Securities concluded its eighth and most successful year in Hungary in 1996. After joining the primary-dealer system for government securities, it became the largest primary dealer and was ranked as best primary dealer in 1996 by the Hungarian state treasury. It lead-managed the secondary offerings of Primagaz Hungaria, Confinec and textile company Graboplast. It advised Cosmetics multinational Bristol-Myers-Squibb on its $110 million acquisition of Pharmavit.
Ireland
Best bank AIB Group
AIB Group is Ireland’s leading banking and financial services organization. AIB Bank, one of three divisions, has a network of over 300 outlets in Ireland, including money transmission services to the group’s personal and business customer base. As well as branch banking, the bank offers commercial, leasing and life assurance services. Another division, AIB Capital Markets, brings together the investment banking, corporate banking and treasury and international activities of the group. In its home market, AIB has benefited from Ireland’s rapid economic growth.
Best securities firm Davy Stockbrokers
Davy Stockbrokers is the leading primary dealer in Irish government bonds, with a 35% market share. It also has a 35% market share of the Irish equity market underpinned by a broad client base throughout Europe, North Africa and the Far East.
Best foreign bank Citibank
Citibank is the clear leader among foreign banks for foreign exchange, derivatives, cash management and commercial paper. It is the only international bank to have been appointed an official market-maker in Irish punt foreign exchange by the central bank. It was also the first bank to establish a Euro-commercial paper dealing desk in Dublin.
Italy
Best bank Banco Ambrosiano Veneto
Banco Ambrosiano Veneto (Ambroveneto) is the fastest-growing bank in Italy, with annual asset growth of 10.15% and equity growth of 3.52% in 1996. At 7.62% return on equity puts the bank among the most efficient groups in Italy. In May Ambroveneto and Cassa di Risparmio delle Provincie Lombarde (Cariplo) which is Italy’s largest savings bank agreed to form a strategic alliance which will ultimately establish the country’s second-largest banking group. At the end of 1996, the two banks had combined assets of just over L250 billion ($148 billion).
Best securities firm Istituto Mobiliare Italiano
Istituto Mobiliare Italiano’s return on equity, at 8.9%, was one of the largest of Italy’s top-10 financial institutions. Profits have increased on last year’s oustanding figures, to $379.19 million.
Best foreign bank Deutsche Bank/DMG
Deutsche Bank offers a full range of services to corporates and runs several investment funds. On the consumer finance side, through a carefully planned and aggressive marketing strategy, it increased the volume of its loans during 1996 by 17%, an historical high.
Best foreign securities firm Deutsche Morgan Grenfell
Deutsche Morgan Grenfell is unrivalled as a foreign participant in the Italian securities market. It acted as joint global coordinator for the New York IPO of De Rigo Group and for that of Deroma Holding on the Milan stock exchange. Other successes include the launch of a zero-coupon domestic issue of L32 billion ($19 million) equity-linked notes for Woolwich Building Society, an innovative transaction in the domestic bond market with a payment structure matching insurance companies’ liabilities.
Luxembourg
Best bank Banque Générale du Luxembourg
Banque Générale du Luxembourg dominates banking in the Grand Duchy. None of its rivals even came close to its total assets of $30.24 billion and a return on equity of 16.63% in 1996. It is the main player in the Luxembourg franc bond market.
Netherlands
Best bank ABN Amro
ABN Amro is the largest bank in the Netherlands in terms of assets and net income and had a return on equity of 13.74% in 1996 when it rose from 14th to 19th overall in the world’s top 200 banks in the Euromoney Bank Atlas 1997. It made a profit of $1.9 billion in 1996, better than most competitors with asset bases of comparable size.
Best foreign bank Deutsche Bank De Bary/DMG
Deutsche Bank is the top foreign bank trading in Dutch government and guilder Eurobonds and the fifth-largest equity brokerage in Amsterdam. Its presence in equity capital markets was recently boosted through lead-management roles for Baan and Hoogovens in convertible issues. Business in derivatives as part of the treasury and foreign exchange sales desk has more than doubled since 1995.
The bank was the driving force behind the introduction of the Aiona swap, the first standardized interest rate swaps for guilder overnight rates.
Best securities firm Fortis
Fortis had an excellent 1996 as demonstrated by an increase in profits of 20% on 1995. Earnings per share rose by 15%. Fortis has acquired MeesPierson from ABN Amro and is also making headway in the derivatives market.
Norway
Best bank Christiana Bank
Christiana Bank is the second-largest bank in Norway and has shown the highest growth of any financial institution there despite being only second in terms of assets. Equity growth was an impressive 16.92% in 1996 and asset growth 34.55% over the same period. It has now overtaken its nearest rival Union Bank in nearly every ratio.
Best foreign bank Citibank
Citibank’s Norwegian client base includes 25 of the largest corporate and financial institutions and 15 of the largest shipping clients. Its broad range of products has enabled it to expand steadily in the region since its first foreign branch office opened in 1994. Last year, Citibank was joint arranger of a $500 million financing for Saga Petroleum to support its acquisition of Santa Fe UK as well as acting as joint arranger for the $1,400 million refinancing for the company.
Best securities firm Alfred Berg
Alfred Berg has established a leading position in equity brokerage, with a Norwegian market share of 10% of equity trading. So far during 1997 this has been increased to 15% putting the firm in a clear number-one position. Comprehensive research activity is the cornerstone of Alfred Berg’s strategy and it was ranked number one in this category in surveys by Euromoney in both 1996 and 1997.
Poland
Best bank Bank Handlowy w Warszawie
Bank Handlowy w Warszawie is Poland’s largest bank and dominates foreign-
trade-related banking with a market share that exceeds that of the next three biggest players combined. The bank has built up its franchise in commercial banking by establishing a branch network to service its clients. In 1996 the bank entered the international markets with its first Eurobond issue of $100 million. It dominates the corporate banking market and is the leading Polish investment bank. Bank Handlowy is currently preparing for privatization. This will make it the largest and most liquid company listed on the Warsaw stock exchange.
Best securities firm Creditanstalt
Last year was important for all four of Creditanstalt’s Polish offices, coinciding with the country’s increasing popularity with foreign investors and confirming Creditanstalt’s leading position there. Creditanstalt increased customers and assets under management more than sixfold as well as climbing to fourth place among Polish securities houses in terms of turnover on the Warsaw stock exchange. The IPO of furniture manufacturer Forte was the largest and most successful Polish IPO in 1996. Creditanstalt was also lead manager for the capital increases of construction companies Mostostal Warszawa and Mostosal Zabrze.
Best foreign bank ING Barings
ING Barings has maintained its strong market position in Poland and is the leading foreign institution in corporate banking. In 1996 it diversified its range of services to include insurance. ING Group is now the fourth-largest investor in Poland, with capital invested of $350 million.
Portugal
Best bank Banco Espirito Santo
Since its reprivatization in 1992, Banco Espirito Santo has been able to establish a highly competitive position based on an integrated financial services group and a strengthening of retail banking. In 1996 its assets grew by 20%. It was also the Portuguese market leader in privatizations and IPOs, derivatives and fixed income. It was global coordinator of the privatization of Portugal Telecom and of the IPO of Telecel. It also established a pioneering Euro-medium-term note programme.
Best securities firm Finantia
Finantia reinforced its position in 1996 as Portugal’s leading and most innovative securities house. Increased activity over the year resulted in operating income up 32% and total assets up 53%. It was again the leader in Euro escudo bonds for Brazilian issuers. An issue by the Federal Republic of Brazil, with the largest-ever syndicate compared with similar deals, was the highlight of the year.
Best foreign bank Banco Santander de Negocios
Banco Santander de Negocios is the only foreign bank with comprehensive cover of Portuguese investment banking. Many products were brought to the market for the first time in 1996 by the bank, including inflation-linked bonds. Other deals include the advice, structuring and syndication for a guarantee to Transgas amounting to $120 million to back the financing of a gas pipeline to Portugal.
Romania
Best bank Banca Romana de Comert Exterior (Bancorex)
Bancorex was assigned a B1 long-term deposit rating by Moody’s in March 1997, the same level as the agency’s sovereign ceiling for Romania. Bancorex is Romania’s largest bank in terms of assets, handling the bulk of its foreign-trade transactions, and plays a central role in financing of energy imports.
Best foreign bank Chase
Chase’s innovative role in the Romanian market was shown in a landmark transaction with Petrolexportimport. Chase acted as trade finance adviser and syndicate arranger for a $200 million revolving issuance facility agreement, financing crude oil imports. It was also lender and arranger of a $6 million, five-year US Exim guaranteed loan facility and senior lead manager for a $225 million Eurobond issued by the National Bank of Romania.
Russia
Best bank Mezhcombank
Mezhcombank is among the 25 largest banks in Russia by assets and the top 20 by equity. International recognition has grown from its accreditation with the Financial Institutions Development Programme (FIDP) and Russian Trade Facilitation Programme (RTFP) sponsored by the World Bank and the European Bank for Reconstruction & Development. Mezhcombank is one of the first founders of the Moscow Interbank Currency Exchange (Micex) system and an active trader in all currencies quoted on it. In 1996 Mezhcombank was among 21 commercial banks authorized by the Central Bank of Russia to act as primary dealers in the government short-term bond (GKO) market.
Best foreign bank Citibank
Citibank was the highest-rated custodian in Russia in 1996. This year it has consolidated its position in the Russian market. It provided a $10 million, three-year financing for McDonald’s to finance its franchise expansion in Russia. It was also the lead-manager and arranger of the first Euroloan syndication for Uneximbank, Russia’s largest private bank.
Best securities firm Troika
Troika, which won this award in 1996, has maintained its position as Russia’s most successful domestic securities house. Brokers still reckon it is the most trustworthy of Russia’s domestic securities houses.
Best foreign securities firm Brunswick
Brunswick has stayed ahead of the expanding Russian securities market. It has continued to provide unequalled research and sales and has the leading team in the Russian capital markets.
Slovak Republic
Best bank Tatra Bank
Tatra Bank’s capital adequacy ratio, at 12.3%, remains far superior to that of any other Slovak bank. It is also the country’s most profitable and the major player on the treasury bill market. It was the first Slovak bank to participate as a syndicate member in Slovak koruna Eurobonds and the first to extend a foreign-currency syndicated loan to a Slovak-foreign joint venture.
Best foreign bank Citibank
Citibank is one of the fastest-growing banks in Slovakia as well as the most successful. It has excelled in integrating its global network with the Slovak market and has a competitive edge in foreign exchange and cash management. It remains the number-one bank there for Euroloan financing, arranging $525 million for Slovak borrowers in 1996.
Slovenia
Best bank Nova Ljiubljanska banka
Government-owned Nova Ljiubljanska banka is by far the best-performing bank in the growing Slovenian market. With total assets of some $3 billion it is nearly three times the size of its competitors.
Best foreign bank Creditanstalt
Creditanstalt is widely regarded as the best foreign bank in Slovenia. Its universal outlook and equity specialism have stood it in good stead over the past year. It was a co-manager in the Republic of Slovenia’s $236 million Euromarket public issue in May this year.
Spain
Best bank Banco Santander
Banco Santander is now the largest bank in Spain by assets, with more than $149 billion in 1996, and is expanding rapidly at 19% per year. Its broad branch network includes 1,418 branches. With profits of $918 million, up over 18% from 1995, Santander is fast overtaking its rivals.
Best securities firm Santander Investment
Santander Investment’s unrivalled strength in the Spanish capital market derives from its undertaking to provide a top-level service across the full range of securities services. It has a dominant market share in corporate finance, equities and derivatives. It has also been the first to embrace new products. When equity derivatives first began trading in Spain in 1992, Santander took an immediate leading role and was the number one securities firm on Meff in volumes transacted in futures and options.
Best foreign bank Deutsche Bank/DMG
Deutsche Bank is the largest foreign institution in Spain and the clear leader across the range of trading businesses. It is the largest trader of government bond futures and interest rate and equity-linked structured issues and the second-largest trader of matador bonds and private fixed income. Its private banking business is also expanding.
Best foreign securities firm Merrill Lynch
What has distinguished Merrill Lynch is its purchase of FG Inversiones Bursatiles, which gives the firm a leading position in the origination, research, trading and distribution of Spanish equities and fixed-income securities as well as an asset management and advisory service. FG’s research analysts cover 100 Spanish companies.
Sweden
Best bank Skandinaviska Enskilda Banken
Skandinaviska Enskilda Banken’s 1996 results were the best in its 25-year history. Return on equity (ROE) was 22.7%, giving the bank a place among the more profitable banks in Europe in 1996. Profitability remains high during the first three months of 1997 ROE was 22.9%, the highest of all the major Swedish banks. SE Banken has a leading position in its preferred markets. It is the largest foreign exchange dealer in Sweden with a market share of 40% and in 1996 participated in about 70% of programmes outstanding in the commercial paper market.
Best foreign bank Citibank
Citibank is one of the oldest foreign banks in Sweden and has consistently focused on delivering global banking solutions to a select group of corporations, financial institutions and public-sector entities. It is the leading bank in cross-border fund-raising, syndicated loans and cash management. It also has the dominant position in Swedish ADRs with a 70% share, including the Scania programme launched in 1996 and the LM Ericsson issue, the most-traded Nordic ADR.
Best securities firm Alfred Berg
Alfred Berg has consistently commanded a leading market share in equity brokerage on the Stockholm stock exchange and a number-one market position with domestic institutional investors. It has a 12% market share in Sweden, specializing in highly liquid government and mortgage bonds, which make up 90% of the Swedish bond market.
In 1996 it was lead manager in the initial public offering of Swedish Match and this year has served as lead manager for the IPOs of Castellum and Karshamns, as well as in the merger between Sparbanken and Foreningsbanken.
Switzerland
Best bank Swiss Bank Corporation
Swiss Bank Corporation is one of the fastest-growing banks in the Swiss market with asset growth of over 25% and a net income of almost $1.68 billion in 1996. Return on equity was the highest in the market at 17.32% over the same period.
On top of this there is the investment banking arm SBC Warburg. In 1996 SBC Warburg proved that two plus two can equal more than four. The bank consolidated its position as a leader across all major investment banking product areas and it led some of the most important transactions for governments and corporates in Europe.
Turkey
Best bank Turkiye Garanti Bankasi
Turkiye Garanti Bankasi is Turkey’s fourth-largest commercial bank with 176 branches. It ranked fourth both in asset size and shareholder equity among Turkey’s private-sector banks in 1996. It was the first Turkish bank to issue ADRs/GDRs on international markets and the only private Turkish bank to be rated B by Standard & Poor’s.
In 1996, Garanti made a $245 million takeover of Ottoman Bank from Paribas. Garanti also sold its 85.5% shareholding in Bank Ekspres to billionaire Korkmaz Yigit for $100 million in March 1997.
Best securities firm TSKB
TSKB is one of the fastest-growing securities firms in Turkey and in 1995-96 had an impressive return on equity of 38.8%. Over the same period its equity growth was 98.75%.
Best foreign bank Citibank
Citibank’s recent $75 million capital base increase means that it is more highly capitalized than all but the largest of its rivals in Turkey. It is an acknowledged leader in corporate advisory services for debt structuring, project finance and structured finance transactions.
It recently formed as a separate legal entity an asset-based finance group, Citilease Finansal Kiralama, Turkey’s first foreign-owned leasing company.
UK
Best bank Lloyds TSB
The merger of Lloyds Bank, TSB Group, Cheltenham & Gloucester and Lloyds Abbey Life has created one of the largest full-service financial services companies in the UK. Lloyds TSB has lead-managed 158 issues over the past 12 months and taken over 40% of UK market share. With substantial opportunities for revenue enhancement and cost savings still to be drawn on, it is extremely well placed to benefit from a consolidation phase in the banking industry.
Post-tax return on equity for 1996 was 32.9%, with before-tax profits totalling £2.5 billion, 52% up on 1995. The group’s success is solidly based on its governing objective: maximization of shareholder value. The current target is a doubling of shareholder value every three years.
Best securities firm SBC Warburg
SBC Warburg believes that its 15% share of the UK secondary equity market is the biggest. It has 60 analysts covering UK equities and is reckoned to be one of the top three houses in trading and research. It is also a leader in primary equities, having been the global coordinator in May 1996 of the £1.95 billion Railtrack privatization and the adviser to the UK government on on that issue. Other
recent deals have included a £300 million convertible for property company British Land and, currently, a listing for telecoms company Ionica.
The bank has been active in raising capital for UK corporates internationally, recent deals having included a US placing for British Land, a 144A placing for Ionica and a Eurodollar bond for British Telecom. It is a market leader in deals to return value to shareholders, having worked with eight companies in the past year, including utilities Southern Electric and Yorkshire Water.
On the debt side, SBC Warburg led the largest UK corporate issue ever, a $1.5 billion five-year bond for British Telecom. The bank is particularly strong in bringing debut UK issuers to market, with recent deals for Railtrack, Kingfisher and Friends Provident.
Best foreign bank Citibank
Citibank is the largest foreign bank operating in the UK and the most innovative, introducing new products and breaking new ground. It is the principal banker to the insurance markets as well as a key bank for the telecoms, pharmaceutical and energy industries.
Recent deals include acting as co-lead-arranger on the £1.2 billion ($2 billion) one-2-one mobile-phone financing and also
co-lead arranger on the £2.9 billion Cable and Wireless Communications inaugural financing. The bank holds the leading position in the foreign exchange markets with 6% of London market share. It was number one in Euromoney‘s 1996 forex poll for the 19th year in succession.
Ukraine
Best bank Bank Ukraina
The former state agricultural bank is Ukraine’s largest, and is one of the leading banks in internationalizing its approach. At the end of 1996 Bank Ukraina placed 5.4% of its shares with western institutional investors, at a value of $1.7 million. This was the largest trade in the regulated secondary equity market.
Best foreign bank Deutsche Bank
Deutsche Bank has been active in Ukraine since the declaration of independence, and has had a representative office there since 1992. It acts as adviser to the government and central bank on macroeconomic affairs, and is a major player in trade finance for Ukrainian companies and the government.
