Australia
Best domestic bank: Commonwealth Bank of Australia
Best foreign bank: Citibank
Best domestic bond house: Westpac
Best foreign bond house: UBS Warburg
Best domestic equity house: JB Were
Best foreign equity house: Merrill Lynch
Best domestic M&A house: Macquarie Bank
Best foreign M&A house: UBS Warburg
No commercial bank can win an award in Australia unless two major strategic opportunities are addressed in both wholesale and retail markets: funds management and e-commerce. Government regulations demand that 8% of gross salaries must be paid into superannuation, and the bulk of the money will find a home in growth investments with fund managers rather than bank deposits.
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