Awards for excellence – Turkey

Best Bank:

Akbank

Best debt house:

Citigroup/Schroder Salomon Smith Barney

Best equity house:

Global Securities

Best M&A house:

Global Securities

The shakeout following Turkey’s devaluation has finally made clear which banks have sustainable, real banking models and which do not. Banks whose main business was speculating in the government bond markets will see their portfolios thrown into loss by devaluation and inflation. Those whose main business was lending to the industry group that owns them will be hit hardest by bad debts and new regulations.