Taiwan

Best bank – Sinopac
Best equity house – Citigroup
Best debt house – Citigroup
Best M&A house – Citigroup

Poor risk management and ill-advised lending to corporates is still causing concern for Taiwan’s banks. But over the past year there has been a concerted effort to get bad loans out of the banks. The over-banked market is also showing signs of consolidation. But some observers describe the process as a facade. As one analyst remarks: “This is more about horizontal diversification than market consolidation.