Iceland

Best bank – íslandsbanki
Best debt house – Búnadarbanki
Best equity house – Kaupthing
Best M&A house – Kaupthing
Best local partner – Búnadarbanki

Iceland is heavily overbanked, with a handful of commercial banks and 24 small savings banks. In May a merger between Búnadarbanki and Kaupthing was approved, creating the country’s biggest bank and there is still more scope for consolidation. Because Búnadarbanki and Kaupthing operated as individual institutions during the past year, in making awards Euromoney has had to consider the performance of the individual entities.