Best Bank – Industrial & Commercial Bank of China
Best equity house – China International Capital Corporation
Best debt house – CITIC Securities
Best M&A house – Morgan Stanley
The big four banks in China still carry the burden of their years as instruments of government policy lending, most notably non-performing loans. However, it is fairer to judge them on their performance after being allowed to operate as conventional commercial banks. On this basis the choice is between Bank of China and Industrial & Commercial Bank of China.
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