Sweden

Best bank
Svenska Handelsbanken Best debt house
Citigroup

Best equities house
Carnegie Investment Bank

Best M&A house
Deutsche Bank

Svenska Handelsbanken wins best bank again this year for its top performance figures and its consistently high level of customer satisfaction. During 2003, the bank had one of the highest return on equity ratios (14.9%) and the lowest cost/income ratios (44%). ?Svenska Handelsbanken is a champion in terms of efficiency,? says Alexandra Sleator, analyst at Moody?s, which upgraded the bank to Aa1 in March for its operating efficiency, the high quality of its client base and its asset quality.