Iceland

Best bank
Íslandsbanki Best debt house
Barclays Capital

Best equities house
Kaupthing Bunadarbanki

Best M&A house
Kaupthing Bunadarbanki

Last year, Icelandic banks Kaupthing and Bunadarbanki merged to create the country?s largest bank. It has pursued an aggressive expansion policy, while managing to keep costs down. Kaupthing also managed to increase its year-on-year profit by 40% to reach IKr7.9 billion ($109 million). Landsbanki also managed to increase its net profit by 46% to reach IKr2.96 billion at the end of 2003.