Portugal

Best bank
Banco Totta e Açores Best debt house
Deutsche Bank

Best equities house
Banco Espírito Santo

Best M&A house
Banco Espírito Santo

Best local partner
Banco Finantia

A recession in Portugal has made business difficult for all the country?s banking groups, but they have all adapted to new business conditions and demonstrated their resilience.

Of the big banks, Totta has shown the best efficiency, despite being much smaller than some of its rivals. It reported a return on equity of 18.9%