UK

BEST BANK
Royal Bank of Scotland

BEST DEBT HOUSE
Barclays Capital

BEST EQUITY HOUSE
Merrill Lynch

BEST M&A HOUSE
Morgan Stanley

Although Royal Bank of Scotland has maintained its global business expansion, it has managed to keep a firm focus on its domestic market, making profits in the UK over 2004 of £5.6 billion ($10.2 billion) and attracting more retail and corporate clients with a broad range of services. In retail, lending increased by 11% in 2004 and the private-banking business increased its UK client base by 8%.