Mexico

BEST BANK
Citigroup

BEST DEBT HOUSE
Citigroup

BEST EQUITY HOUSE
BBVA

BEST M&A HOUSE
Goldman Sachs

One number says it all: $1.7 billion, the net earnings from Citigroup in Mexico. Citigroup, and its Mexican subsidiary Banamex, is not the biggest bank in the country: that honour goes to BBVA’s Bancomer (although Banamex is rapidly catching up). But it is easily the most profitable: Bancomer’s earnings were just 65% of Citigroup’s, at $1.1 billion, and Santander Serfín’s came in a distant third.

Citigroup handily wins the award for best debt house in Mexico, too, with a long series of enormous local bond issues from such borrowers as Pemex, GMAC Financiera and the Inter-American Development Bank – all of which won borrower’s awards last month.