Norway

BEST BANK
DnB Nor

BEST DEBT HOUSE 
Citigroup

BEST EQUITY HOUSE
DnB Nor

BEST M&A HOUSE
Enskilda Securities

A year on from the merger of DnB and Gjensidige Nor, DnB Nor is not resting on its laurels as the largest financial services group in Norway. In 2004, profits rose 37% to NKr7.38 billion ($1.15 billion) compared with Nkr5.38 billion in 2003, while earnings per share increased from NKr4.61 to NKr6.05. The merger has proved a great success, with cost savings ahead of schedule at NKr705 million at the end of 2004 compared with an expected NKr528 million.