Portugal

BEST BANK
Santander Totta

BEST DEBT HOUSE
Citigroup

BEST EQUITY HOUSE
Espírito Santo Investment

BEST M&A HOUSE
JPMorgan

Banco Santander Totta has an impressive record for profitability, efficiency and growth.

Group profits have grown by more than 20% thanks to a rigorous focus on improving customer satisfaction, especially in the retail business. The bank’s initiatives have helped it improve its net margin by 7% and commission income by 21%, and costs have been kept low. The group has the lowest cost-to-income ratio of any leading Portugese bank, and it keeps getting better.