China

BEST BANK
China Merchants Bank

BEST EQUITY HOUSE
Merrill Lynch

BEST DEBT HOUSE
Morgan Stanley

BEST M&A HOUSE
Morgan Stanley

Deciding the award for best bank in China among the big six banks would be a matter of choosing the least bad bank, given the parlous financial condition of China’s state-owned banking system. Outside the big six, though, there is some hope in China Merchants Bank, winner of this year’s best bank in China award. Although state-owned, China Merchants Bank is professionally managed and is generally regarded as one of the best-run banks.