Awards for Excellence 2009: Greece

Best Bank: National Bank of Greece Best Investment Bank: Credit Suisse

National Bank of Greece continues to benefit from more resilient earnings than its peers. It generates its income on the back of a strong competitive position, especially with regard to its liquidity. It has a leading position for deposits, which enabled it to make more loans than its banking rivals. Total operating income for the year came to €3.3 billion, with net income at €702 million. Although its first-quarter €177 million net profit was down 28% year on year, this was a better performance than its competitors’. The return on equity of the retail banking operation was 22%.

The privatization of the Hellenic Telecommunications Organization was perhaps the landmark deal of the year and one that Credit Suisse had worked on for many years. The deal involved a complex shareholder agreement safeguarding key issues important to the Hellenic Republic. In equity capital markets, Credit Suisse maintained its historically strong performance in Greece. Enjoying the largest market share in primary activity, it brought a high-profile rights issue for Forthnet and an IPO for Safe Bulkers.