Emerging Europe
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Emerging Europe

Best bank - Bank Austria/HVB
Best debt house - Citigroup
Best equity house - ING Barings
Best at custody - Bank Austria, HVB
Best M&A house - CSFB
Best at risk management and treasury - Deutsche Bank
Best at cash management - Deutsche Bank





In some ways, this has been a great year for banking in emerging Europe. At Euromoney's central and eastern Europe conference in Vienna in February 2003, for example, there was a clear sense of optimism among the delegates that was in marked contrast to the gloom of bankers from other regions. CEE was a rare source of positive stories, such as the big Russian mergers and the accession of convergence countries to the EU.

In other ways, however, it has still been a tough year. Most of the big banks fighting to dominate the region, including KBC, UniCredito Italiano, Citigroup and RZB, have been hurt by low economic growth in Poland, the biggest market in the region after Russia. As one head of eastern European banking put it: "Something needs to change there soon."

In addition, the number of banks competing for bond or M&A business has forced commissions down to the point where Ukraine, for example, can pay fees normally associated with investment-grade companies.

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