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Best bank
DnB NOR Best debt house
Deutsche Bank

Best equities house
Enskilda Securities

Best M&A house

DnB NOR, the best bank, is the largest financial services group in Norway, with NKr1,200 billion ($173.6 billion) in total assets. The bank is the result of the merger between Den norske Bank and Gjensidige NOR (Union Bank of Norway). DnB NOR has 37% market share in lending to SMEs and 38% of lending to the retail market and it is Norway?s largest capital markets operation.

In the first results since the merger, DnB posted NKr1.5 billion in profits, compared with NKr1 billion in the first quarter of 2003.

Although Deutsche Bank doesn?t have the highest market share in the primary debt market, it wins best debt house for its strong market share and its involvement in deals for a more diversified client base. The bank was involved in several innovative bond deals for corporates, as well as government agencies.

Deutsche structured the first ever target redemption note, a $12.2 million notional note for Exportfinans. It was sole adviser to the government agency on its inaugural Singapore dollar issue. It also advised Norske Skog on the region?s first 30-year bond to be issued by a Baa3/BBB- rated company.

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