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Best bank
ICICI Bank Best equities house
Goldman Sachs/Kotak Mahindra

Best debt house
Standard Chartered Bank

Best M&A house

ICICI Bank?s results for fiscal year 2003 speak for themselves. Net profit was up 36%, interest income up 32% and fee income up 38%. Retail assets rose by 74% and deposits by 4%.

ICICI is India?s second largest bank, but easily the best managed. It has a network of 450 branches and offices and 1,750 ATMs. Its leading position is perhaps best indicated by the success of its maiden bond offering in October 2003. It was the first to be issued by an Indian borrower on the international capital markets for six years, and was five times oversubscribed.

The joint venture between Goldman Sachs and Kotak Mahindra (GSKM) is the clear market leader in both the primary and secondary equity markets, completing 14 deals worth $1.6 billion. It has a market share of almost 24% and raised more capital from more issues than any other bank.

Key deals were the Rs107 billion ($2.3 billion) Oil and Natural Gas Corporation privatization, which totalled around $14 billion. Also notable were the Rs.9.9

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