The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.


Best bank

Best equities house
Morgan Stanley

Best debt house
China International Capital Corporation

Best M&A house

Financially, subject to the usual caveat associated with financial numbers produced by mainland Chinese banks, ICBC remains in relative financial health. Operating profit increased in 2003 to Rmb63.5 billion ($7.7 billion). Its non-performing loan ratio of 21.24% was down from 25.41% the previous year. According to the bank, estimated NPLs are in line with auditor Ernst & Young?s figures. ICBC appears set to weather the impending slowdown in China, managed or otherwise.

Equity issuance in the second half of 2003 and into the first quarter of 2004 showed tremendous growth over the corresponding period the previous year, widening the pool of candidates for the best equities house award. A number of houses gained footholds in China through large one-off IPO mandates.

Although it did not raise the most capital, Morgan Stanley wins the award since it completed more issues than most of its competitors and executed mandates of a higher quality.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree