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Royal Bank of Scotland

Barclays Capital

Merrill Lynch

Morgan Stanley

Although Royal Bank of Scotland has maintained its global business expansion, it has managed to keep a firm focus on its domestic market, making profits in the UK over 2004 of £5.6 billion ($10.2 billion) and attracting more retail and corporate clients with a broad range of services. In retail, lending increased by 11% in 2004 and the private-banking business increased its UK client base by 8%. In corporate and investment banking, RBS is the UK's number one corporate relationship bank, with a 33% market share, and relationships with more than 95% of the FTSE 100 and more than 75% of the FTSE 250 in investment and traditional banking. The bank is a leading arranger for project finance deals in the UK and a key bookrunner and arranger on bond and syndicated loan deals for UK issuers. RBS has also been prominent on sterling bond transactions off Network Rail's new debt issuance programme, including the successful inaugural £2.25 billion three-tranche bond offering in November last year.

Accompanying RBS as a joint bookrunner on the deal was Barclays Capital, which once again wins the award for best debt house.

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