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Denmark

BEST BANK
Danske Bank

BEST DEBT HOUSE
JPMorgan

BEST EQUITY HOUSE
ABN Amro

BEST M&A HOUSE
Nordea Capital

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Danske Bank is peerless in the Danish bank market. Second-placed Nordea has an operating income of less than half the $4.93 billion recorded by Danske in 2004 and Danske has total assets of $380 billion – more than three times Nordea's. Danske's position has been fortified this year, with a net profit of DKr3 billion ($492 million) in the first quarter of 2005, against DKr2.24 billion in the same period of 2004. Earnings per share rose 41% in the first quarter of this year and return on equity was up from 13.3% to 17.8%.

JPMorgan dominates the debt market in Denmark. From May 2004 to April this year it has consistently beaten its rivals to the mandates that count: it raised the equivalent of just over $4 billion from 13 issues, giving it a 22.49% market share – well above its nearest rival UBS on 9.4%. Unsurprisingly, JPMorgan was bookrunner – along with Barclays Capital and Danske Bank – of the largest bond from Denmark in the period covered: the Kingdom of Denmark A1.8

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