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Iceland

BEST BANK
Kaupthing Bank

BEST DEBT HOUSE
Deutsche Bank

BEST EQUITY HOUSE
Kaupthing Bank

BEST M&A HOUSE
Kaupthing Bank

Kaupthing Bank continues to grow at an amazing pace without sacrificing profitability – return on equity reached 22.6% in 2004 and 33% in the first quarter of 2005.

The bank now has a market capitalization of €4.3 billion – more than double its nearest Icelandic rival, National Bank of Iceland.

In the second quarter of 2004, Kaupthing made its most significant acquisition to date: leading Danish corporate bank FIH-Erhvervsbank, which it bought for €1.3 billion. Moody's has upgraded Kaupthing twice in less than a year and it is now rated €1 for long-term debt.

Deutsche Bank controls more than a quarter of the primary debt market and almost double that of its nearest rival, Credit Suisse First Boston.

Deutsche also distinguished itself as sole bookrunner on the biggest deal of the year, the issue of new non-callable 20-, 30- and 40-year inflation-linked bonds in Icelandic krónur as part of an exchange offer for €4.5 billion of seven outstanding callable and non-callable bonds.

Deutsche Bank has not been quiet elsewhere – it also led several deals for Iceland's most rapidly growing bank, Kaupthing, during the year.

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