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Estonia

BEST BANK
Hansabank

BEST DEBT HOUSE
HVB Group

BEST EQUITY HOUSE
Suprema Securities

BEST M&A HOUSE
Citibank

Hansabank once again wins the best bank in Estonia award, having extended its lead over second-placed SEB-owned Eesti Ühispank. Total assets have increased to $11.21 billion from $4.75 billion the previous year and return on average equity is up from 19.61% to 24.6% – above Eesti Ühispank's 21.17%. Estonia continues to dominate Hansabank's activities, generating €29.1billion of the €54.3 billion net profit that the bank made in the Baltic republics and Russia. Indeed, client deposits increased by €158 million in Estonia during the first quarter of 2005 alone – accounting for 40% of the bank's overall deposits growth.

There was little in the way of public debt issuance from Estonia this year, with Barclays Capital and Deutsche Bank's €750 million FRN the one notable deal from the region – though not solely Estonian – and HVB's €29 million 10-year FRN for the City of Tallinn being the only other bond. The spotlight therefore falls on the loan and project finance markets and the most notable deal in the year covered by Euromoney's awards was Estonian Cell's €108 million syndicated loan, which had HVB as lead arranger.

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