Best Bank: Fortis Banque Luxembourg
Last year’s winner has had a bumper year, so Fortis Banque Luxembourg takes the award for best bank in Luxembourg again. The bank’s net profit rose 45% to €672 million in 2006, and its cost-income ratio is now an impressive 39%. A sharp rise in commission income (overall commissions from the private, retail and merchant banking activities rose 18% in the past 12 months) drove this growth. The bank has been successful in its strategy of expanding into areas bordering Luxembourg, specifically France and Germany, where it is now seen as a serious competitor in some regions. Over the coming months, Fortis Banque Luxembourg will look to increase its presence in the commuter segment, which is a lucrative market thanks to the large numbers of people who cross the border into Luxembourg to work every day.
Morgan Stanley wins the best investment bank award thanks to its dominance in M&A in Luxembourg.