| LATIN AMERICA |
| Best Bank: BBVA |
| Best Investment Bank: JPMorgan |
| Best Debt House: HSBC |
| Best Equity House: Credit Suisse |
| Best M&A House: JPMorgan |
| Best at Project Finance: Santander |
| Best at Cash Management: Citi |
The banking industry in Latin America is in a state of flux. As the credit crunch took hold a series of mergers and acquisitions led to new competitors rising up the food chain, while old names quietly shrank their operations and laid off staff.