Best bank - Danske Bank
Best debt house - Deutsche Bank
Best equity house - Nordea Securities
Best M&A house - Enskilda Securities
Best local partner - Nordea Securities
Danske Bank is by far the dominant bank in Denmark, where it has around 35% market share, and again wins the award for best bank. The total assets of the consolidated group grew from DKr1.54 billion in 2001 to DKr1.75 billion ($275 million) in 2002 and the bank delivered a return on equity of 14%. Last year Danske Bank completed its merger with RealDanmark, a deal that was first announced in October 2000. This led to cost savings of DKr2.2 billion, involving the closure of 139 branches, staff reductions of 2,700 and the largest IT conversion in Danish history. These synergies were all implemented by the end of 2002, a year ahead of schedule.
Danske has a strong position in fixed income in Denmark. It has closed down its international equities business, which analysts see as a positive move, but is still present in domestic equities.
Deutsche Bank wins this year's award for best debt house in Denmark. Deutsche has been the most consistent across primary issuance for financials, sovereigns and corporates and has the largest market share in primary issuance over the 12-month period.