Best bank - Den norske Bank
Best debt house - Citigroup
Best equity house - Alfred Berg
Best M&A house - JPMorgan
Best local partner - Orska Enskilda Securities
Den norske Bank is by far the best bank in Norway. It has performed well and kept costs flat. The cost-to-income ratio was 63.7% in the first quarter of 2002 compared with 66.6% in the first quarter this year. The return on equity for the whole of 2002 was 8.6% and 7.6% was reported in the first quarter of 2003.
After leaving Norwegian insurance company Storebrand at the altar last July, DnB completed its dream merger with local savings bank Gjensidge Nor, also known as Union Bank of Norway, in May this year. DnB has integrated the acquisition successfully and analysts say it looks like a good transaction.
The bank is quite clearly the market leader in corporate business in Norway and is also very strong in retail. DnB has done a good job growing its mortgage business, according to analysts, and shrinking its international business.
Debt issuance in Norway has been extremely quiet over the past 12 months and there have been no sovereign issues.