Belgium

BEST BANK
Fortis Bank

BEST DEBT HOUSE
Deutsche Bank

BEST M&A HOUSE
Goldman Sachs

Fortis Bank is still the number one bank in Belgium, increasing its 2004 profits by 53% to €3.4 billion. It also grew its return on equity from 19% to 26%. On the retail side, it clearly differentiates between its customers, and private clients now receive an integrated service. It has also made enhancements to its internet banking offering. The investment-banking arm closed several high-profile structured deals last year and it remains a dominant force in the loan market.