Greece
Best domestic bank: National Bank of Greece
Best foreign bank: Citibank
Best domestic securities house: National Bank of Greece
Best foreign securities house: CSFB
Best foreign bond house: UBS Warburg
The country's largest bank, National Bank of Greece, has traditionally been hampered by state ownership. However n the past three years though NBG has steadily shed its sleepy, politicized image. It has consolidated its sprawling 173-company group and invested heavily in new technology. It has been further privatized via a e208.7 million (US$227.1 million) secondary offering in October 1999.
And it has reduced its investments in non-core holdings.
The results? Pre-tax profits almost doubled from 1998 to 1999 (year end December 31).
Reported return on equity was 39.1%. Tier I capital rose from 8.8% in 1998 to 14.4% in 1999. And the bank's net interest margin is forecast at around 3.2%.
Citibank, with a 35 branch network (to be expanded to between 80 and 100 in the next four years) is viewed domestically as a prestigious local retailing operation.