BEST BANK
RZB- Austria
BEST DEBT HOUSE
CSFB
BEST EQUITY HOUSE
Merrill Lynch
BEST M&A HOUSE
Deutsche Bank
The three largest Austrian banks have proved their mettle in a challenging economic environment. Bank Austria Creditanstalt increased its profits in 2004 by 36%, largely through its activities in central and eastern Europe, and Erste Bank der Österreicheischen Sparkassen achieved a pre-tax profit of more than €1 billion, nearly 40% up on the previous year.
But Raiffeisen Zentralbank Österreich was the best of the bunch. Although its total profits lag those of Bank Austria Creditanstalt, RZB's 106% pre-tax profit increase cannot be ignored. Its pre-tax return on equity was 27.4% in 2004, compared with 13.4% at Bank Austria Creditanstalt.
The Raiffeisen banking group has its fair share of the Austrian retail market. And it successfully prepared and executed the IPO of Raiffeisen International Bank-Holding, which directs its CEE business. The deal priced at €32.50, just 50 cents below the top of the range and at a premium to 2005 estimates, and was 20 times oversubscribed. The shares traded up 27% in the aftermarket.