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Fortis’s banking business has been boosted by the success of retail banking campaigns and successful cross-selling of insurance and asset management products. The bank recently surprised analysts by posting a first-quarter net profit of €1.33 billion, above the average forecast of €973 million. Net profits at the retail bank grew by an impressive 16% compared with the same period last year and at the commercial bank by 38%.

JPMorgan was arguably the most impressive debt house in Belgium last year, having worked on a variety of deals including a sovereign and two corporate deals but the equity and M&A markets proved more exciting.

KBC takes the award for best equity house, having led four out of the year’s five IPOs, including the largest deal of the year, the $1.1 billion IPO of Telenet. The bank also has the strongest position in the local secondary market making.