| NORDIC & BALTIC |
| Best Regional Bank: Nordea |
| Best Equity House: Nordea |
| Best Debt House: HSBC |
| Best at Cash Management: SEB |
| Best M&A House: SEB Enskilda |
The Nordic and Baltic region is one in which judging the best performers over the past year is made particularly difficult by what might happen in the next. The severe recessions in the three Baltic states have been well documented: Lithuania’s economy is forecast to contract by 16% by the end of 2009 and Estonia’s by 15.4%. Latvia was bailed out by the IMF in December.
Developments in the Baltic republics are being eyed with increasing concern in the Nordic states. According to Fitch Ratings, Sweden’s banks could face losses equivalent to 5% of the country’s GDP as a result of the economic deterioration. Swedbank and SEB have lent more than SKr366 billion ($46 billion) in the Baltic states, which accounts for 17% and 13% of their total loans respectively.