Best banks named

Best banks named

JAKARTA (JP): Asiamoney magazine has named Merrill Lynch as the "Investment Bank of the Year in Asia" and Bank Internasional Indonesia as the "Best Commercial Bank in Indonesia".

The magazine, the region's leading finance publication covering capital markets, banking and investments, announced yesterday that Merrill Lynch was cited for its depth and breadth of coverage in Asia, its willingness to adapt to local market conditions and its understanding of local companies.

Bank Internasional Indonesia, the most profitable bank in Indonesia, is highly regarded as innovative and well-run. It also records the highest return on equity among banks in the country.

The magazine hands out Investment Bank and Commercial Bank Awards each year to banks which have performed above par based on a survey done among the region's top banking analysts, borrowers/issuers, investors and rival bankers. (13)