BNP Paribas came a narrow second, considerably improving on last year's position as a number of long-running deals reached financial close - including, in Bahrain, the Aluminium Bahrain (Alba) export credits tranche and the receivables package on the Bahrain Petroleum Company (Bapco) debt. The bank also benefited from backing Belgium's Tractebel on the Sohar independent water and power project (IWPP) in Oman and, in common with all the top-flight institutions, from the string of mega-deals in the Qatari gas market. But its portfolio was well rounded, with a total of eight deals across four markets.

Further down the table are some interesting movements. Particularly noteworthy is the rise of Standard Chartered Bank (SCB), which came from nowhere last year to take fourth place with seven deals, delivering on its stated aim of expanding its activities in the Middle East. SCB's position in the region has been strengthened considerably by the acquisition of the project and structured finance portfolio of ANZ Investment Bank in late 2004, which has seen it take on some important advisory mandates, and the bank is likely to be a regular feature in future surveys (see page 32).

The merger of Credit Agricole Indosuez and Credit Lyonnais to form Calyon has boosted capacity and the unified institution comes in fifth in this year's survey (see pages 37-38). Like HSBC, the bank profits from the opportunities offered by having an energetic affiliate in the Saudi market in Banque Saudi Fransi. Overall, it was a good year for French banks. Societe Generale also rose up the rankings to third from 11th with six mandates.

Citigroup returned to the table after last year's absence and although its deals were less diversified - consisting of two big ticket mandates for Qatar Liquefied Gas Company II (Qatargas II) and Ettihad Etisalat - the moves suggest that after a period of deliberation over its approach to the region, the global heavyweight is back. Royal Bank of Scotland, traditionally less strong on the lending than on the advisory side, also entered the top 15 with three mandates.

The Japanese banking groups slipped considerably from their 2003 positions. Sumitomo-Mitsui Banking Corporation fell to ninth from third, Bank of Tokyo-Mitsubishi dropped to 13th from fourth and Mizuho Financial Group is absent altogether, having been at number seven last year. However, the growing number of projects across the region involving Japanese companies suggests that this will be only a temporary blip.