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By Iain Kerr, Anneli Collins and Sian Hill (UK), and Shaun Murphy (Ireland)

By Vicente Duran Rodriguez and Victor Mendoza (Spain), and Marcelo Castillo (Argentina)

KPMG International is again delighted to sponsor the 2006 Financial Services Industry Guide. The financial services sector continues to face unprecedented pressures of change. Major developments in regulation and corporate governance, changing customer demands and advances in technology have far-reaching implications for businesses in the banking, insurance and investment management sectors. Tax law has also developed rapidly, driven not only by national fiscal agendas but also by the influence of supra-national organizations such as the EU and the OECD. This has been accompanied by a hardening of attitude by many fiscal authorities as countries try to protect their exchequer revenue in the face of ever-increasing internationalization of business. In this environment, managing and controlling tax liabilities in a multinational financial services organization is a complex task involving a wide range of skills and requires the buy-in and support of the whole of an organization.

By Chris Abbiss and John Gu (Hong Kong)

By Anjit Bajwa, Tamara Gracon, Stephen Kadenacy and James Harold McClure (US)

Cyprus' introduction of a new tax system, compliant with EU and OECD norms, on January 1 2003, combined with its entrance into the EU on May 1 2004 has led to a spectacular influx of foreign capital into the country, explains Rutger Kriek of Consulco

Type of deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $463 million Coloplast (Denmark) Mentor Corporation (US) Gide Loyrette Nouel France Welch Spell US Wilson Sonsini Goodrich & Rosati US Acquisition €109.9 million ($137.9 million) Ercros (Spain) Derivados Forestales (Spain) Uría Menéndez Spain Roca Junyent Spain Cortada Spain Acquisition £10.1 billion ($18.3 billion) Ferrovial consortium (International) BAA (UK) Freshfields Bruckhaus Deringer Roger Berner, Tom Passingham, Emma Bailey (UK) Fasken Martineau Alain Ranger, Gilles Carli (Canada) O'Melveny & Myers UK Herbert Smith Isaac Zailer, William Arrenberg (UK) Acquisition £3.6 billion ($6.52 billion) Resolution (UK) Abbey National life insurance (UK) Herbert Smith Howard Murray (UK) Slaughter and May Sara Luder, Simon Leatherman (UK) Acquisition $674.5 million Expro (UK) PowerWell (US) Freshfields Bruckhaus Deringer UK Acquisition £346 million ($627 million) Holmar (US) telent (UK) Allen & Overy UK Slaughter and May UK Acquisition undisclosed Allianz Cornhill (UK) Home and Legacy Insurance (UK) Slaughter and May Graham Earles, Daphna Zvi (UK) Macfarlanes UK Acquisition undisclosed Triton (Europe) Dematic (Germany) Freshfields Bruckhaus Deringer Germany Acquisition undisclosed Electronic Arts (US) Mythic Entertainment (US) Fenwick & West David Forst, Timothy Fitzgibbon (US) Acquisition $16.6 billion Johnson & Johnson (US) Pfizer Consumer Healthcare (US) Cravath Swaine & Moore William Brannan, Christian Brause (US) Cadwalader Wickersham & Taft US Merger $40 billion (total enterprise value) Phelps Dodge (US) Inco (US), Falconbridge (US) Debevoise & Plimpton Peter Furci (US) Acquisition £253 million ($458.5 million) British Land (UK) BL Davidson (UK) SJ Berwin UK Slaughter and May Graham Iversen, Paul Fahy (UK) Acquisition £163 million ($295 million) Exponent (UK) Trainline (UK) Travers Smith UK Herbert Smith Bradley Phillips, Andrea Craven (UK) Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers Debt refinancing €1.6 billion ($2 billion) Prisa (UK) Syndicates of 40 banks (International) Uría Menéndez Spain Clifford Chance Spain Debt refinancing £138 million ($250.1 million) Tragus (UK) Barclays (UK) Ashurst Patricia Allen (UK) DLA Piper Rudnick Gray Cary UK IPO $9.7 billion Bank of China (China) BOC International, Goldman Sachs (US), UBS (US) Freshfields Bruckhaus Deringer Hong Kong Jun He Law Offices China Sullivan & Cromwell US Allen & Overy Hong Kong Shearman & Sterling Larry Crouch (US) Restructuring €270 million ($338.7 million) Pullmantur (Portugal) Banco Español De Crédito (Spain) Uría Menéndez Guillermo Canalejo (Spain) Debt capital markets $5.3 billion BBVA (Spain) JP Morgan (US), Lehman Brothers (US) Uría Menéndez Jesús López-Tello, Víctor Martín (Spain) Sidley Austin Brown & Wood US Bond issue €500 million ($627.2 million) Solvay (France) Deutsche Bank (Germany) Freshfields Bruckhaus Deringer Henk Verstraete (Belgium) Antoine Colonna d'Istria, Laurent Dabernat (France) IPO €235 million ($294.8 million) General de Alquiler de Maquinaria (Spain) Morgan Stanley (US) Uría Menéndez Spain Shearman & Sterling US Cuatrecasas Spain Winston & Strawn US

By Rob Lant (UK), Dr Rainer Schick (Germany) and Frédéric Martineau (Fidal Direction Internationale*)

By Tony Urwin and Richard Iferenta (UK), Theamhock Chew (Malaysia), Abdel Hamid Attalla (Egypt) and Mohamed Nabih (Saudi Arabia)

By Margaret Critzer (US), Andrew Hickman (UK) and Dirk Van Stappen (Belgium)