Deciding a cut-off point for Asia’s top investment banking franchises was not easy; several of the firms outside our top 12 might feel that their businesses are very nearly equivalent to those who scraped in to the lower rankings.
Probably closest to inclusion was RBS, which, despite the sneers of regional rivals that say the UK bank is out for the count, says it is fully committed to Asia and indeed already making good money. Regional chief executive John McCormick is bullish on the opportunities for his firm, which centre on the bank’s solid primary debt and fixed-income trading platforms.