Emerging Europe

Solorz-Zak mulls selling minority equity in Cyfrowy Polsat. TV broadcaster Polsat owner Zygmunt Solorz-Zak and Heronim Ruta have asked Deutsche Bank, Credit Agricole CIB and Trigon to analyse possibilities of the potential offer of the selling part of their equity in Blue-chip DTH operator Cyfrowy Polsat, Cyfrowy Polsat has said, stressing that Solorz-Zak will retain control over the company. "The proceeds from the completion of the potential placement would be used by shareholders for investments in the telecommunications sector", the release reads. Solorz-Zak - together with investment funds - is taking part in the tender to buy 100% stake in Polkomtel, the operator of the telephony network Plus, estimated at PLN 16-18bn. In line with the announcement from shareholders, the potential placement would be only directed at persons who are qualified investor. However, Solorz-Zak later told the Rzeczpospolita daily that the proceeds would be used to finance the expansion of telecom infrastructure and building the LTE network. In his capital group, this network is designer to be build by listed NFI Midas's subsidiaries - Mobyland and CenterNet - as well as Aero 2 (also with capital links to Midas), the newspaper added. ISB, tom

A growth partnership

Fertile crescent

Freedom to perform

A fresh wave of independent financial services companies has emerged in Turkey in the past few years. They are set to challenge the big banks and family conglomerates that dominate the markets. Nick Lord presents five firms that are intent on making the grade.

Focused force

On top of the market

Deutsche leads the way; BNP and Goldman make good progress

Political unrest damaging Lebanese economy; Banks’ regional growth strategies revised

Local/foreign companies looking to list; Economic recovery underpins investor demand

State-owned gas firm benefits from investors' liking for Russian sovereign credit.

Kazakh-Chinese trade/investment on the rise; More Hong Kong equity issuance likely

While some members of the eurozone struggle to stave off default, issuers from central and eastern Europe are once again finding favour with investors. Sudip Roy reports.

Euromoney’s seventh annual emerging Europe company ranking is based on a survey of market analysts at leading banks and research institutes in the region. Respondents were asked to nominate the top three companies in each of the countries or sectors they covered, bearing in mind market strength, profitability, growth potential and quality of management and earnings.

The Best managed companies in Central and Eastern Europe survey rewards Central and Eastern European companies with the most convincing and coherent business strategies by region, country and industry, as well as highlighting those which demonstrate sound practise of corporate governance.

The global credit crunch and associated economic downturn hit Kazakhstan hard. But there is growing evidence that the country is back on the path to recovery. Guy Norton reports from Almaty.

After decades of neglect, infrastructure in central and eastern Europe is in urgent need of upgrading. Now projects across the region are on hold in the wake of the global downturn. Lucy Fitzgeorge-Parker talks to the public- and private-sector bankers trying to get the market back on its feet.

Bank chiefs have finally accepted that their hopes of a level regulatory playing field will remain forlorn. US bankers are up in arms about Europe’s treatment of risk-weighted assets. Europe’s banks face a fault line, where they operate internationally but risk being penalized for the relative size of their balance sheets to national GDP. What does the future hold for banks that could be too big for their borders? Peter Lee reports.

Current account deficit key economic weakness; Government spending promises add to woes

The region’s economic growth is healthy but over-reliant on the rest of Europe. Asia beckons.

Russia’s underdeveloped capital markets are on track for much-needed modernization. However an arcane legal system and entrenched attitudes could yet put a brake on the pace of reform. Lucy Fitzgeorge-Parker reports.

CEOs oppose increased reserve ratios; Threats to banks exceeding loan limits

After a few difficult years, culminating in the resignation of its long-serving chief executive, Italy’s biggest lender is hoping for a fresh start. But plenty of hurdles need to be overcome if it is ever to reassume its position as one of Europe’s leading banks.

Given an increasingly positive economic backdrop in Kazakhstan, the prospect of important developments in the local capital markets and growing investor interest, Almaty-based fund manager Compass Asset Management is looking to launch two new funds targeting the resource-rich central Asian state. Brian O’Callaghan, who assumed the post of chief executive at Compass in the summer of 2010, believes that Kazakhstan is strongly positioned to attract new followers in the coming year. "I was bullish on the long-term economic prospects for Kazakhstan before I came here, and I still am," he says.

UniCredit’s chief executive insists the bank has no immediate need to raise extra capital despite recent cash calls by rival Italian lenders ahead of Europe’s stress tests.