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LATEST ARTICLES
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Disagreement over where US interest rates are going has split opinion on overall prospects for emerging market currencies.
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While the impact on energy is centre stage, the war in Ukraine is also wreaking havoc on soft commodity prices and trade routes. Trade in agricultural commodities is taking a hit. The pool of banks financing these commodities is already dwindling, while the risks for those that remain are growing.
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Without Russia, Raiffeisen will be a different entity – one focused on safer countries in the former Habsburg heartlands. The low home-market profitability that Russia once served to mitigate, however, will be more evident than ever.
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The fiscal deterioration of Latin America’s former totem has more than just the pandemic behind it.
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The hard truth is that in much of the developing world, climate change still ranks well below more immediate concerns such as unemployment, disease, poverty and political unrest for households and businesses.
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Policymakers in Moscow are finally promising to tackle climate change. Will the Russian private sector follow suit?
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Chilean corporates can now sell through Euroclear, following the sovereign’s successful experience.
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Payments company prices above range as it shrugs off regional valuation constraints on Nasdaq debut.
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Naysayers were swift to condemn Lithuanian involvement in the German scandal.
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Emerging markets have regained some of the buoyancy lost during the early months of the coronavirus crisis, but analyst opinions hint at the difficulty of identifying which EM currencies investors should favour.
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The saga of Poland’s Idea Bank has finally been resolved with a forced takeover by number two player Pekao. But questions remain over the role of the state.
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A new book concludes that the rules for trading EM FX and fixed income have successfully survived Covid.
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In a year of shocks and surprises, it’s hard to say where Mexico’s economic and financial performance ranks – but it’s up there.
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The Dominican Republic’s banks, which were supported by a swift series of measures when Covid-19 struck, are now being asked to fund the government until fiscal reform can be enacted.
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While the FX non-deliverable forward (NDF) market has demonstrated its resilience in the face of a spike in spreads during the early stages of coronavirus, there are concerns over its capacity to destabilize onshore markets in emerging economies.
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Credit Suisse has hired several big guns in the battle for the banking market in Brazil. Chief among them is Ilan Goldfajn, ex president of the central bank of Brazil.
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The Multilateral Investment Guarantee Agency had already set itself ambitious goals even before Covid-19 hit the world. Its new head argues that the pandemic makes its mission all the more relevant.
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How can quantitative easing best alleviate the financial fallout from Covid-19? Unconventional monetary policies make investors in emerging markets uncomfortable – especially in Latin America. Little wonder that central banks are treading a cautious path.
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The markets have been very relaxed about emerging markets adopting quantitative easing – and that, in itself, could become a problem.
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Does the investment manager’s decision to shutter its Hong Kong office and relocate to Shanghai matter?
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And the joint global coordinator is C█████ Sui███?
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Euromoney Country RiskThere is seemingly no easing of risk for the two countries, despite the anticipated third-quarter economic improvement.
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Joseph Poon is group head of DBS Private Bank, one of Asia’s leading wealth managers. But the event that drives him today, informing his values and his views on investing and risk management, was stepping aboard a rickety raft in 1976 to flee an impoverished and divided Vietnam.
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Euromoney Country RiskEuromoney asked its panellists to rescore Lebanon’s risks in the aftermath of the port tragedy on August 4, with investors left pondering what’s next for a country now desperately in need of aid and finance for reconstruction.
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The government’s resignation this week could pave the way for reform – and unlock essential IMF funding – but is the will to change there?
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As expected, DBS and UOB reported dramatic year-on-year declines in profitability, but both were protected by their range.
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Euromoney Country RiskAnalysts can see through the economic and fiscal shock to observe a country with its underlying strengths intact.
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The managing director retires in October. RBI has three names to contemplate as his possible successor.
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Najib Razak’s 12-year sentence on corruption charges is a landmark for Malaysia. But he also tried to drag in former Bank Negara Malaysia governor Zeti Akhtar Aziz and AmBank managing director Cheah Teck Kuang.
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Local scepticism over proposed debt offer rises as bid to include GDP warrants rejected.
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Rather than just handling payments, one mobile-phone technology entrepreneur wants to extend small lines of short-term credit to the financially excluded.
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The sovereign wealth fund is withdrawing to cash, has seen a once-in-a-generation drawdown and is positioning defensively.
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The Goldman Sachs arrangement with the government of Malaysia over 1MDB only draws a line under part of the scandal. There is more to come – and questions to answer.
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As Iran’s currency crisis deepens, observers fear that far from improving the situation, state intervention will do further damage to a country that was in economic turmoil even before coronavirus.
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Unquantifiable risk as a result of Covid-19 made the complex deal unworkable.
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Private sector digital adoption is surging because of the pandemic. The resultant efficiencies will partially offset pressure on profitability at the bank.
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The Singaporean investment company made a loss – but an impressive one in the circumstances.
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A backdrop of buoyant economic growth, falling unemployment and rising consumer confidence gave Serbia’s banks a welcome boost last year.
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A quick reaction to warning signs in Asia meant Atlantic Natural Foods was better positioned than some to deal with Covid-19 – but it still needed flexibility from its bank
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Attorney Mel Georgie Racela runs the Anti-Money Laundering Council Secretariat in the Philippines, one of two agencies tasked with getting to the bottom with the country’s involvement in the Wirecard scandal. He talks to Chris Wright.
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The country’s response to the scandal is a chance to show good governance.
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Investors should stop pretending to care about ESG risks.
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It has become almost fashionable to write off the city. There are important reasons to believe it will endure.
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The Covid-19 crisis will accelerate monetization in the Gulf and see Abu Dhabi companies take equity stakes in the emirate.
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The New Development Bank, born in Shanghai 2015 to help the five ‘Brics' countries, has had a good pandemic, disbursing $4 billion in emergency funding and printing a maiden US dollar bond. Its future plans: more capital, more members and a better credit rating.
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The awkward truce in Brazil between XP Inc and Itaú broke down in a very public way in June.
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Social distancing and government payments are turbo-charging digital bank’s growth.
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The country is losing the war on the coronavirus, as well as wasting the ensuing digital payments opportunity eagerly grasped by others in Latin America.
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Experienced mobile money market participants have given a cautious welcome to Ethiopia’s plans to liberalize its telecommunications market, but warn that the emergence of new transaction providers is far from certain.
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As the US turns its back on China, US-listed mainland firms are rushing to complete secondary share sales. For all the challenges facing Hong Kong, this week’s market debut by JD.com and Yum China’s $2 billion beauty parade, are signs of a market in rude health.
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Emerging market currencies look set to continue their bumpy ride over the coming months as the potential for a second wave of coronavirus outbreaks weighs on Asian currency sentiment.
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Mainland Chinese firms invested $72.2 billion in Africa between 2014 and 2018, much of it through the Belt and Road Initiative. Now that Covid-19 has struck, there is a growing sense of unease in Beijing over calls to write off debt to stressed African states.
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African governments and SOEs owe China more than $150 billion and Covid-19 is limiting their ability to repay. Will this usher in debt-trap diplomacy or are Chinese lenders playing a longer game?
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Will forcing all foreign firms to comply with US audit standards be the straw that breaks the camel’s back in Beijing?
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A new law prohibiting the return of banks to their former owners will unlock international funding for Ukraine. But is it really the game changer some are claiming?
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China has moved closer to approving its first onshore real estate investment trusts. When tax and gearing issues are overcome, the market could overtake the US to be the world’s largest, bankers say.
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Collapse in Brazilian equities places a question mark over recent growth in retail investment.
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Tinkoff Bank’s virtual assistant is good for eating out, but not food for thought.
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Foreign capital is flooding into Chinese bonds, but investors would be wise to scrutinize the myriad ways by which issuers can wriggle out of meeting their obligations. China’s bond markets are vibrant and attractive, but – all too often – unruly.
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India's national ID and financial inclusion system creates the rails on which food and financial aid can reach some of the most vulnerable in society. But its rigidity in a crisis is a weakness.
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The six exchange-rate system is now untenable, with the currency losing more than 50% of its value since October, but analysts say floating the currency will cause more pain without IMF support.
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The bank reports record profits, loan growth and no advance provisioning while Bradesco and Itaú focus on risks ahead.
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Co-founder Sergey Khotimskiy says the coronavirus crisis could help Russia’s private-sector banks fight back against state dominance.
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Private creditors and the Paris Club have agreed to collaborate on a debt standstill for low-income countries, but the process must be handled with care to avoid being more punitive than helpful.
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Debt relief will free up essential funds but could be more punitive than helpful.
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Profit pressure is a threat to every bank, says Qatar Islamic Bank’s group CEO Bassel Gamal, discussing how Qatar’s robust and well-capitalized banking sector is navigating the twin shocks of lower oil prices and coronavirus.
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Breathless reporting of the details of the Argentine government’s offer to bondholders tends to presuppose there is doubt in the outcome.
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Peru’s laudable coronavirus emergency measures won’t prevent its banks from taking a substantial hit – so what does that mean for less-well-run economies?
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Four months after the start of the coronavirus outbreak, financial assistance from the World Bank’s pandemic bonds is about to find its way to poor countries to help them fight Covid-19.
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China is pushing back against claims it could have done more to combat Covid-19; it could help itself by being more open about who owes it money – and clamping down on corporate shenanigans at home.
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Global banks are finally getting full access to China’s capital markets. Regulators will let them own joint ventures outright as they roll out a host of services from forex to advisory to wealth management. For Beijing it’s a final frontier – and there’s no going back.
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When corporates needed access to credit as the Covid-19 crisis ravaged Brazil’s markets, the big banks baulked or raised their costs dramatically. Is this the price of such a consolidated market, one that also provides much-needed stability in times of turmoil?
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Piyush Gupta, head of Singapore’s DBS Bank, tells Euromoney that scrapping dividends now is a mistake, discusses the mental stress of working from home, and says a multi-year recovery will hit banks hard and lead to mergers and job losses.
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The coronavirus lockdown turned WiMi’s IPO roadshow into an all-digital affair – although that may have done the augmented reality firm a favour; the Beijing-based AR specialist is now eyeing expansion into southeast Asia.
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Citi’s chief executive for Kenya and east Africa tells Euromoney how Kenya’s banks have come together to buy ventilators; how Covid-19 will accelerate the adoption of digital banking; and why the removal of the interest rate cap is more important than ever for Kenya’s SMEs.
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Shanghai’s new Nasdaq-style bourse has done more IPOs and raised more capital than any Chinese exchange – including Hong Kong – during the Covid-19 crisis. Questions remain, but so far the Star Market has been a resounding success.
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Risk that high leverage in global corporates could spark 'new global financial crisis'.
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Euromoney Livestream with special guest: Mahmoud Mohieldin, Special Envoy on Financing the 2030 Agenda, United Nations
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In 2008, China unveiled a huge stimulus package that staved off recession. Its uneasy ‘halfway-stimulus’ approach to the Covid-19 crisis is a tacit admission that Beijing just cannot afford to turn on the taps again.
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Dubai raises funding amid perfect storm of Covid-19, economic slowdown and falling oil prices.
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Bank scraps share buyback and postpones dividend decision as COO Arana warns lack of fiscal response from the government risks deeper decline.
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Relief for corporates reeling from the coronavirus will be the bank’s top focus for some time, says its global head of transaction banking.
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The country’s financial system has been transformed over the last decade, and the Viet Kieu has played a crucial role in that; Euromoney speaks to some of its leading lights about what they are doing and why.
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They seemed to be emerging, blinking, into the light of a normal financial system under former president Mauricio Macri, but that moment has gone; the new administration has sent real rates negative, while economic and credit growth look to be years away.
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The IFC’s Africa and Middle East head, Sérgio Pimenta, tells Euromoney that a fast response and private-sector support are essential in the battle against Covid-19.
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The head of UnionBank of the Philippines tells Euromoney that Covid-19 will spell the end of cash and boost the prospects of banks that offer customers the best digital banking services.
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Loan growth can return to double digits in second half of 2020, says deputy chief executive.
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The chief executive of Taiwan lender E.Sun, Joseph Huang, tells Euromoney that banks are responsible for helping not just customers but the whole of society, as Covid-19 pushes countries into lockdown.
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As Egypt ramps up measures to contain the coronavirus, CIB chairman Hisham Ezz Al-Arab tells Euromoney how the 2011 revolution has left the bank well prepared to deal with the current crisis.
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Recruited to set up a national payments system, the central bank’s Olga Skorobogatova has overseen initiatives to protect consumers and promote competition in Russia’s banking sector. In her first interview with international media, she talks sandboxes, blockchain and the challenges of regulating bank ecosystems.
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Vladimir Verkhoshinskiy says Covid-19 crisis offers opportunities for leading Russian private-sector banks.
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Corporate treasurers are doing everything they can to keep businesses running as smoothly as possible during these challenging times. How do their relationships with bank partners hold up in times of stress?
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Previous crises led to consolidated, profitable sector that should be able to weather coming storm.
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The ADB’s policy chief tells Euromoney the Manila multilateral is ready for the worst, but wonders what world will emerge from Covid-19, as sovereign states balk at funding needs, and commercial banks step back from funding infrastructure.
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Dealing room challenges, loan forbearance and short board meetings: CEO John Hollows describes the impact of Covid-19 on the Czech Republic’s largest bank.
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Coronavirus Covid-19 knows no borders, but the economic support packages being put in place sadly do.
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‘Inadequate’ stimulus package could leave banks on the hook as Covid-19 pushes Poland towards recession.
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It might be too much to say the country was bouncing back before Covid-19 struck, but it was beginning to look a bit better. Not now though.
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Asian Infrastructure Investment Bank president tells Euromoney that Asia’s global development bank is stepping up to help member countries in the face of coronavirus.
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The new government’s decision to go after Mercado Libre has the sector worried.
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The Gulf’s largest economy is facing unprecedented challenges from the coronavirus Covid-19 and oil at $30 a barrel. Has diversification under Vision 2030 done enough to help Saudi Arabia weather the storm or will it be forced to abandon its dreams of diversification?
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Lebanon’s banks are on the brink as the country looks to restructure its debt. Could rich depositors, who have for years enjoyed inflated interest rates, be called on to take a hit?
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Paraguay has achieved a lot in the last decade. A raft of laws to underpin the management of its economy – such as inflation targeting and the fiscal responsibility law – created a stable macro-economic environment just before the commodities bust that sent other economies in the region into a downward fiscal spin.
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While the West is consumed by its own mounting panic, it is easy to forget that China, where coronavirus began, is still in all sorts of trouble: growth rates are tumbling and stimulus is a certainty. Now Covid-19 is making landfall in southeast Asia.
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The fall in the oil price will benefit oil-importing countries such as Kenya, but the benefits may be lost because of the African continent's over-reliance on trade with China.
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Slovenian market leader eyes further regional expansion after the purchase of Serbia’s Komercijalna Banka.
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In giving aid to the US, the Jack Ma Foundation has an important message for Trump: close borders to contain a virus, not to contain China.
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Africa’s oil exporters are feeling the pressure after the crash in the oil price and fears of the coronavirus Covid-19, as investors pull money from international bond markets.
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A double shock of Covid-19 and falling oil prices brings the spectre of recession to the Gulf, while efforts to diversify economies are being derailed.
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China is opening its market for distressed bank debt to specialist foreign investors, with LA-based Oaktree the first to set down roots. The market is big and growing, and for the first time, regulators and foreign funds need each other just as much.
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The recent collapse in the oil price and Nigeria's (lack of) reaction to it echoes the way the country dealt with the crisis in 2015. Repetition of the same mistakes will only cause harm for Africa's largest economy.
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Bank of East Asia and activist investor Elliott have long bickered about the weak share performance of Hong Kong’s last family-run lender. A strategic review led by Goldman Sachs and backed by both aims to offer guidance about its future.
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There are legitimate criticisms of pandemic bonds, but the lunatic conspiracy theories online amid the coronavirus panic are damaging; the World Bank’s failure to refute them clearly is a mistake.
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The economic fallout from the virus is beginning to impact regional currencies and growth forecasts.
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In June, Singapore’s regulator will hand licences to three new wholesale digital banks in a bid to better serve under-banked SMEs. Euromoney talks to Arival Bank, a fintech firm aiming to snag a licence and use it to fuel its global ambitions.
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Retail banking has been disrupted. Now comes wholesale’s moment, as banks shift into a higher gear to meet the increasingly onerous demands of digitally connected corporates. Only the best and most adaptable firms are likely to survive.
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Expo 2020 showcases economic and business opportunities in Dubai. Bankers hope it will lead to a boom in areas such as SME lending and infrastructure investment, but worry that a short-term lift will not be enough to dispel broader concerns about the country’s economy.
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UPDATED March 23: The initial 12-week period ends today, meaning that the bonds could be triggered in two weeks' time
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The government’s response to the lack of financial inclusion is to build thousands of new banks throughout the country, but it faces a big challenge in weaning potential customers away from the black economy.
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The new aid is targeted at developing countries; demand is already seen in all regions.
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Four years after Scotiabank last took its investor day on the road, the bank put on a show in Santiago in January to highlight the advances it has made in its international banking strategy.
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Brazil’s changing macroeconomic environment is shaking up the investment industry – and there has been no bigger winner than XP Inc. In his first post-IPO interview with the international media, CEO Guilherme Benchimol explains the firm’s competitive edge over banks.
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Political instability could delay the long-awaited revival of Romania’s stalled privatization programme, as hopes for early elections fade.
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The gravitational pull of Latin America on Santander has resulted in the move to appoint Santander Brasil CEO Sergio Rial to the bank’s board as executive director.
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A snack food firm from Wuhan has completed its $70 million IPO in Shanghai, the first out of the gate since Chinese New Year. Its canny bankers helped get regulatory approval by promising to fund the fight to stem the epidemic.
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Turkey’s strong private-sector banks are its biggest asset – undermining their profitability for short-term political gain will prove counterproductive.
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DP World is planning to delist from the Nasdaq Dubai in a move that directly contradicts the UAE’s efforts to improve liquidity and diversity in its domestic exchanges.
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HSBC launched its green deposit account in the first week of February with a deposit from a building materials company.
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The rhetorical battle between Argentina’s government, the IMF and bondholders is heating up but the bigger – largely ignored – issue appears to be the country’s looming financial collapse.
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As the death toll rises, China’s big state lenders are being forced to shutter branches and Beijing has reacted by disbursing loans to afflicted companies – but the sector is also hit by slowing credit growth and a sharp rise in NPLs.
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The country needs to raise up to $4.5 billion in the international markets this year – and it won’t be easy.
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XP has been outperforming even its most optimistic analysts’ projections in recent quarters.
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In 2016, China’s currency seemed on target for global reserve status. These days, the renminbi appears stuck in reverse, with Beijing looking on passively as its status shrinks and it slides down the global rankings.
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Woori Bank’s investment in Parasite has paid off handsomely, as punters around the world flock to see the first foreign language winner of best picture.
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DBS evacuated 300 employees from Tower 3 of Singapore’s Marina Bay Finance Centre, after an employee tested positive for coronavirus. It comes as banks across the region re-examine worst-case scenarios as the pathogen spreads.
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Euromoney's latest coverage of how Beijing is seeking to globalize the renminbi, through currency swaps and trade-financing facilities; the rise of the offshore bond market; and how fee-hungry banks are salivating at the prospect of the RMB’s growth.
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Across Asia, the coronavirus is hampering banks’ ability to run roadshows, and even hold meetings, and some business continuity plans are starting to kick in.
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As birth rates fall and the UAE government looks at ways to spur population growth, private equity firms see opportunities in IVF.
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Should spirituality be one of the lenses through which the wealthy manage their money? Faith-based investors certainly think so. Euromoney talks to funds and wealth advisers who believe that positive energy or religion-driven strategies can bring enhanced returns.
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It has made waves with an IPO and by building a strong retail banking platform. Less well known is how the firm is gatecrashing the country’s thriving wealth management industry.
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With Santander Brasil registering record profits and Santander Mexico promising the same, the outlook for the group looks Latin. As its European business stalls, how will the bank be affected by Latin America’s shift from engine of growth to core business?
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A draft law in the United Arab Emirates will see more family-run corporates listing, while pension reforms will create a huge pool of investable assets.
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Some organizations, drawn in by irresistible fees, can’t resist working with high-risk clients – but technology might offer a solution.
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Report says they must cut costs by 10%; years of 20%+ ROE are coming to an end.
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The partnership will boost Alipay’s control of money flowing into China and increase its status abroad.
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The process of financial digitalization has been a challenge for journalists covering Brazil’s banking sector.
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It may still be months before the latest coronavirus outbreak in China reaches its peak, so timing is everything for capital market practitioners in the region.
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Stand-off in Slovenia highlights politicians’ failure to tackle retail lending boom.
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Social housing bond comes just two weeks after mid-January economics report.
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Does the state of a smallish provincial lender signal the onset of a full-scale banking crisis in China?
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FX market participants are responding to Singapore’s desire for physical location of matching and pricing engines in the city-state.
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Cryptocurrencies have a specific use-case in countries where local currencies are in crisis, but elsewhere they remain a volatile speculative investment and will struggle to take off as a means of payment.
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The former head of communications for Greater China at HSBC opens a consultancy in Hong Kong.
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Kenyan property developer Acorn Holdings has issued a small but smartly structured bond programme, which will remove barriers to entry for local market bonds as local currency bonds retain appeal.
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Dianrong’s founder is the host with the most… interruptions.
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In the heat of Hong Kong’s protests, rumours swirl that capital controls are imminent and banks are out of cash. The Hong Kong Monetary Authority ventured onto social media, proactively quelling the gossip. New HKMA head Eddie Yue tells Euromoney how.
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Banks in emerging Europe are touting their fintech programmes and credentials, but is the enthusiasm reciprocated by the startup community?
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Lender lures China Merchants Bank’s head of private banking to oversee the Swiss bank’s onshore wealth management ops.
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Mindspace hopes to raise more than $150 million in IPO slated for the end of March; more Reit sales to follow in Mumbai during the next 18 months.
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Israel has taken orders of $20 billion for its first Eurobond of the year, despite the deadly strike on an Iranian general that threatened to push simmering Middle Eastern tensions to boiling point in early January.
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Investors are buying into ICBC’s business growth in diverse areas such as asset management and investment banking.
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If Brazil does well, Bradesco does well. Its management is confident there are good times ahead.
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Analysts think that FAB has the best potential platform of any bank in the region. Can its management deliver?
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The bank may be at the peak of its value creation, as the government looks to promote greater competition in Brazilian banking.
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The Chinese bank is making a big push in areas such as financial inclusion as it targets sustainable ways to build its business and support the Chinese economy.
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The Qatari bank is investing at home and abroad, growing its loan book and building strong operations in Egypt and Turkey.
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Despite tough conditions at home and globally, DBS keeps delivering.
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Ethiopia’s IMF deal is a notable step towards addressing its external imbalances and to opening up the country’s economy.
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The nation has become synonymous with 1MDB, much to its new leadership’s frustration. It needs to close the chapter on this scandal and begin a new narrative with the global financial community. Malaysia’s prime minister-in-waiting tells Euromoney what would help.
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Itaú retains 49% stake, now equivalent to 10% of the group’s market cap, as rapid growth leads to runaway valuation.
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It’s 2020: welcome to the decade of low-cost Brazilian banking.
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In 2014, a $1 billion bank fraud nearly bankrupted the tiny state. It came through in better shape thanks to reformist policymakers, an IMF bailout and the sale of big banks. But a Russia-leaning administration now threatens to undo those reforms.
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The need to raise funding in international markets comes at a bad time for a sector facing uncertainty over Swiss franc mortgage litigation and rising levies.
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Sustainable financing is gaining ground in corporate Russia as firms look to improve their environmental, social and governance policies ‒ but can the country’s notorious polluters really go green?
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The Lebanese authorities said that they met a $1.5 billion bond payment in late November, but with the country rapidly running out of money and in the absence of any clear ability to enact reforms, Euromoney looks at its options.
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Reformers in Kyiv and Dnipro come under fire as the battle for PrivatBank heats up.
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Emerging markets are more exposed than ever to booms and busts of the world’s largest economies, prompting the IMF to rip up its orthodox policy rulebook as it re-thinks its advice on non-standard monetary policy measures.
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The first deal under new 19C listing rules will raise $12.9 billion if greenshoe is exercised.
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A deluge of negative transatlantic headlines overshadows the achievements of Ukraine’s reformers.
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A new sport in southeast Asia banking circles is guessing how much it will take for Goldman to settle with the Malaysian state over 1MDB.
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The country’s positive real interest rates shine like a beacon for international banks.
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BayanPay, a digital payments company owned by London-listed Finablr, has received regulatory approval to operate its mobile money platform in Saudi Arabia, as the Kingdom looks to a future without cash.
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The bank will open a new office in New York to capture the US market in Africa.
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Brazil’s currency hit an all-time low nominal value on November 18, closing trading at R$4.20 to the dollar.
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The former consumer finance specialist focuses on collateralized lending and sustainable finance ahead of its planned IPO.
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Egypt’s equity market has been slow to recover to pre-revolution levels, but liquidity is returning and companies are lining up to list.
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The country’s Supreme Court overturns a curveball decision from July, to the benefit of distressed debt investors.
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UBS’s country head refuses to comment on whether Banco do Brasil has been given a ‘call option on the bank’s Brazilian IB business’.
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Consolidation and new entrants attracted to the country’s winning GDP streak.
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The sale of Asiana Airlines is an emotional one for the Kumho conglomerate and its home city of Gwangju, but ties with the South Korean southern city will continue.
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It was a bold call to launch a specialist credit business in Asia in 2009, but SC Lowy celebrates its 10th birthday as an established figure in distressed debt and high yield not just at home but also increasingly in Europe. Events in India, however, where the firm holds a position in Essar Steel, are testing its patience and resolve.
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Itaú overtakes state-controlled Banco do Brasil to become the largest lender.
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Kenya’s parliament passes a law to lift an interest rate cap that has hampered credit growth and economic development, in a move that may pave the way to a new agreement with the IMF.
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Russia’s leading private sector lender looks to mortgages to maintain pace of loan growth.
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Saudi Aramco’s intention to list aims to clear up any doubts wealth managers may have about investing on behalf of women, but it also draws attention to the fact that, despite reforms, the full inclusion of women in Saudi society is still a distant reality.
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A number of contentious political reforms under president John Magufuli have weakened investor enthusiasm for Tanzania in recent years.
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As the number of financial technology startups in Brazil balloons, there is a growing sense that the pin to puncture their growth is one critical area of operation: credit. Full service in the digital age is a serious, long-term challenge for new entrants and traditional players.
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$140 million green bond funding used to build… a petrochemical refinery.
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While the IMF highlights mispriced corporate debt as a systemic danger, so too is misvalued unlisted equity.
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Brazil should be careful of learning the wrong lessons from Chilean protests.
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Mohamed Maait says that Egypt is committed to implementing the much-needed reforms to drive growth, and is pressing ahead with the sale of several state-owned companies, as it looks to agree new terms with the IMF.
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Life goes on, but with extra security, incongruous graffiti and smashed ATMs.
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Riad Salamé says that Lebanon has the tools it needs to stave off default, but with protestors demanding fundamental change, analysts question whether a radical overhaul of the country's economy is what is really needed.
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New plans to clean up Soviet-style banking sector will see underperforming legacy loans transferred to state fund.
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IMF conversations positive but with a streak of caution.
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Lower local rates have increased price and increased demand onshore.
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Critics says IFC's standards lack rigour of World Bank’s 2018 Environmental and Social Framework; Bank accepts it has made many mistakes, caused environmental and social damage in the Amazon.
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Many thought the trade war would have derailed the promise by the CSRC to let foreigners fully own their mainland securities operations.
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VTB has long lagged state-owned rival Sberbank in terms of profitability, but with sanctions limiting access to capital the pressure is on to close the gap – chairman Andrey Kostin explains why digital transformation and aggressive retail growth hold the key to success for Russia’s second-largest lender.
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The former treasurer at the Chinese multinational technology company says: 'Banks should be concerned.'
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The bank's group head, global transaction banking says: 'We want to open up the transaction banking landscape.'
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Tiny Bhutan has a claim to fame as the first and only country that can claim to be not only carbon neutral but dramatically carbon negative. Conservation is wrapped in with the national ideal of ‘gross national happiness’, a pillar of the country’s constitution and fundamental to national planning.
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The Latin American nation has gone all-out to rebuild its natural environment over the last three decades, with great results – now it needs the rest of the world to pay attention.
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Using a model of up-front financing for large one-off projects, project finance for permanence may be the mechanism that can help reach the goal of 50% of the planet’s natural areas being protected in perpetuity.
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The Seychelles was the first country to issue a debt-for-nature swap to protect its marine environment; it was also the first to issue a blue bond, raising capital to finance sustainable marine and ocean-related projects. But can it overcome the teething problems and provide a model other island nations can follow?
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Deforestation – and the cattle farming that largely drives it – has caught the world’s attention. While some environmentalists suggest punitive measures to make Brazil a better steward of the forest, there are already more constructive, private-sector responses to the challenge. Can they scale quickly enough to save the Amazon?
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When renewables private equity group Equis Energy was sold to GIP for $5 billion – $3.7 billion of it equity – investors walked away with well over double their initial investment. The founders of Equis made around $800 million. But why was more than $500 million of the proceeds ringfenced into a vehicle called Equis Renewables, in which the underlying investors did not participate, while the general partners got it all? The story of how those assets got there casts a light on the curious inner workings of modern private equity.
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To reduce greenhouse gas emissions, clean up water supplies, prevent the loss of biodiversity, mitigate fire and flood risk and meet the nutritional requirements of a growing population the world must improve its regenerative and sustainable agricultural practices – new tools and support from the financial services industry are needed to fund that transition.
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The Seychelles will need to tackle its drug problem head on if it wants to develop a thriving blue economy and pay back debt raised from the first ever blue bond.
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Korea’s first two digital banks have had very different starts: one, kakaobank, is a clear success story; the other, K Bank, badly needs funding but is caught up in a problem around its would-be-biggest shareholder. Korea’s regulator is in it for the long haul and is inviting new digital banks to join them.
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International investors remain cautious, despite a strong performance in deal activity this year.
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Advocating ESG while investing in one of the world’s largest oil companies is an uneasy truth.
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The race is on: not Formula 1 but environmental challenges.
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Fintechs, banks and government are working together to build clever new digital services and boost financial inclusion in a country where millions are unbanked. For now, collaboration is the name of the game.
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It might not happen, but if the US president were to stop Asian firms listing in the US, it would help a sector that has watched business slip through its fingers.
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The country’s risk scores have lagged its central European neighbours since the financial crisis. Is overspending in the mid 2000s entirely to blame, or should the Fidesz government take some responsibility?
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Three-quarters of fund managers that responded to a recent Bank of America Merrill Lynch survey think that Mexico is going to lose its investment grade status.
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Road testing the likely economic and financial policies come the October general election.
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Applications to operate banks in Saudi Arabia show that consolidation has not shut the door to new entrants.
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Saudi Arabia is pressing on with capital markets reform and its planned IPO of Aramco in spite of drone attacks on its oil facilities that briefly spooked markets. Virginia Furness reports from Riyadh.
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Singapore’s emergence as a global financial hub is no accident, and has not happened overnight. The key, according to Ravi Menon – the managing director of financial regulator the Monetary Authority of Singapore – is to plan well, act decisively and, above all, listen.
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Some uncomfortable conclusions arise from a close look at Euromoney’s country risk data for Asia since 1982. India’s opening has been rewarded with a dismal decline in its score, while the overthrow of local dictators doesn’t appear to do much for economies either.
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One country showed the way forward for Latin American sovereigns nearly 35 years ago. Many have tried to follow. Have they succeeded?
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Automation and artificial intelligence are transforming the payments industry into one of the most dynamic sectors of transaction banking. But there are still many teething problems in an industry that has been catapulted onto centre stage.
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When the Philippines needed a new central bank governor earlier this year, no one expected the president to pick an outsider for the job. During his first months in office, Benjamin Diokno has promised – and started – to deliver measures to spur expansion.
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Investors expect a radical transformation in Brazilian financial services in the next five years: this enthusiasm is depressing incumbent stocks while driving strong valuations for start-ups.
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After the challenges of Asian and global financial crises and the 1MDB scandal, Zeti Akhtar Aziz is back in the top echelons of Malaysian influence again. She tells Euromoney about her achievements as central bank governor – and what she knew and did about 1MDB.
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Despite being a global leader in IT and semiconductors, Taiwan has long been a digital laggard. The regulator has just issued the island’s first digital banking licences, but is it a simple case of ‘too late’ rather than ‘better late than never’?
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The bid by HKEX for the London Stock Exchange is bold and has scale on its side, but faces regulatory barriers – and the fact the LSE has a different idea of what an exchange should look like.
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It’s not long ago that Kurdistan was on the brink of accessing the international markets. Then came ISIS, strained relations with Iraq and the challenge of being shackled to a state from which the population wants independence. Is Kurdistan ready to approach world markets again?
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In the landlocked nation, credit is in short supply and few have bank accounts. Foreign lenders, development banks, microfinance institutions and fintechs want to solve its woes – it’s just not clear that Laos wants them back.
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For many international investors, Liberia isn’t relevant. It offers little in terms of natural resource, while global banks find doing business there too risky and its young and poor population offers little commercial opportunity. Can China help turn this around?
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The country’s poverty is in marked contrast to the relative affluence of its neighbours. It needs access to finance beyond disaster relief. But can banks make a business case for a nation in such poor repair?
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It is 11 years since Kosovo declared independence from Serbia, and even now, only about half of the UN recognizes it as a free-standing sovereign state. That lack of international validation – not least the absence of a credit rating – is holding back a strong economy.
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A properly functioning financial system has long eluded the country. As it moves on from Abdelaziz Bouteflika’s 20-year leadership, can the financial system finally overcome its many problems?
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Countries fall off the global financial grid for a host of reasons: political obtuseness, lack of sovereign recognition, the departure of correspondent banking relationships, even Ebola. But we make a mistake if we think of these places as distant and uninteresting curios
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Singapore has everything a market hub needs, but has not built on its regulatory environment.
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Banorte CEO says market will be 'surprised' by what comes next for the bank; fintech growth unlikely to impact bank growth in the short-term.
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A move from Jakarta to the island of Borneo might not be all that it seems.
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Introduction of the GST and demonetization mean Jaitley had a far bigger impact on Indian finance than his single term as minister would suggest.
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Argentina is about to default; again. It will be the ninth time in the past 200 years, and the Latin American sovereign is about to test its ability to survive beyond the ascribed mortality of cats.
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Danske Bank’s compliance head Philippe Vollot is on a hiring spree, but parts of its international network might still be too risky.
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When Mauricio Macri won the last presidential election in 2015, the future for Argentina’s banks looked rosy: a spate of international debt and equity deals confirmed the optimism. No one who participated in those deals – including Galicia’s CEO Fabián Kon – thought the country would soon be back to square one.
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The gradual erosion of institutional credibility could prove more damaging to Turkey than economic and political shocks.
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Israel has become one of the world’s most important fintech hubs, attracting millions in investment from some of the biggest global brands and venture capital funds. Can its start-up culture now evolve to grow large fintech businesses at home?
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Bradesco’s digital bank start-up has grown rapidly and is already looking to leave the bank’s existing corporate structure.
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The lifers are being cleared out at a bank traditionally known for the long service of its senior management.
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Success for pensions reform in the Congress – the long-held litmus test of Brazilian recovery – has buoyed asset prices and led to a flurry of activity.
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The rapid fall in interest rates in Brazil, from a peak of 14.25% in 2016 to 6.5% in February 2018, created expectations among analysts that the biggest banks’ famously high net interest margin was finally about to be eroded.
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Banks in emerging Europe are riding high on the back of rampant retail credit growth – but how long can the party last?
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A higher score, and tier, in the Euromoney Belt and Road Index shines the spotlight on Russia’s participation this quarter.
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UOB is run by three generations of the Wee family, with a fourth in the wings. It is conservative, cautious and stable. But a bold new digital strategy seeks five million customers across the region. Is it coincidence that change is coming just as the bank’s elder statesman retires at 90?
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The insolvency and bankruptcy code is supposed to do wonderful things for India, but a leftfield decision on creditors this week will have a number of unhelpful side-effects.
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Anshula Kant’s background at SBI means that she is uniquely prepared for her new job.
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Despite the headwinds for region’s banks, there were some outstanding performances that demonstrate what can be achieved without macroeconomic support. The best example of this was Santander Brasil, Latin America’s best bank.
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Digital banking brings opportunities – especially so for startups. Unencumbered by bricks and mortar branches – as well other fixed costs associated with the traditional banks – many purely digital firms have achieved impressive growth.
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The firm has done well at home and in the region. Part of that is down to its ownership structure, and the rest is because growth is part of its DNA.
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Ukrgasbank is one Ukraine’s largest banks, serving 900,000 retail customers in addition to small and medium-sized enterprises and corporates.
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This year, the region’s best investment bank is BTG Pactual. It climbed back to leadership in its domestic market and grew strongly elsewhere in the region.
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If China is to have a leader in banking on the global stage, it is likely to be the internationalist Bank of China.
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Banco do Brasil wins the award for the region’s best bank transformation.
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Divestments at the Singaporean sovereign wealth vehicle tell a story of a tough investment environment.
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Should an institution with all that scale and ability be delivering more than this? The problem with long-term numbers is they still reflect issues from 20 years ago.
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Arthur Hayes felt the golden days of finance had gone by the time he got started in investment banking in Hong Kong – until cryptocurrency gave him the opportunity to establish platform BitMEX, now one of the most successful bitcoin exchanges in the world.
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This year Egypt’s Commercial International Bank (CIB) wins best bank for corporate responsibility in the Middle East.
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Funding for small and medium-sized businesses remains largely deficient across the Middle East. The region’s economies could grow by a further 1% each year if access to finance improved for SMEs, the International Monetary Fund’s managing director Christine Lagarde said earlier this year.
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Perhaps the greatest sign that a merger has been successful is if it motivates others to follow suit. That has certainly been the case with the formation of First Abu Dhabi Bank, the Emirati financial institution which we recognise this year as having effected the best bank transformation across the Middle East.
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In a career in banking that spans more than four decades, Michel Accad’s talent for making the best of bad situations has earned him the overwhelming respect of his peers.
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Argentina’s politicians have played their cards for the coming presidential election – Cristina Kirchner surprised everyone by lining up behind Alberto Fernandez.
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The exodus of staff from CLSA is gathering pace.
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Will a good Shanghai tech board be bad for Hong Kong?
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Is China heading for a Lehman Brothers moment? No, but that doesn’t mean its debt position isn’t a mess, and it’s going to get worse.
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$2.5 billion deal makes bank more profitable and a purer ‘Latam’ play; CEO says still huge upside on valuations, and revenue growth to come.
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A UBS economist made an innocuous comment about swine flu in China, and five days later a belief among Chinese speakers that he used a racist term has led to him being suspended, UBS apologizing and it disappearing from a key Chinese bond mandate. Now what?
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HSBC wants to triple both onshore and offshore revenues, profits and ebitda in Brazil within five years.
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The Euromoney Belt and Road Index (EBRI) reveals the Middle East leapfrogging Africa, with its economic and investor climate improving for the first time.
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Frustration is building quickly in Brazil. What was supposed to be the beginning of a credit cycle – and a structural improvement in long-term economic growth – is becoming just another false dawn.
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HSBC, JPMorgan and Mizuho lend Mexico’s oil company $8 billion after investors show no interest in non-deal roadshow – and that’s the least of the firm’s problems.
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A case by Hong Kong’s ICAC against an individual on bribery charges is another example of Asia-Pacific regulators targeting the person as well as the institution.
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OUE real-estate investment trust (Reit) merger follows Viva-ESR; hope is to create better liquidity in stocks.
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Move adds offshore platform for private clients; bank argues BAC Florida Bank deal adds to its story as the momentum play in the market.
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The bidding for Pakistan’s power plant privatization shows that the country’s problems aren’t putting off foreign bankers.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Africa focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Africa focus.
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Africa has the largest number of refugees of any continent – in Uganda, many of them are economically active, while others are excluded from accessing basic banking products. Euromoney finds out how integrating refugees into the formal financial system could benefit the country.
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Last year was key in the development of one of Oceania’s more unexplored yet potential-rich economies. Its inaugural $500 million sovereign dollar bond caught light and its hosting of the APEC Summit was a hit. The country now needs investment to unlock myriad opportunities in agriculture, power, infrastructure, telecoms, financial services and tourism.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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András Simor became chief executive of Creditanstalt Securities in Budapest in 1989. He was chairman of CA-IB from 1997 to 1998 and head of Deloitte Hungary from 2003 until being appointed governor of the Hungarian central bank in 2007. Since October 2014, he has served as CFO at the EBRD. He will retire from the bank in May this year.
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Leszek Balcerowicz served as minister of finance in Poland from September 1989 to December 1991, and again for three years from October 1997. He was governor of the National Bank of Poland from 2000 to 2007.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Viktor Gerashchenko served as chairman of the Gosbank from 1989 to December 1991 and head of the central bank of Russia from 1992 to 1994 and 1998 to 2002. He was chairman of International Bank of Moscow from 1996 to 1998 and Russia’s IMF representative 1998 to 2000. He was elected to the State Duma in 2003.
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Herbert Stepic joined Raiffeisen Zentralbank Österreich (RZB) in 1973. In 1978, he took over the group’s international banking division and from 1986 led its expansion into emerging Europe. He stepped down as chief executive of RZB’s legal successor Raiffeisen Bank International in 2013.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Ilhami Koç started his career at Isbank in 1986. He was chief executive of Iş Private Equity between 2001 and 2002, before returning to Is Investment as chief executive in 2002. Since November 2016, he has been chief executive of Turkish insurer Anadolu Sigorta.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Petr Aven served as minister of foreign economic relations for the Russian Federation between 1991 and 1992. He was president of Alfa-Bank Russia from 1994 to 2011 and is currently chairman of the board, a position he also holds at ABH Holdings, Alfa Group’s financial holding company.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Ivan Miklos was minister of privatization for Czechoslovakia from 1991 to 1992. He was minister of economy of Slovakia between 1998 and 2002 and minister of finance 2002 to 2006 and 2010 to 2012. Since 2016 he has served as adviser to the Ukrainian government.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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The alphabet soup of multilaterals in the region has become hard to understand during the past decade, so Euromoney tries to read between the acronyms to assess what impact they will make.
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International IBs pride themselves on the diversity of their business in Asia Pacific, but a bank without a decent China business in this region is nowhere. It is the engine of both regional and global growth.
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In a rare interview, chief executive Lim Chow Kiat explains the investment discipline that underpins one of the world’s most influential and sophisticated funds – and his fears over the impact of a polarized political world on global investment.
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Over the last 12 months, the New Development Bank has gone from concept to fully fledged lender. It says it wants to be differentiated by its nimbleness and focus on sustainability. Where does it fit in a changing multilateral landscape?
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus..
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus..
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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The investment landscape is shifting rapidly as falling returns on sovereign fixed income assets force investors to look elsewhere for returns. Retail investors in particular are playing an important role in the transformation of local capital markets.
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New regulation would see top-12 banks adopt open banking second half of next year; central bank hopes better risk management will lower cost of credit, spur growth.
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The 100-day mark of Brazil’s new president, Jair Bolsonaro, has recently passed; no one – not even the government itself – pretended the time had been well spent.
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The phony war has been long, but the first real battle has now begun in Brazil’s fintech space.
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Commercial International Bank has opened a representative office in Ethiopia, implementing its programme of expansion into east Africa.
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The deluge of bids for the debut issuers shows how reliant investors have become on primary allocation.
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Lower interest rates point to lower NIMs this year; Growing competition from newly regulated fintech sector will lead banks’ costs to rise.
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Fred Hu, former Goldman rainmaker extraordinaire, now runs one of the most exciting names in Chinese investment. He explains to Euromoney what makes Primavera Capital different and what the trade war means for business.
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Closure of second investigation brings embarrassing episode to an end.
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Protectionism is undermining an otherwise moderate global outlook as growth continues, labour markets tighten and geopolitical crises calm.
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After so long, private bank clients and even retail investors are no longer happy with the returns from government bonds; instead, they are searching for yield and pushing up the value of risk assets.
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Launched in January, Fuliza has already attracted more than four million customers, and Bob Collymore, CEO of Safaricom, hopes the product will reach all 21 million M-Pesa customers in Kenya.
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New chief executive says ‘smart simplicity’ hold key to success for Russia’s largest privately owned bank.
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Lifting restrictions on foreign investors and encouraging local corporate bond issuance top list of priorities for head of new capital markets agency.
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The argument that India will be the first cashless society doesn’t take into account the country’s most vulnerable people and the cultural attachment to cash.
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The government is pushing structural reforms despite the economic crisis; new tax regulations aimed to bring money onshore.
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There are key differences between the growth outlook for Argentina’s banks today and that of Brazil’s banks from 2003 to 2008.
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Monetary policy is now much more effective in Brazil and it’s having some interesting consequences.
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The performance of the share price in Sea was unusually strong; part of the reason is the magic name Tencent on the shareholder register.
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The 50th anniversary issues of Euromoney are forcing journalists to take a broader sweep of the issues we cover than the usual month-by-month perspective.
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The region’s leading banks produce some of the best numbers in the global industry, and success in retail banking – and a hard-learned approach to risk management – are core; could the growth of digital banking bring a new era of change?
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After decades of trying, have LatAm’s central bankers finally steadied the ship? Mexico's Agustin Carstens, one of the monetary policy stalwarts of the region, takes stock.
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Since Roberto Setubal became chief executive of Itaú Unibanco in 1994, the bank’s growth has been spectacular – but the next stage is harder to target.
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Argentina is on a precipice, Venezuela has a humanitarian crisis and Brazil is just exiting its worst-ever recession – so far, so Latin America. But some countries have shown a path to sustainable growth and others are now grasping the nettle of reform. In a series of articles to commemorate 50 years of Euromoney, we speak to architects of previous recovery plans and to today's heads of the region's top banks and investment banks and ask: could an end to Latin America's long history of boom and bust finally be in sight?
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While the region has proved its economic and financial resilience in recent years, it’s time to look ahead and become competitive for whatever the next 50 years will bring, says former Colombia finance minister Mauricio Cárdenas.
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Macro and monetary policy factors are affecting some currencies more than traditional commodity triggers.
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There is much fanfare about the decision to increase the weighting of A-shares in MSCI indices. It is a welcome step, but let’s not overstate it.
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The country is now in default on almost all of its foreign currency bonds; investors need to think ahead about the debt renegotiation to come.
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Results week showed record profits at Singapore’s banks – but all three institutions had footnotes in the numbers that we should pay attention to.
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Accepting payments from customers in Russia is not always a straightforward process, although interest in the area is growing.
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Handing Ukraine’s largest bank back to its former shareholders would amount to economic suicide – but speculation is rising that leading presidential candidates plan to do just that.
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State-owned brokerage buys number two lender as total bill for bailouts tops $10 billion.
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Euromoney spent a day in February in Jakarta with Bank Mandiri executives past and present as they approach the bank’s 20th year of existence. In our own 50th anniversary year, it was a useful reminder of just how much things can change in a relatively short space of time.
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Fitch sounds the alarm over unsecured consumer lending boom as household incomes stagnate.
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Can the combination of core banking system replacement and a pioneering fintech programme help re-privatized lender MKB Bank leapfrog its rivals in the Hungarian market in the race for technological supremacy?
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Tan Su Shan has led DBS’s efforts to become the leading home-grown bank for wealth management in Asia, during a decade in which the number of billionaires in the region has soared.
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For many private banks that set up in Asia in the last decade, the cost of doing business kept them locked out of the vast expansion of wealth in the region; those that didn’t leave are settling into a more mature industry, but they are a long way from being able to relax.
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Financial services group CreditEase runs an app through which its private banking clients can be connected to needy women farmers in China’s rural interior. It’s a remarkable initiative taken up by 200,000 farmers and shows what can be done with low-level credit. But how does the risk management work?
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A recent criminal trial in London has revealed how banking negligence enabled a multi-million dollar fraud at the now defunct oil company Afren. Read on for a guide to Olivier Holmey’s feature in the February issue of Euromoney examining the errors made and what the financial sector can learn from them.
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A string of due-diligence shortcomings enabled the international fraud that sapped investor confidence in once-booming London-listed oil firm Afren – and has also now led to jail time for its two top executives. What lessons can the banking industry learn from the failings laid bare in the court proceedings?
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The pieces are starting to shift on the board of Chinese investment banking. There have been signs of progress, frustration and new strategy since last April’s announcement that foreigners would be allowed to take majority stakes in securities joint ventures on the mainland.
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India’s first real estate investment trust is being fast-tracked to IPO before the end of February. Bankers expect the primary offering to raise more than $1 billion, giving a much-needed fillip to the country’s capital markets.
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To get out of a funk, the ousted PM sings soul, brother.
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UniCredit regional division head says the UK crashing out of the EU is one of the main external risks to CEE this year.
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Multiple positive factors point to outperformance of Brazil’s banks in EM, but pensions reform risks remain.
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They aren’t making headlines – for the right reasons.
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I can’t seem to stop worrying about Argentina in its election year.
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Volatility in China and increased onshore access means a greater need for hedging; Singapore also building offshore rupee traction.
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New numbers suggest there could be trouble ahead for Asian high-yield issuers.
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New penalties from China’s bank regulator suggest a firmer stance on trying to bury bad debts, but it’s not just a bludgeoning.
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Telcos allowed to provide limited services, helping financial inclusion in the country.
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Itaú is performing well, but faces challenges in its corporate banking unit.
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Numbers are solid and money is flowing into the system, but ICBC must avoid the temptation to drift from its conservative approach to risk.
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Profits are up, but the markets hits it – for good and bad – for being the bank/tech hybrid Gupta has modelled.
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Regional difficulties have tested QNB’s resilience, but the bank has managed to consolidate its position at home and maintain its international strength.
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With its focus on SMEs, the bank is well set to grow with the Brazilian economy
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The UAE’s largest bank is widely considered to have made a success of its merger and is now looking to realize its international potential.
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Every reported number in 2018 from CCB was impressive. But maintaining this momentum in the year ahead will require exceptional management.
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In 2018, Montenegro was named as one of the countries most at risk from over-indebtedness to China for the €809 million Bar-Boljare highway, dubbed a ‘road to nowhere’, but in Podgorica, enthusiasm for the project is still running high.
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After a few years of underperformance, India’s property market is back on form. Prices are rising in commercial and residential real estate, with demand driven in large part by inward investment from blue-chip US corporates. The next big step is listed onshore real estate investment trusts, set to hit the market in 2019.
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A swingeing new bank tax in Romania is inequitable, misconceived and just plain dumb.
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The opening up of central Asia’s largest market after a decade of isolation has sparked intense interest in its underdeveloped banking sector among fund managers and regional groups alike.
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When Sri Lanka, a key link in the Belt and Road Initiative, sold China a deep-water port in exchange for debt alleviation, it raised eyebrows around the world – yet Colombo continues to borrow from Beijing even as its fiscal situation worsens.
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China’s Belt and Road Initiative is trumpeted as a ‘win-win’ for all, but is it everything it’s cracked up to be? Or are countries on its route, wary of Beijing’s motives and fearful of being trapped by debt to China’s big development banks, losing faith in the plan?
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Warning sirens are sounding about the level of debt Djibouti owes to China for Belt and Road projects. The local view is that they need the money and China is the country that is offering it. But the fate of the Djibouti-Addis Ababa railway represents the financial challenges of BRI in a 756-kilometre microcosm.
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Court of Appeal backs holdouts in debt restructuring, while investors eye potential for jurisdictional arbitrage.
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The two Nigerian banks’ merger would form the country’s largest financial institution, but it is somewhat overshadowed by Diamond’s troubled legacy loans to the oil and energy sectors.
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Local banks shrink FX loan books as recession starts to bite; municipal elections raise fears of further market volatility.
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Santander’s Brazilian bank took lots of deserved acclaim when Santander released its global third-quarter results, but keep an eye on Mexico.
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Judge throws out claim in English court; lender on track for first full-year profit since nationalization.
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The decision of Singapore regulators not to allow Noble to re-list wrecks a 19-month restructuring process and points towards insolvency.
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Covalent Capital’s OMAS platform seeks to digitize primary bond issues; the MAS is a backer.
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The landmark corporate governance (CG) report raises renewed concerns about dual-class structures – which is a bit awkward given CLSA underwrites them.
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The last thing Russia’s state bank VTB needs is another African mishap.
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A lower-profile announcement caught Euromoney’s eye after the bluster of the G20 meetings in Buenos Aires.
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There's been a stay of execution, but for how long?
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The Trump administration has begun the process of ostracizing Iranian finance. Bankers there are hanging on to some rare good news, but how long will it be till they are back to square one?
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Euromoney's feature on Hillhouse Capital lifts the lid on a style of investment that we all need to understand more clearly.
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The continent is implementing the African Continental Free Trade Agreement to boost intra-regional trade, economic growth and industrialization, but can 54 countries overcome so many obstacles and ratify the agreement?
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The corporate titans that have dominated Hong Kong’s economy for decades are slowly handing over the reins of power to the next generation, but will they prove as loyal to international investment banks as their parents have been?
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Euromoney investigates how the relaxation of western sanctions on Iran – dubbed the world’s most lucrative closed economy – will jump-start trade and capital flows from Europe to the Gulf, and plots a vision for the country's banking system and economic transformation, more generally.
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Bankers believe that Vivo Energy’s dual listing in May has opened the taps on the IPO pipeline in Africa, but with primary equity markets suffering globally, is the continent really an exception?
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Capital markets could be in for a bumper year in Brazil in 2019, with bankers hoping that a strong economic inheritance and a market-friendly policy agenda will prompt a jolt of activity.
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Developments in the Gulf’s markets are increasingly being driven by the presence of Asian – and especially Chinese – banks, so no wonder rival financial centres in the region are competing for a bigger slice of the pie.
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It is worth over $50 billion and its deals are among the most important and influential in Asia, it is at the vanguard of Chinese private equity and yet it talks to nobody, but market participants in Asia and beyond need to understand it. What goes on inside Hillhouse?
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Planned changes to the country’s fintech licensing regime could halt the growth of a burgeoning market.
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Two borrowers beat US pressure by tapping into demand with euro and renminbi sales.
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Concerns over president-elect Amlo could see investors rethink their Mexico exposure.
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Slovenian, Kazakh governments deliver on privatization promises, while price concerns scupper listing plans of Belarusian retailer Eurotorg.
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The fund is deploying $1 billion of the Chinese group’s money into digital medicine and fintech around the world, but profit is not its main ambition.
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Buyers and sellers need to show some discipline.
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UOB responds with announcement of Grab alliance.
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Central bank taking further action to lower credit costs through competition; Banco Inter’s post-IPO growth shows digital banking opportunity.
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Santiago Peña helped secure Paraguay’s relentless upward trajectory while minister of finance – now he has switched to the private sector and has the perfect perspective to judge the outlook for the Mercosur countries.
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Five years ago it was a niche player specializing in consumer loans for the elderly – today Sovcombank is one of Russia’s largest privately owned banks, with a clutch of new shareholders from China and the Gulf. What lies behind its remarkable rise?
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Another financial crisis has rocked the country. As it slips into what could be a deep recession, time is running out to achieve the recovery that could create the conditions for a pro-market candidate to win next year’s presidential elections.
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They are used to dealing with a crisis, but they can usually see one coming. Does the shock of the IMF bailout leave local firms vulnerable?
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It was always going to be a tough year for debt capital markets in Latin America. A turbulent election calendar in three of its biggest economies and rising US rates had been expected to dampen issuance volumes. But few anticipated the drop-off would be so severe.
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Few firms have seen change quite like CLSA. It is now owned by Citic Securities and incorporates the Hong Kong (and international) arm of the mainland business. As such, it is Citic Securities’ international bridgehead to the world.
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The charge sheets against former Goldman Sachs employees also appear to identify a senior figure who is still at the bank; they also spell out the circumstances of Goldman’s 1MDB bond mandates in uncomfortable detail.
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Vast infrastructure initiative taking shape, minister says; insists PPP will be used, not just Chinese soft loans.
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Its capital markets are dominated by mainland-backed houses, but don’t think of them as a homogenous group – each firm has its own quirks, strengths and character.
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Saudi Arabia’s central bank governor recently gave international banks a clear signal that they will not be punished by a loss of fees for avoiding an investment conference in Riyadh due to public outrage over the murder of journalist Jamal Khashoggi.
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Ken Moelis lived up to his nickname ‘Ken of Arabia’ when he showed up at the Saudi Future Investment Initiative conference in Riyadh in late October in his brave pursuit of future fee income despite the risk of international opprobrium.
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The murder of prominent Saudi journalist Jamal Khashoggi has sparked condemnation of the kingdom’s leadership the world over, but as the dust settles after the Future Investment Initiative, what are the real-world effects, if any, of this crisis on Saudi Arabia’s banking ties?
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Britain’s Conservative Party has been at pains to distance itself from the mainstream of European politics in recent years, but seems remarkably comfortable in its murkier shallows.
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Jair Bolsonaro's election today as Brazil’s next president could well spell more market upside, but the nationalist protectionism that is likely to follow should give investors pause
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If Argentina’s financial crisis is going to turn into a banking crisis, as it did in 2001, that transmission will first be identifiable in the deposits data.
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You wait years for a Balkan bank privatization and then three come along at once.
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All eyes will be on the next Brazilian president’s first steps towards a much-needed fiscal adjustment. That will likely be Jair Bolsonaro – who is well ahead of Fernando Haddad as the final round of voting approaches on 28 October.
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With new US sanctions looming over Russia and the effects of higher oil prices largely already priced in, will the Russian rouble sink or swim as we approach the end of 2018?
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In a country with twin deficits and a 13th bailout in recent memory, one might wonder if former JPMorgan banker Muhammad Aurangzeb regrets becoming Habib Bank CEO – but instead he sees a path to a better outlook for his country.
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Why is nobody in Asia worrying about trade wars and rate hikes?
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UBS’s path to China JV control raises questions for others.
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Six months after Polish debt collector GetBack went into default, shockwaves from the event continue to shake the country’s financial sector.
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$500 million bond was third attempt since 2013; makes Credit Suisse loan commitment look shrewder.
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Two of the world’s most advanced cryptocurrency markets agree to exchange notes on blockchain regulation.
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No one is surprised by the money-laundering revelations from the Baltics.
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The resignation letter of Luis Caputo, until September 25 the president of Argentina’s central bank, is effectively the IMF’s receipt for the purchase of the country’s monetary policy.
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SC Ventures launched in Singapore; combines internal accelerator with venture capital.
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It is unusual for a Taiwanese bank: owned by foreign institutional investors rather than bankrolled by a tycoon or controlled by the state, it’s also on a roll, investing heavily in digital and expanding fast around Asia… but can it last?
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GoPay is southeast Asia’s answer to Ant Financial. Its CEO comes with a background in the most micro level of finance: empowering village housewives to buy things to cook with. How will he build a business backed by the biggest names in global private equity?
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After a tumultuous decade, the country’s leading investment banks have finally recovered their confidence – and are bursting into new markets and products.
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Veteran investor launches financial services firm to capitalize on reforms in Uzbekistan, while HSBC banker tapped to drive sovereign Eurobond debut.
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The prospectus for the forthcoming Hong Kong IPO of Bitmain, which dominates the market for cryptocurrency mining hardware, unveils the highs and lows of businesses linked to bitcoin. It will cause crypto ideals to collide with institutional expectations about business transparency.
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Cipla Quality Chemicals’ share sale is good news for Uganda’s capital markets, but is still something of a rarity. Investors have little choice when it comes to picking stocks: government borrowing remains high and puts the focus on bonds, while family-owned businesses tend to be wary of opening up to outside investment.
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With global liquidity conditions tightening, local currency bond markets have a more important role to play in financing African governments and companies. While Ghana and Nigeria are leading the way, other markets are still in the early stages. Poor transparency and liquidity, and a multiplicity of legal regimes are holding back foreign investment.
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As the central bank awards its first new banking licences in 20 years, the big four will find it harder to justify the fees that have underpinned their profitability. The newcomers promise technology will facilitate cheaper banking services and tackle inequality.
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Senior management at Société Générale sees a unique opportunity for growth in Africa, including east Africa, Nigeria and the lusophone countries. The aim is to be much more than the only French bank left standing on the continent. Instead, the bank is courting regional clients by building local markets and structured finance platforms, while its investment in mobile money could be the seed of a much bigger African consumer business.
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Egypt’s private-sector banks have traditionally been wary of lending to SMEs, but now a combination of new technology and central bank pressure is driving some of the country’s most sophisticated lenders to take a fresh look at the segment.
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The west African state has reclaimed its status as the most attractive francophone market south of the Sahara. International banks are rushing to do business there.
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Following in the footsteps of Egypt and South Africa, Nigeria has signed up for a currency swap deal with China, but are swaps all they are cracked up to be?
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Even though the banking sector remains off-limits, foreign investment in other state-owned enterprises will support infrastructure development.
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Investment bankers hope for an autumn thaw after a spring freeze.
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Credit scoring changes could be the key to breaking Brazil’s interest-rate burden.
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Finally, some progress in Indonesian infrastructure – but familiar battles remain.
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For the first time since HSBC’s acquisition of a Mexican bank in 2002, its franchise is enjoying positive momentum. Country chief Nuno Matos says more customers and a new culture are key to getting the bank’s market share back.
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Banks have found it hard to lend to Mexico’s large SME segment, but persistence is beginning to pay off for those with the requisite focus – and skills.
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With presidential elections and the threat to Nafta hanging over Mexico, international investors pared risk to the country and deal flow slowed. Finally, clarity is returning and the prospects for capital markets activity are looking better. But could Amlo’s presidency change prospects?
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In early 2016, the Middle East’s two largest countries looked set to become the world’s most vibrant frontier markets. Two years on, many bankers doubt that either Iran or Saudi Arabia can live up to these expectations.
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As Chinese bond markets are set to be included in indices for the first time, a big change is coming to the global financial system. Chinese government bonds could become the new Bunds in portfolios, but Xi Jinping might have bigger targets in his sights.
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Islamic finance has become too focused on getting arcane structures to be technically Shariah compliant, but a new initiative in Malaysia attempts to make Islamic finance socially positive once more – and to measure its success.
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The transition to capitalism has brought prosperity to much of emerging Europe but left large sections of society struggling to catch up – now Austria’s Erste Group is going back to its roots to bring prosperity to the region through social banking.
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Autumn bank refinancing round under scrutiny; analysts warn of US sanctions tail risk.
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Over 20 years after microfinance first arrived in Kyrgyzstan, the largest players are transforming into banks to lower funding costs and increase financial inclusion. Can they convince the country’s farmers to put their cash into banks instead of cows?
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The Tropical Landscapes Finance Facility aims to source projects that transform lives and environments, and to securitize the project loans into bonds that will be sold to investors through the MTN markets. It all starts with a rubber plantation in Sumatra.
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President Tsai’s flagship foreign policy aims to redirect bank lending and investment away from China and towards southeast Asia. Taiwan has tried to diversify twice before and failed – will it work the third time?
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Can Kazakhstan create an international financial centre in the middle of the steppes or is it just the latest central Asian pipe dream?
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The informal economy in effect blocks growth, so why is no one proposing tax and social security reform to bring workers and companies into the formal sector?
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The southeast Asian FX market is on fire and it is set to get a further boost thanks to a combination of political and economic turbulence, a regulator committed to facilitating infrastructure investment and increased interest from non-bank market makers.
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Recent growth puts Banorte ahead of its 2020 targets; strong cash generation expected to lead to greater 2019 dividends.
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Regulatory changes to Brazil’s positive credit bureau open way for fintech start-up; better data predicted to lead to lower cost credit and GDP growth.
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Investors hoping new president adopts pragmatic approach; proposed referendum raises more questions than answers.
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President-elect cuts pay, uses new level as public-sector ceiling; BNP Paribas expanding in Mexico.
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Delusional clients are complicating the business of collecting fees for advising on mega trades for customers such as Saudi Aramco and Tesla.
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Traders have been staying away from the Turkish currency this year as they watched a steady decline in its value against the dollar, but the recent deterioration of relations between Turkey and the US sent the currency spiralling into a full-blown crisis.
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The choice of Malaysia's Employees Provident Fund as the next head of the country's sovereign wealth fund is intriguing for both institutions
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Singapore bank announces new digital banking offering; Claims it will be the first to truly engage – but is it?
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Cryptocurrencies are still not legal in Russia for now, but that isn’t stopping businesses from preparing to take hold of the future.
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Any slowdown in the economy of the country that consumes so much local output will bring short-term pain and should be a long-term warning.
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The country has the right to join, yet EU leaders are stalling.
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Restricting Itaú’s purchase of XP is good for competition.
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Saad Azhari has quietly ushered in a new era at Blom Bank. The outwardly conservative firm has embraced technology and pulled off a transformative acquisition for its wholesale business. But prudence remains the watchword in such a tempestuous market.
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Can a failing frontier markets brokerage transform itself into a full-service investment bank? Duncan Wales, head of Exotix, believes it can be done through the creation of a global partnership network – and so does his backer, Icap founder Michael Spencer.
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Barclays backs MIT start-up Sigma Ratings; CEO promises universal emerging-markets coverage.
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A new rule change will require Chinese banks to recognize more loans as impaired, but while big lenders will sail through, there’s trouble at the smaller end of town.
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A listing of a state-owned infrastructure asset owner in Hong Kong sounds old school, but its key investors tell another story.
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Financial services give good exposure to the region.
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Markets take Andrés Manuel López Obrador (Amlo) victory in stride; analysis shows Santander could outperform under next administration.
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Euromoney was an accredited reporter at the Trump-Kim North Korea-US summit in Singapore in June.
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Inclusion in the emerging market index is recognition of the country’s reforms and could bring $50 billion of foreign investment.
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Some banks are doing more than others in building local capital markets in frontier countries.
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Euromoney's coverage of the economic and financial fallout from the conflict.
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It had the right strategy, the right management and the right customers, so why couldn’t Techcombank and its advisers get the right price on its recent IPO?
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Europe may not be enough after Trump’s withdrawal from the Iran deal.
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Euromoney's latest coverage of the bond markets in Africa.
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Angola, which has recently emerged from civil war, is in the process of building its own identity. A systematic drive towards diversification of the economy away from the oil sector and the process of de-dollarization are pivotal parts of this process. How are banks, the government and locals coping as this transformation takes hold?
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Six banks caught up in scandal with another likely to follow.
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Investment bank steps in as BNDES stops crowding out; an important first in local-denominated financing of large project puts down marker.
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The first dual-class deal in Hong Kong; the intended first Chinese depositary receipt: Xiaomi’s IPO was not short of landmark intentions, but only some were delivered.
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Former CEO of private equity-owned firm arrested; regulator looks to curb bond sales to retail investors.
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Before taking the top job at the Philippine central bank, Nestor Espenilla Jr was known for his toughness on financial crime – now he says he is enabling the banking system to go from strength to strength… providing it sticks to the rules.
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There’s an old joke about a tourist approaching a local to ask for directions: The local considers, sucks on his teeth for a while and replies “I wouldn’t start off from here if I were you”.
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Will Romania go the way of Hungary when it comes to the independence of its monetary authority?
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For the moment, Africa looks to be a step too far.
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Managed marine protected areas are an effective tool in coastal ocean conservation. They are also ripe to be included in investment structures. The upsides for everyone may help push the protected area of the world’s seas from 2% to 30% by 2030.
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In April Philippine president Rodrigo Duterte took a characteristically drastic step. He closed Boracay. It is an indication of the environmental threat from marine pollution. Can the private sector help clean up the seas?
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As international financiers rush into Saudi Arabia, they are asking if the Kingdom can deliver on its grand promises.
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Shares worth up to €8 billion left in abandoned accounts; potential game-changer for local capital markets, says EBRD.
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SBI head outlines path to asset resolution; says sector still shocked by PNB fraud.
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Bracher admits “severe pressure” to reduce spreads; credit portfolios tilting to SME and consumer segments.
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Distributed ledger technology could be answer to GDPR for banks worried their legacy systems will struggle to cope with customer rights over their records.
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Listing is a great result, but the rule change it required dilutes good governance.
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The only assets CFIUS will allow the Chinese to buy are the ones China doesn’t want and won’t allow. What next?
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Malaysia’s election, while politically invigorating, spells economic uncertainty and opens wounds for banks.
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The new presidents of Angola, South Africa and Zimbabwe could do better, but banks and investors will have plenty of due diligence to do when deciding whether or not and how to commit more resources to these countries.
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With the election of Cyril Ramaphosa, there is a new sense of optimism in the country. Bankers talk of Ramaphoria and hail the first signs of a long-overdue improvement in the economy.
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South Africa’s new deputy finance minister took a tough stance on corruption under former president Jacob Zuma – now Mondli Gungubele talks to Euromoney about the embarrassing Zuma years and the Ramaphosa government’s plans to turn the economy around.
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While most countries have adopted e-wallets and mobile banking as a result of technological innovation and evolution, Zimbabwe was forced into it because of a financial crisis.
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Now Mugabe is gone, one of the poorest nations in southern Africa can see the first signs of interest from international investors, but a chaotic currency regime, heavily indebted economy and looming elections are turning initial euphoria into cautious optimism.
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Oil prices and currency controls created opportunities for some banks, which reported bumper gains from FX and fixed income last year, but no one is expecting a repeat of that. Can lending keep them sweet?
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The volume of sub-Saharan Africa (SSA) FX business done electronically is growing, with the large South African banks in the vanguard.
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Despite a new prime minister and growing economic pressures, Ethiopia seems unlikely to seize the opportunity to open up its financial sector and lure more foreign investment.
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London office slated for Q3, New York for 2019; CIB crucial to target of doubling revenue share.
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Ground shifts under banks’ move to normalization; financial, economic and political uncertainties to dominate boardrooms.
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Khorgos, a new state-of-the-art port in the middle of the Kazakh desert, sums up the grand ambitions of the Belt and Road Initiative. But it is as much driven and funded by Kazakhstan as it is by China. Rather than being a white elephant, it has real implications for trade.
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Digital banking competition in the Middle East – which was still not as strong as it should have been when Euromoney decided last year’s winners – has finally picked up.
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Reform in the Middle East, clearly, is not just about recent dynastic change. Across the Gulf, increasing budgetary constraints – thanks to the continued viability of shale oil and gas production, and the spread of renewable energy –underline the importance of economic diversification.
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A lack of funding for small and medium-sized enterprises (SMEs) remains one of the most pressing challenges facing Middle Eastern economies today.
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The winner in the transaction services category has put this business at the heart of its global strategy over the last two years to reduce reliance on lending revenue. In 2017, the success of this commitment could be seen in the Middle East – perhaps reflecting the fact that the banker leading this global reorientation in corporate and institutional banking, Simon Cooper, was previously chief executive of HSBC Middle East.
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The award for best bank for sustainable finance, our new category, is designed to reward banks that have advanced the growth of green financing, financial inclusion and social financing – areas that should become increasingly important in mainstream banking.
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Emirates NBD wins award for the Middle East’s best bank; Citi scoops regional investment banking category; winners demonstrate commitment to areas such as digital transformation, SME lending and corporate social responsibility across the region.
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A merger over a decade ago created what is in 2018 the Middle East’s best bank, Emirates NBD. In 2017, another merger created the region’s biggest bank. So far, the signs suggest FAB will be successful. But in 2018, the bank that wins best bank transformation is Commercial International Bank (CIB). CIB has made an impressive shift over the last decade and a half from its origins as a relatively small corporate-focused bank towards a sustainably profitable institution that offers international investors exposure to the Egyptian consumer story. Hisham Ezz Al Arab has been chairman and managing director throughout this period.
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Banks globally are increasingly aware of the need for a heightened sense of corporate social responsibility. Institutions in the Middle East are no exception.
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Advisory work in the Middle East has shifted away from big-ticket international M&A buy-outs towards helping governments implement their longer-term plans and financing strategies and helping regional corporates restructure their business models and liabilities in an era of lower growth and (perhaps) higher interest rates. Having set up a Dubai office in 2010, now under Rami Touma, Moelis & Co has emerged as preeminent in this new model of regional advisory. It is the region’s best advisory house in 2018.
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Wealth management remains a hotly contested field in Middle Eastern banking, especially as an ever-larger number of banks strive to enter Saudi Arabia, one of the most exciting markets in the region thanks to its many high net-worth individuals and growing openness to foreign financial institutions.
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Middle East investment banking volumes saw a tentative rebound in 2017, after a drop in 2016, suggesting that regional reform is already producing opportunities for deal makers, after the demise of the international sovereign buy-outs of the oil-boom era.
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A rebound in equity issuance and the continued rise – from a high base – in DCM issuance, helped offset lower regional M&A volumes last year, as international yield hunters helped sovereigns and government-related entities offset the decline in petro-dollar flows.
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Appetite for acquisitions in the outperforming economies of emerging Europe is booming, despite political concerns. Deal flow remains concentrated in the mid-market, however, as a shortage of opportunities frustrates would-be big-ticket buyers.
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Soviet military bunkers in Kazakhstan and portable houses in Siberia linked up to the plumbing: Bitcoin mining is moving in some interesting directions that will become even more diverse as China cracks down on its domestic industry.
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Tahira Raza was among Pakistan’s pioneering FWB's first employees 30 years ago, with a mission to advance female empowerment in the country. Having returned as chief executive, she is battling to compete with bigger local rivals.
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Firm buys Credito di Romagna stake; European banking licence adds to appeal.
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Why aren’t firms putting their money where Xi Jinping’s mouth is?
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The country has blown its chances with its monetary mess.
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Professor Niall Ferguson visited São Paulo in April to address Itaú’s annual MacroVision conference, and found time to sit down with Euromoney to talk fintech, social media and trade. In particular he focused on China and how it will impact Latin America’s future.
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Foreign investors eye record NPL stocks; judicial flaws hinder default resolution.
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New record set twice in two weeks; Techcombank deal sees notable European and American interest.
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International investors blame political uncertainty; locals view sell-off as weakening carry-trade dynamics.
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China appears to be opening up to the idea of a wider range of payments options. Before overseas companies look to dive in, they need to make sure they are keeping on the right side of the regulator.
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Singapore bank links with Chinese big data specialist; More digital innovation to follow in Asia.
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Countries are queueing to accept Chinese lending for Belt and Road infrastructure projects. But could that borrowing come back to bite them – and China?
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A little-known plaintiff is alleging a truly enormous theft by Woori Bank. Everything about the allegations sets off alarms, and the testimony of Deutsche Bank will be crucial
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Investors keep powder dry for Greece and Cyprus; EBRD tempts global investors with co-investment.
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Reserve Bank of India (RBI) governor Urjit Patel took to the stage at Gujarat National Law University on March 14 to make a simple request...
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Have the vision. Create the plan. Go and do it.
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Recent conversations with bankers and economists in Brazil have been confusing – sometimes it is hard to believe that both groups are talking about the same country.
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The blueprint for BNDES is for a development bank that partners with the private sector to facilitate more socially beneficial projects while using less capital. Eliane Lustosa, BNDES director of capital markets, is at the forefront of this challenge.
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Asia has so much to build and yet it doesn’t seem to be involved.
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The disappearance of the chair of CEFC China Energy throws doubts on its European acquisition spree.
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The threatened imposition of US-China trade tariffs this week is the most obvious sign of increasing protectionism, resulting in a push towards regional trade, but with consumers prioritizing speedy delivery, the move to source locally has other drivers.
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New technology and a handful of savvy operators have transformed banking for SMEs in Russia since the start of the decade. Now some of the sector’s biggest names are squaring up for the next challenge: affordable and accessible credit.
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The country’s Employees Provident Fund puts considerable effort into Shariah compliance from an ESG framework. Could chief executive Shahril Ridza Ridzuan have hit upon a template for other Islamic funds?
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Bank South Pacific dominates most of the markets that it serves, but it is not big enough to find an exchange suitable for a long-discussed second listing.
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Risk not commensurate with project debt returns; investment crucial to fill gap as economy normalizes.
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China is going cashless and cardless fast, with hundreds of millions of wealthy consumers leaping ahead to mobile wallets and providing some valuable insights for the possible future of open banking in Europe.
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'Abundant' potential liquidity from international insurance companies and pension funds; with drop in rates, local capital markets financing is now cheaper than BNDES.
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China’s interbank market trading platform and infrastructure provider has ramped up its technology partnership with NEX to capitalize on the ever-increasing appetite for algorithmic trading.
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The country’s bankers are frustrated: the system is sound, their banks are generally well run, and yet they are among the worst performers in Latin America. Something has to give. Some hope it will be the country’s attachment to the dollar.
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Bankers say the battle to hit mandated lending targets has created a scramble for borrowers in Bolivia. That’s not the only concern they have about the activist attitude of the country’s government, though one important area – microfinance – is thriving.
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The country’s biggest banks have kept profits up by keeping banking simple and benefiting from enviable net interest margins. But are they too conservative for their own – and the economy’s – good?
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Bankers and investors are increasingly confident that the country’s next president will adopt a programme of fiscal reforms, even though no leading candidates are standing on that platform. Why? Because over the past decade, Brazil has become a ‘marketocracy’.
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The outlook for both Credit Suisse and Brazil is better than it has been in years, and CEO José Olympio Pereira has his eyes firmly focused on the opportunities coming his way.
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The country’s gradualist approach to adjusting its fiscal deficit was always balanced on a knife-edge. The markets were willing to finance the experiment because of their faith in the economic team. But a recent unforced error has made the path to success even more precarious.
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Paraguay’s bright young things are trying to transform the country’s economy. A dogged commitment to macroeconomic stability means that a commodity slump and recessions in its two big neighbours have not derailed growth.
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Low levels of credit penetration provide huge growth opportunity; other positive factors include sector consolidation and regulatory liberalization.
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Donald Trump fired Secretary of State Rex Tillerson on Tuesday, the latest sign of his opposition to the Iran nuclear deal, an international agreement that has allowed the country’s banks partial re-entry into global finance after years of sanction-fuelled isolation.
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Cross-border exchange cooperation is back in focus in Asia – and at scale.
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South Africa’s reputation for insalubrious dealings under Zuma makes it fertile ground for maverick short-sellers.
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For too long, the country has been at the top of the world’s news agenda for all the wrong reasons.
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Blue finance is set to take off this year, buoyed by growing appetite for investments in sustainable fisheries, conservation and alternative plastics. It’s further evidence of the influence of the UN Sustainable Development Goals.
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India threatens cryptocurrency crackdown; Ripple argues it has a remittance model.
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Everyone used to want to be on the sell side; now they want to be on the buy side.
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Financial markets are woefully underdeveloped in this oil- and gas-rich country. For Baiduri Bank, which is mulling a listing in Kuala Lumpur, that makes growing a tough proposition.
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With the acquisition of Indonesia’s Bank Danamon, MUFG has built a network of southeast Asia bank stakes to go with its presence in the US. Now comes the hard part: persuading them to work together. CFO Aki Tokunari explains MUFG’s international strategy.
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Last year was a record for high yield in Asia, and 2018 has started strongly despite volatility. But behind the scenes there are concerns about an unpredictable regulator controlling supply and worsening practices among unfamiliar bookrunners.
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Three years ago, Raiffeisen Bank International was on the casualty list – today it is again one of the best-performing banks in Europe. New chief executive Johann Strobl discusses restructuring, regulation and getting back to ‘real banking’.
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A former social worker from middle England has suddenly become the biggest influencer in South Africa’s stock market. He called Steinhoff’s collapse correctly. In making banking sector star performer Capitec his next target, has Viceroy Research’s Fraser Perring got it right again? Or, as the bank’s leadership insist, is he a one-hit wonder?
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Michal Krupinski looks to shake off the legacy of UniCredit with big plans for Poland’s second-largest lender. But will he be given a chance to implement them?
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NYSE too strong a lure for tech companies; Latin America needs ‘IPO catch-up’.
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Sharp reduction in Selic boosted 2017 profitability but is a challenge in 2018; ‘soft’ recovery in credit demand might not offset lower margins.
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The political opponents of former president Lula look to have ruled him out of the next election, but this risks an even more volatile outcome.
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M4 money supply growth could fuel inflation more than higher interest rates lower it, causing a predicament for central bank policy should inflation spike.
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DBS is all about digitization bringing costs down, but Thursday’s numbers show a reversal. It’s caused by the acquisition of ANZ’s wealth business in Asia.
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On a recent visit to the Russian central bank on a wintry day, Euromoney’s eye was caught by a chap holding a large and surprisingly professionally produced billboard.
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UK court freezes former shareholders’ assets; new CEO appointed by supervisory board.
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Like many truly bad ideas, state ownership of banks is a concept that refuses to die.
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A cost-cutting drive and a dearth of deal making at home have made for a turbulent few years at RenCap. But now the Russian economy is recovering, the investment bank is rediscovering its appetite for expansion – at home and abroad.
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The region is a vital part of the world crypto community, mostly as investor and miner. But Korea and China have turned against virtual currencies, though Japan, despite recent setbacks, may have the answer.
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A bitcoin conference on a Thai beach, part of a cryptocurrency cruise, is quite a thing. Libertarian in outlook and cool in attendee, these are bitcoin’s true believers. But as the price of bitcoin tumbled in January, why were they still partying like it’s $19,999?
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New tax laws complicate the government’s short-term fiscal challenge; credit negative for banks because of increased funding costs.
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Concerns over rising protectionism reducing the trade in goods might be offset by the growing trend for trade in services.
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Tinkoff Mobile targets middle class with premium service; Sberbank offers free package to cut telecoms bill.
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US penalties against institutions likely, say analysts; lenders remain loyal despite rising macro risk.
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Euromoney's latest coverage of macroeconomic, FX, fixed income and equity market trends in the oil-producing economy.
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Brazilian Development Bank wants to finance more projects with a lower level of disbursements; local capital markets seen as better bet than banks to help BNDES step back.
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China’s latest effort to curb shadow banking involves applying Basel standards on banks: they must disclose far more of their exposure to previously unidentified counterparties. It’s good for the industry, but what does it mean for individual mainland banks?
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From rebalancing of the economy and financial reform to the internationalization of the renminbi, Euromoney sheds light on China’s economic challenges amid the global spotlight.
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CEO has broader ambitions as firm turns 10; impact investing still modest in Asia but growing.
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Euromoney's latest coverage of macroeconomic, FX, fixed income and equity market trends in the Asian powerhouse.
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Big data concerns and growing protectionism mean many Chinese deals will stumble.
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The impediments to providing more trade finance to emerging-market clients are well known, but that does not make them any easier to overcome. Could the ultimate solution be in turning trade finance into an attractive asset class for institutional investors?
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The pace of change at Imperial FX during the past 10 months highlights the scale of the task of transitioning from high-street remittance to an online platform.
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Woori’s woes shine a light on a banking system that is backward and lacks ambition.
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Euromoney's recent coverage of the macroeconomic, FX, fixed income and equity market trends in Latin America's largest – and crisis-beset – economy.
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For the banking industry, 2017 was a time of trying finally to resolve issues of the past and avoid new mistakes, yet dig beneath the surface and it was also 12 months of intrigue and, sometimes, farce. Here are Euromoney’s alternative awards for 2017.
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Arundhati Bhattacharya left big shoes to fill as chair of State Bank of India, but Rajnish Kumar’s arrival has coincided with a handy recapitalization of public sector banks that will help him achieve his main aim.
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In the most difficult circumstances, QNB's international strategy has paid dividends
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Internationalization is starting to pay dividends in performance
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Bigger footprint should drive revenues as well as earnings
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No other bank explains its tech performance better than DBS
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FAB can become more than the sum of its parts, but there's a lot of work to do
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With NPLs under control, focus must be on sustainable growth
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Newly acquisitive Itaú's earnings have been remarkably resilient
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Colombia will elect a new president in the first half of next year and, if the urgency to address the country’s financial position wasn’t already clear enough, the country’s December downgrade by Standard & Poor’s to one notch above junk throws the need for fiscal reform into sharp relief.
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GDP growth expected to drive acceleration in credit demand; Santander Chile’s CFO expects BBVA to sell to Scotia.
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Analysts’ confidence that there is untapped demand from Chinese banks to trade offshore RMB is good news for R5, which last week announced a joint venture with Shanghai Clearing House designed to connect these institutions to the London FX market.
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Lack of regional liquidity cited as reason for NY IPO listings; strong pipeline in Brazil being dominated by more traditional companies.
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What’s holding up a key appointment for the Ukrainian economy and banking system?
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While growth forecasts for Brazil for 2018 are turning optimistic, a few – a surprisingly small number in fact – are warning about a growing downside risk for next year: a negative hit from a persistent drought.
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India receives global attention for its digital innovation as a tool of financial inclusion, but it couldn’t get off the ground without a unique non-profit institution charged with creating the infrastructure.
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News broke last week of an intriguing insolvency petition in India: under the new Insolvency and Bankruptcy Code, high-profile disputes are now commonplace, but what’s interesting here is it pits a Chinese policy bank against an Indian private-sector corporation.
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As we drift towards the end of the year, conferences seem to be full of panels on asset allocation for the 12 months ahead: sometimes a bold investor will go so far as to say what they invest in themselves; sometimes that’s a surprise.
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Primary issuance back to 2013 levels; private-sector names prove popular with investors
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A pair of multibillion-dollar bank bailouts in under a month has roiled Russia’s banking sector and raised questions about the regulator’s competence – Dmitry Tulin, the central bank’s new head of banking supervision, insists such criticism is misguided.
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Recapitalization bonds will repair balance sheets; next step will be writing off bad loans
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India’s biggest fintech has doubled its user base in a year and is on track to have 500 million customers by 2020. It is backed by Ant Financial and Softbank and spurred by state policy on financial inclusion. How far can Paytm go?
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Anyone trying to keep track of attitudes to cryptocurrencies among Russian policymakers could be forgiven for feeling a trifle dizzy going into December.
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Banco Supervielle is producing market-leading growth and has issued successful international equity and debt transactions, while other second-tier banks are ambitious and growing fast. But not everyone is tuned into the mid-tier banks’ aggressive growth potential.
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First foreign investor for troubled sector since 2007; Bancpost acquisition boosts lender to top of domestic market.
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An investment company linked to one of Iran’s largest investment banks failed to publicly disclose its focus on Iran when it listed on NEX Exchange, though it always intended to invest primarily in that country.
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Country predicted to be fastest-growing economy; political stability and renewed public investment should lead to demand for credit.
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When it finally came, it took the market – and bankers who had been hoping for the news for many years – by surprise, but China’s decision to allow foreign partners in domestic securities joint ventures to take majority stakes raises as many questions as answers.
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Euromoney's recent coverage of macroeconomic, FX, fixed income and equity market trends in Brazil, Russia, India and China.
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The capital markets highlight of November in Asia was the Hong Kong IPO of Tencent spinoff China Literature, which raised HK$8.3 billion ($1.1 billion), was 600 times oversubscribed and shot up 70% on its first day of trading.
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It’s all change in the world’s most powerful central banks: the Federal Reserve has a new chair coming; the Bank of Japan will need a new one from April; and, no less significant, China could announce the next head of the People’s Bank of China (PBoC) any day.
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The moment has finally arrived – bankers have grown old waiting for it, but on Friday they learned they will soon be permitted to own majority stakes in securities companies in China. Good news for every international investment bank – except one: HSBC.
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The People’s Bank doesn’t want a crypto-free country – it wants to own the market.
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Macro-economic recovery and falling Selic paint positive outlook; credit growth frustrating the rosy outlook.
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As Xi Jinping heralded the dawn of a new era of Chinese politics and power at the Communist party congress in Beijing in October, a forgotten but important anniversary was about to be passed.
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In the 10 years since ICBC’s $5.5 billion acquisition of a 20% stake in South Africa’s Standard Bank Group, there has still been no bigger single China-Africa investment. Looking back now, the deal was remarkable for the speed and relative ease with which it came together. But has it worked?
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It is loved by analysts and fund managers, with impeccable ratios and a market cap that sometimes trumps DBS as the largest in Asean, yet it is determinedly domestic and focused on its native Indonesia – meet Bank Central Asia.
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Debt-for-equity swaps are all the rage among China’s state-owned enterprises, but it may be that households, rather than banks or insurance companies, are going to be the ones footing the bill.
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A change in the interest rate environment will require a fundamental shift in mind-set from the clients of Brazil’s private banks – are they ready for it and where should they look for returns?
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Central bank governor Patrick Njoroge talks to Euromoney about the challenges of a turbulent year in Kenya and about his strategy to tackle them.
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Acquisition of Interacciones would lead to high concentration in state lending; management’s rationale and forecasts seen as optimistic.
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It’s obvious that Brazil’s government needs to reform pensions and get hold of social spending – easy to say, not so easy to do.
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It is almost a year since the forced nationalization of Ukraine’s biggest bank, whose collapse could have wreaked havoc with the country’s economy. It has cost the country $6 billion and sparked a wave of recriminations and lawsuits. As policymakers try to turn PrivatBank into a viable lender, here’s the inside story of a high-stakes national psychodrama.
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Back in June, holders of Eurobonds bailed in during the state takeover of Ukraine’s PrivatBank last year hired a clutch of upmarket American PRs to make the case to western journalists that the nationalization was illegitimate.
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There are not many firms in a similar position in Vietnam, and its circumstances mean its capital raising may not be replicable by other issuers. But it is still good news for the market.
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GDP and credit growth should offset lower NII; greater efficiencies also sought to preserve strong results.
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Markets buoyed by win that eases path for further reforms; all eyes on investment boost needed for gradual fiscal adjustment.
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Bank says rationalization of retail branch networks will boost growth; head of its digital platform hints at wider retail banking services.
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Sanctions and regulatory scrutiny stymie sales; western subsidiaries surge back to profit.
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Why being positive on Chinese macro and the big four banks, but bearish on the rest of the financial sector, is not a contradiction in terms.
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In true clickbait style, Euromoney offers some highlights from this year’s IMF/World Bank meetings.
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Arunma Oteh has helped develop new financial tools to address the world’s most pressing issues – in an exclusive interview, she talks about the difference the capital markets can make and her previous career fighting corruption in Nigeria.
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Cautious Halyk Bank has been largely immune from the upheavals that have shaken the Kazakh banking sector; will buying troubled market leader KKB bring an end to the group’s bull run or create a new regional player?
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Komercijalna Banka was in urgent need of modernization ahead of a planned privatization – enter Alexander Picker, an Austrian who has made a career of bringing socialist-era lenders into the 21st century.
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It seems counterintuitive, but the endless cycle of political turmoil in Brazil might be insulating the country from a crisis that is warranted by its perilous fiscal situation.
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Hopes for full privatization dashed; investors might still see growth opportunity.
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Asia’s disparate markets and economies have found common ground in the widespread adoption of digital technology. Starting with consumer clients, expectations are rising up the banking chain and banks need to keep pace.
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China is leveraging its middle class to clean up its banks – an approach rife with moral hazard.
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Its mixed ownership reform cannot be applied to other SOEs.
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One large bank bailout may be seen as a misfortune; two certainly raise some questions.
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Lots of people seem to be worrying about emerging markets (EMs) – and no wonder.
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Between 1997 and 2004, Peter Nicholl was governor of the Central Bank of Bosnia and Herzegovina; he succeeded in establishing economic stability in a country ravaged by war, but how did a New Zealand central banker get the job in the first place?
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On the cover | Editor's letter | Also in this issue
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State Bank of Mauritius aims to start a pan-African bank from scratch, as its home country turns its economy towards the continent. Little has been achieved to date, but SBM’s chairman is focused and confident.
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It’s goodbye cash, hello mobile wallets and digital payments, as Egypt uses financial technology to streamline payroll, keep money in the financial system and improve tax collection.
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In a sweeping interview with Euromoney Africa, Ecobank’s CEO makes the case for pan-African banking and says technological innovation will finally make that business model thrive.
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As Denny Kalyalya’s first term as Zambia’s central bank governor draws to a close, he reflects on the need for IMF support, the currency and debt crisis that engulfed the country two years ago and his efforts to deliver a recovery for the long term.
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Following Mozambique's default, is it time to reassess which other African Eurobond issuers might follow suit – and what options are open to issuers – given deteriorating finances and rising global interest rates?
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Rwanda is one of the most competitive economies in Africa, thanks to reforms and an open-door approach to foreign investment. Its banking landscape has been transformed and bankers are keen to turn Kigali into a financial centre serving the region, though they admit it has a long way to go.
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Barclays’ exit from the continent shows how banks based in developed countries are either unable or unwilling to support growth in emerging markets. But for institutions with a focus on Africa, the departure of such international rivals makes banking in the region look even more attractive.
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Barclays’ ownership has hobbled some of its biggest businesses in Africa. Now Maria Ramos, chief executive of the Johannesburg-listed successor company that makes up the bulk of Barclays Africa, tells Euromoney Africa about the challenges she faces in extricating Absa and the rest of the network from the London-based group.
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Currency devaluations and swings in commodity prices have taken their toll on many a private equity investment in Africa in recent years, particularly for those who invested at the height of the Africa bull market between 2005 and 2013. These days, sponsors are picking their targets carefully, with a focus on domestic consumers and non-commodity exporters.
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New recruits show bank sees tangible business from Belt and Road; some will be new hires, others existing staff being moved.
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Investors have welcomed Nigeria’s new FX regime that was merged with the interbank rate in August, but doubts remain, as the market still grapples with multiple official rates.
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Global finance needs to believe in the progress it can drive to meet environmental challenges.
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Mid-sized banks moving quickly to take advantage of credit growth: focus on organic rather than acquisitive growth could be a positive.
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Qatar’s financial sector might not be the only one to struggle under a blockade imposed on the country since June by a coalition of Middle Eastern states.
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Investors have misconceptions about the scale of its retrenchment; growth and asset quality recovery likely to increase through 2018.
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Sovereign targets credit uplift for euro admission; Lazard advises on SOE restructuring.
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Iraq’s former industry minister, Mohammed Alderajy, is brutally honest about the country’s culture of corruption and resistance to reform. The banking sector is far from immune. He says a new attitude is needed if Iraq is to improve its prospects for reconstruction.
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After years of discussion and an agonizing wait for regulatory approval, HSBC’s securities joint venture in China – the first to have majority foreign control – is approaching launch. Senior figures explain the process and what the JV will look like.
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Banks in Qatar have been hit hard by its powerful neighbours’ unexpected blockade, but finance, just like other sectors of the Qatari economy, is finding ways to cope with this sudden realignment of regional alliances.
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Amr El-Garhy is Egypt’s ninth finance minister in a little over six years – and after a revolution, a coup d’état and last year’s surprise currency flotation, the Egyptian economy is in desperate need of stability. El-Garhy talks to Euromoney about the challenges facing him and the country.
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President Mauricio Macri’s economic inheritance was toxic; his policy of gradual fiscal realignment looks like it will lead to success in this year’s crucial mid-term elections, but the country desperately needs investment to maintain the transition.
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Low oil prices have put Oman’s government under pressure, while regional political turmoil could make life even more uncomfortable. A new economic model is called for, but can the leaders in Muscat find one quickly enough?
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The surprise victory of Donald Trump in last year’s US election stopped Mexican M&A in its tracks, but as the stock market and the peso started recover in 2017, so too did Mexican corporate appetite for acquisitions, not least in the US.
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It is not just corporations and states that have built up record debt levels: the indebtedness of the booming sub-sovereign market – especially among state-owned enterprises – can be difficult to see until something goes wrong. Should investors be spooked?
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Public banks enjoy competitive advantage and dominate banking sector; growing fiscal deficits threatened to end strong run of economic growth.
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The former Soviet states of central Asia and the Caucasus are ideally placed to benefit from the Belt and Road Initiative, but realizing their full potential will require reform as well as infrastructure development.
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There is some debate as to how many countries are part of the Belt and Road Initiative, which sprawls across the Middle East as far as eastern Europe and Egypt. ICBC Standard Bank’s Belt and Road indices track 65 countries (including China).
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For UOB, the announcement of One Belt, One Road in 2013 was welcome vindication. Two years earlier, the Singapore bank had set up a foreign direct advisory unit based principally on Chinese overseas direct investment into southeast Asia. “The great beneficiary of our service over the last five years has been Chinese corporates,” says Sam Cheong, head of the unit. “This trend is just beginning.”
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The first tangible progress in Belt and Road infrastructure can be seen in Pakistan. The China-Pakistan Economic Corridor has been valued at $62 billion of projects, from the seaport in Gwadar to the reconstruction of the Karakoram Highway across the Himalayas to the Chinese border.
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The Belt and Road Initiative offers much to the disparate markets of the Middle East and Africa, but not all those countries seem so enthusiastic in return.
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Euromoney is in the Socar Tower in Baku, Azerbaijan, about a mile from the Caspian Sea. Here, two members of the Southern Gas Corridor (SGC) holding company’s executive team are describing a complex gas pipeline project reaching from Azerbaijan’s Shah Deniz gas field in the Caspian, through Azerbaijan and Georgia, the length of Turkey and ultimately across Greece, Albania, the Adriatic Sea and into Italy.
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To John Woods, chief investment officer for Credit Suisse Private Bank in Asia, Belt and Road is a megatrend: one of those overarching themes that play out over many decades. His job is to translate that into an investable form for high net-worth clients.
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ICBC Standard Bank is an interesting institution. It is a legacy of ICBC’s landmark acquisition of a 20% stake in South Africa’s Standard Bank 10 years ago. In 2015, ICBC acquired a controlling stake in Standard Bank’s London-based global markets business. Today it stands as a financial markets and commodities bank serving ICBC clients’ global markets needs, with a separate business in the distribution of African risk. Still London-based, it focuses on global commodities, fixed income, currencies and equities.
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China’s Belt and Road Initiative is so vast and ambitious it can be difficult to understand how it will all work in practice – what makes a BRI undertaking, how will they be funded, will they be trophy projects or on commercial terms, how are they originated? – so Euromoney spoke to 16 institutions all looking at BRI from their own different perspectives.
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China Development Bank (CDB) is, along with China Eximbank, a policy bank under the jurisdiction of the government and the State Council. It dates from March 1994 and has a history of infrastructure funding that long pre-dates Belt and Road. Signature developments include the Three Gorges Dam and Shanghai Pudong International Airport. It will be absolutely vital to Belt and Road.
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If there is one message Asian Infrastructure Investment Bank (AIIB) chairman Jin Liqun wants you to take away about Belt and Road, it is that AIIB is not the same thing. It is not the Silk Road Fund either. Despite what is widely said in international discussions, these things are not synonymous.
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A close neighbour with a large infrastructure deficit, southeast Asia is a natural target for China’s Belt and Road Initiative, but when do mutual benefits for China and the region become regional dominance for the Asian giant?
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BRI may be hard to define, but it is already working wonders in parts of a region crying out for good infrastructure. Global and regional lenders are happy to go along for the ride.
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What does Belt and Road mean for a multilateral like the Asian Development Bank? Friend or foe? The ADB’s stated mandate is, among other things, to improve infrastructure across the Asia-Pacific region, so any assistance in that task is surely good. But does it move the goalposts of due diligence and so undermine the standards ADB seeks to set around environmental and social impact? Does the good outweigh the bad?
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At the vanguard of the funding effort for the Belt and Road Initiative will be China’s state-owned commercial banks. All eyes are upon them and their lending practices. Will they be expected to pour funds into projects with a tenuous economic rationale in the interests of state policy? Or will they instead be able to assess BRI projects as they would any other enterprise, with a weighing up of risk and return and a commercial decision at the end of it?
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It falls to analysts like Alexious Lee, head of China industrial research at CLSA, to make sense of the vast scope and long-term themes of Belt and Road. Lee heads CLSA’s research coverage of Belt and Road and public-private partnerships, assisting clients seeking access to China for projects related to the new Silk Road.
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With infrastructure ambitions on this scale, it is inevitable that some of the capital will be misspent. As McKinsey Asia-Pacific chairman Kevin Sneader observed in a recent podcast: “There is a real risk that this becomes a source of funding that gets mis-deployed and doesn’t end up contributing to greater trade or greater economic collaboration, but just gets wasted on projects that really should never have been funded in the first place.”
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When infrastructure is developed on a scale like this, the ripples flow in every direction, including health. What does Belt and Road mean from that perspective?
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Policy bank money is fine, to a point, but if China really wants an infrastructure plan to change the world, it is going to need private sector money to join the party. It is going to need names like Macquarie, historically thought of as an investment bank (which it still is), but today also one of the world’s largest infrastructure investors.
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Chinese policymakers and firms are showing an increasing interest in central and eastern Europe – but will Beijing’s ambitious plans for infrastructure development put China on a collision course with the EU?
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China has plenty of engines to get Belt and Road underway: Export–Import Bank of China, the China Development Bank, the enormous state-owned lenders. But it needs a dedicated, wealthy, powerful and politically enabled body to be the driver of the whole enterprise, and that is the Silk Road Fund.
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To Gordon French, head of global banking and markets for Asia Pacific at HSBC, Belt and Road is “a supercharger.”
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New banking law looks set to require BBVA to add capital; deal would transform Scotiabank in key Pacific Alliance market.
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Deposit run sparks Russia’s largest-ever bank rescue; central bank criticized for allowing debt-fuelled expansion spree.
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Chinese fintechs have been redrawing the map of financial services for a while now, and Tencent has just added the latest amendment.
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President Mauricio Macri’s success in Argentina’s primary elections suggests that his gradualist approach to reform might be the right strategy after all.
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Why did CIMB sell half its international brokerage business to China Galaxy? It is a coincidence of interests: survival on one side, expansion on the other.
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A falling number of corporates are choosing to list on the Taiwan Stock Exchange. Given the dire after-market performance of Aslan Pharmaceuticals, it is not hard to see why.
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Pipeline of ECM deals grows as sentiment improves; government said to be planning ‘ambitious’ privatization programme.
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Fintech and digital financial services are rushing in to help refugees and migrants access and transfer money, but their innovation isn’t just changing how humanitarian aid agencies operate – it’s also offering solutions for broader financial inclusion challenges.
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Cutting-edge technologies are being harnessed to bring affordable financial services to hundreds of millions of people in emerging markets. They offer a glimpse into how financial services in the rest of the world may develop.
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In the refugee camps of Jordan and Lebanon, life for the many of the 5 million Syrians displaced by civil war somehow goes on. A whole new financial ecosystem is needed to support the amazing resilience and initiative of many of these refugees, who have little prospect of going home. It presents a new challenge for NGOs and they need the help of investors, financial institutions and the private sector. Euromoney visited camps in Jordan and urban areas in Lebanon to talk to aid workers, government and non-government officials and the refugees themselves to find out what role the banking system can play in alleviating the greatest humanitarian challenge of this century.
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Pacific island states like Kiribati, the Cook Islands and Palau are among the most exposed in the world to climate change. It is not just rising sea levels that threaten to obliterate them, but also more extreme storms and tides, the acidification of the seas that provide their livelihood, and drought. Worse, their relative obscurity makes it hard for them to state their case, they lack the institutional capacity to approach multilateral funding sources and many of them are flat broke anyway. What can they do?
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Climate change finance for the V20 and other vulnerable states will need innovative thinking. It turns out plenty has already taken place, including a detailed proposal to bring funding to those who can’t raise it independently.
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Costa Rica’s ambitious commitment to reducing carbon emissions places it at the forefront of the fight against climate change. But its politicians worry that, with financial aid being focused elsewhere, it could effectively be punished for its early adopter status.
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There is an abundance of funds seeking to channel money into climate finance projects in vulnerable countries, with the Green Climate Fund in the vanguard. But why is so little money reaching the countries that need it?
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The future of climate change finance lies in its ability to attract private capital. It is a complex task, but the key to its success will be in keeping products offered to investors as simple as possible.
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There are so many challenges related to climate change, so many disparate actors required for their remedy and so much money required to do it, that it is tempting to see the whole situation as unfixable. Perhaps that is why some of the countries most vulnerable to climate change are not willing to talk about it. There is one positive counterbalance: all the ingredients needed to meet climate finance goals are available. But getting the money where it needs to go, with private capital alongside, will require a level of global coordination rarely seen.
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No nation is more at risk from rising seas than the Maldives. Yet the government seems more interested in tourism than sustainability, and access to international funds is difficult. Has the climate change debate lost relevance in the country that inspired the creation of the V20?
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Cesar Purisima was secretary of finance of the Philippines when Typhoon Haiyan devastated much of the country. It was a lesson he hadn’t forgotten when he became the founding chair of the V20, a vehicle for the world’s most climate-vulnerable nations to speak collectively.
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State bank BNDES’ benchmark rate set to be replaced; implicit subsidies have been a significant fiscal drain
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A ratings uplift and a better profile for Croatia’s SOE debt could be brought closer with a helping hand from the World Bank
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Volume key for profitability as banking market normalizes; flurry of equity deals to fuel M&A and organic growth.
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Banks see normalization, with credit growth the driver of results; new mortgage product excites the market.
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As Singapore reinforces its position as the leading FX trading centre in the Asia Pacific region, Euromoney looks at the prospects for other regional hubs.
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The IBRD's latest foray into capital-at-risk notes brings a familiar name back to the cat bond market.
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View results of the China Retail Gold Survey here.
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Its appetite for gold remains insatiable, making local market participants increasingly frustrated with their limited influence on global gold price-setting. That is set to change.
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Reversing the country’s reputation will take a long time. At least a start has been made.
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The differences between two landmark access programmes for China’s capital markets need to be understood.
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Short-term factors driving strong improvements in earnings and ROE; revenues the issue next year as credit demand remains weak.
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In a yield-hungry world, what could be more appetizing to investors than a nation with stability offering 7% on its Eurobonds?
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Everyone has a complaint about how Hong Kong’s markets are run, whether it is cornerstones, regulation, secret orders, or simply poor performance. How does HKEx get the environment right when everyone has a different idea of what is wrong?
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Roman Lokhov has transformed BCS from a Russian retail broker to a full-service investment bank through a combination of technology, transparency and opportunism. Now he is looking to bring a new generation of Russian companies to the global markets.
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Itaú BBA has long been a top investment bank in Brazil. Recently, rumours of high turnover, a changing culture and low morale have been rife. But Roderick Greenlees, head of investment banking, says the bank remains an undisputed market leader.
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It is no understatement to say that the country is uncharted territory. The news is all good right now. But next year’s presidential election could return it to familiar, volatile territory.
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A-shares included at low weight; handful of large-caps with tiny weighting.
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Carrefour subsidiary shows demand for Brazilian IPO; carry trade boosting equity as well as bond performance in Latin America.
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Euromoney's latest coverage of emerging markets, including FX, fixed income and equity market trends.
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Implementation of global standard will lead to higher tier-1 capital levels; banks well capitalized but predictions of sovereign downgrades cloud outlook.
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Spreads at multi-year lows as demand remains buoyant; Investors reverse underweight positions.
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Morocco’s Banque Centrale Populaire has entered into negotiations with Bank of Kigali to acquire a minority stake in the Rwandan bank.
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Bank’s IB division up to third in rankings in first half of 2017; IB head Leao says there is “still a lot more to come”.
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Few banks in the world have made greater efforts to reach those in poverty than State Bank of India (SBI). As chairman Arundhati Bhattacharya told Euromoney last year: “I have customers in the bank who have to be led by the hand to give their left thumb impression. When you dispense the money, you have to tell them the amount orally, because they can neither read nor write.”
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The man behind the company with plans to dominate Singapore’s high-volume user market in FX tells Euromoney how a higher percentage of local and regional liquidity can be kept within the island city state.
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Reduction of size and cost of subsidized credit key policy reform; negative impact of earmarked credit highlighted by World Bank report.
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It is rare for financial market professionals to feel they are helping to save the world, but a new capital markets deal from the World Bank to help the poorest countries cope with pandemics might be doing just that
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Why did CIMB sell half its international brokerage business to China Galaxy? It is a coincidence of interests: survival on one side, expansion on the other
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Sometimes we can’t see the trees for looking at the woods.
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Azeri default reminds investors that implicit guarantees aren’t worth the paper they’re not written on.
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Renegotiated and restructured debt lengthening NPL cycle; Bradesco and Santander to benefit most from better cost of risk.
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Euromoney’s latest Country Risk Survey shows a gradual rebalancing of risk scores this year, as the aftershocks of the global banking and sovereign debt crises wear off, political risks tied to the European electoral cycle fade, and capital access improves for EMs.
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Rothschild once again proved that an independent firm can hold its own in advisory against both bulge-bracket and regional banks in CEE in the awards period, winning mandates on some of the biggest M&A deals in the region as well as advising on a clutch of high-profile financing transactions.
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UniCredit continues its hold on the top spot in emerging Europe transaction services, thanks to a strong market presence and a continued push to link up the countries in the region.
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This year’s best bank award recognizes Erste Group’s achievements in completing the protracted restructuring of its network and positioning itself to take advantage of growth opportunities in the region, while at the same time meeting the challenges of technology.
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This year’s winner of best bank in Africa is a marked departure from last year’s. After Equity Bank’s win in 2016, thanks to its dominance in the small and medium-sized enterprise and digital banking sectors, this year we reward Attijariwafa Bank, a financial institution that has long been the best in Morocco and is now asserting its credentials in the rest of Africa.
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The award for best bank for wealth management in Africa this year goes to Standard Bank. With R79 billion ($6.14 billion) in wealth and investment assets under advisory, Standard Bank is Africa’s largest wealth manager.
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This year’s award for best bank for markets in CEE goes to Wood & Co, the region’s leading independent investment bank. Founded in Prague in 1991, the firm has since expanded to cover the whole of emerging Europe.
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This year’s award for best bank transformation in Africa goes to National Microfinance Bank of Tanzania, a bank which has become a model for other African institutions in the areas of mobile banking, SME lending and microfinance.
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The small and medium-sized enterprise segment has proved a tough nut for many Romanian banks to crack. Lack of transparency and what local bankers euphemistically call “tax management” by companies can make lending challenging. High levels of NPLs in the sector after the financial crisis have also put a dampener on credit supply to the sector.
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When Erste bought Banca Comerciala Romana (BCR) in 2005, the bank came with a lot of baggage. As the main financier of Romania’s corporate sector through much of the post-Communist period, it was deeply embedded in the power structures of a country notorious for bad governance and lack of transparency.
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Investment bankers covering CEE breathed a sigh of relief last year as their market sprang back to life after two years in the doldrums. Eurobond sales from the region rose nearly 60% in the 12 months to March from a year earlier, according to Dealogic, while primary equity issuance more than trebled. The trend was less marked in M&A, which had proved more resilient during the regional downturn, but a 28% increase in transaction volumes was nonetheless welcome.
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Kenya Commercial Bank wins this year’s award for best bank for corporate social responsibility in Africa for the work of the KCB Foundation and, in particular, two ground-breaking initiatives. Last year, it launched 2jiajiri (‘let’s employ ourselves’) – a youth enterprise development and employment initiative that works in partnership with more than 100 technical training institutions across Kenya. More than 12,000 students have taken part so far in the programme, which aims to turn young people into entrepreneurs by training them and connecting them to graduates in law, accounting and marketing to help them get their businesses off-the-ground.
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Citi was knocked off the top spot in DCM in emerging Europe last year but remains a dominant force in CEE investment banking thanks to its unrivalled on-the-ground presence in the region. The US house has commercial banking operations in Russia, Hungary, Poland and Czech Republic, as well as offices in Turkey, Ukraine, Kazakhstan, Bulgaria and Slovakia. These are coordinated with a 22-strong team in Citi’s CEE banking hub in London. Citi is the winner of our award for the best bank for financing in the region.
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Last year’s winner of the newly minted award for financing in Africa was Citi, and Citi again did well in the last 12 months. But Absa wins the award this time round, thanks in large part to its impressive work in South Africa.
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As Stuart Gulliver’s time as chief executive of HSBC runs down, the moment has come to acknowledge his achievement in managing the remarkable transformation of one of the world’s biggest, most complex banks. Once a diffuse portfolio of unconnected banking franchises, it now starts to look much more like the jewel it should be: a properly managed network that can serve customers and reward shareholders by handling global trade and capital flows.
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Last year’s winner of best for markets in Africa – Standard Bank – was unable to hold off competition from Standard Chartered this year. With its 56 people-strong Africa sales team and trading team of 28 – making it the largest on the ground – Standard Chartered was difficult to beat.
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The pace of digital development across CEE’s banking sectors over the past decade has varied widely. Some markets remain mired in cumbersome post-Communist processes and paperwork, while others are at the forefront of global innovation.
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For almost 50 years, Euromoney has been the leading publication for covering the growth of international finance. Over the past 12 months its coverage has included interviews with close to 100 bank CEOs, ministers of finance and central bank governors around the world.
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Angola’s economy continues to suffer from low oil prices, a poorly functioning system of government and the influence of the state on the private sector.
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Lending to small and medium-sized enterprises is an important part of banking in Africa, and an area of business that requires ever more support from the continent’s banks. Guaranty Trust Bank (GTBank) dominated the sector over the last year and so wins the title of best bank for SMEs.
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There are few banks that can advise wealthy clients across the multitude of different countries and cultures in CEE, but UniCredit has made itself the bank of choice for clients in nearly every single one, earning it the award for best bank for wealth management. Its focus for the last 12 months has been one of organic growth and innovation. The bank has focused on structured products.
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The narrative in the Albanian banking sector was unchanged last year as Banka Kombetare Tregtare (BKT) continued to assert its dominance over former market leader Raiffeisen Bank. By the end of December, the Turkish-owned lender accounted for more than a quarter of all deposits in the country and nearly 22% of overall loans, while its Austrian rival saw its share of both markets slip to below 20%.
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Given the tough market conditions in South Africa, a focus for Rand Merchant Bank was outbound M&A and private equity. The success of this strategy helped make it the best bank for advisory in Africa.
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Africa has been a difficult market to contend with over the last year, for both local and international banks operating across the continent. But with a widespread local and correspondent banking presence, Citi has taken this year’s award for Africa’s best bank in transaction services.
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In a year that was difficult for much of Africa because of low commodity prices and especially the price of oil, which dragged down deal activity, one investment bank outshone its peers, managing to remain busy throughout the period. That bank was Citi, which wins this year’s best investment bank in Africa award.
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Every bank in Africa is going digital, or at least saying that it is. Ecobank’s claims were certainly not empty statements as the pan-African bank demonstrated, for example, by launching a new mobile application in 2016. Ecobank is this year’s worthy winner of best digital bank in Africa.
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Singapore is steadily fending off threats to its position as Asia’s largest FX trading centre, threats that include liquidity concerns, growing volumes in Hong Kong and the rise of Shanghai.
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HSBC’s Sino-foreign joint venture has been approved at last, almost two years after the project was announced. It is the first such venture to have foreign control but what exactly has HSBC won?
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Wave of IPOs could propel ‘mid-sized’ banks; HSBC emerging as a potentially serious player.
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Dana Gas, an Emirati gas company, is using Shariah non-compliance as an argument in its sukuk restructuring talks. That remarkable move, if successful, could undermine the whole system of trust built around Islamic finance in the Middle East.
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There will be a time when Chinese A-shares play a huge role in global emerging market (EM) portfolios, but Wednesday’s news does not mark that moment.
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High-yield sovereign issuer sells a $2.75 billion century bond; bank valuations ‘hyped’ but room still seen to grow.
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Brazil office opened in 2014 and has won several prestigious mandates; firm argues changes to bankruptcy code would boost M&A.
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It’s hard not to see, in the detention of Anbang chairman Wu Xiaohui, the final nail in the coffin of a certain kind of exuberant Chinese dealmaking.
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The B&R forum held in Beijing brought a little clarity to a so far rather nebulous concept.
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Reaction to Philippine president Rodrigo Duterte’s appointment of Nestor Espenilla Jr as the new governor of the central bank, Bangko Sentral ng Pilipinas (BSP), has been publicly positive.
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China’s landmark Belt and Road Forum – not, we are told, to be abbreviated as Barf – has been hailed as a success for the country’s sprawling infrastructure agenda.
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A suggested merger of two of Malaysia’s large banks and the sale of half of another’s international brokerage to a Chinese peer have shaken up the country’s financial services industry in the space of a week – what’s happening?
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What gated communities can teach us about gaming the system.
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The latest political scandal in Brazil spooked the markets, but didn’t bring them down. Why not?
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European authorities deserve credit for pushing through reform of Slovenia’s banking sector.
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Economic recovery encourages borrowers; fiscal consolidation revives eurozone entry talk.
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Bedding down a six-sided merger domestically; international activity to be 20% of total book in three years.
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Several banks write off Syrian operations; they continue to be big shareholders.
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After another tumultuous year for banking in Lebanon, the central bank governor discusses the political pushback against his actions, the potential impact of a new US law targeting Hezbollah and the prospects for his reappointment.
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The country’s biggest banks are working on the big data challenge. If successful, it could transform the industry and its performance. But quantifying the impact and differentiating between potential winners and losers is almost impossible.
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Swiss bank buys Brazil’s biggest multi-family office; wealth management industry continues to grow fast despite economic turbulence.
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After months of uncertainty, the Lebanese government has finally approved Riad Salamé’s renewal at the head of the country’s central bank. It was right to reappoint him; now he should be left to work unfettered by political interests.
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Bernardo Parnes opens IB and wealth management boutique; consultancy aims to differentiate by seniority of advisers.
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Miranda, head of BBI, says single country banks at a disadvantage; global trend to universal banks helping drive national and regional growth.
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Sharp crash in bank shares was followed by marked recovery; risk of political stagnation could lead to larger, longer-term falls in sector.
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International companies new to Asia find working in the region more difficult than anticipated, as Asian regulators move towards a protectionist stance.
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One of the world’s most ambitious and laborious deals approaches its conclusion and will not be repeated in a hurry.
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The dearth of equity financing in the region plays into the hands of firms with strong debt franchises. The local banks are not leaving this business to the internationals and there is one local in particular whose efforts to develop its debt financing capacity should be recognized, not least for tapping into the local investor base.
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Events such as the rise and fall in the oil price and the steep devaluation of the Egyptian pound, made 2016 another eventful year for markets businesses in the Middle East.
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Competition in digital banking is not as fierce as in the Middle East as elsewhere. Rarely do banks’ achievements match their rhetoric in this area.
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An increased focus on financing small and medium-sized businesses should be another important step towards unleashing the Middle East’s vast untapped reserves of entrepreneurialism. Although rarely easy for risk-conscious lenders, growing the SME book is vital for the region’s future as a banking market. It is something notably lacking in the most oil-dependent economies.
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The region’s investment banking market, as ever, remains more tilted to the Gulf, which has recently been less active in blockbuster sovereign wealth-fund M&A mandates and more vigorous in public-sector financing as the lower oil price has bitten.
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Completed Middle East M&A volumes more than doubled to $110 billion in this awards period, according to Dealogic – although the number of deals fell by about a quarter. Teva’s acquisition of Allergan made up around a third of the volume on its own. The purchase of a 19.5% stake in Rosneft by Glencore and Qatar Investment Authority made up another 10th.
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The region’s wealthy are another group increasingly targeted by both local and international banks. The regional wealth management award goes to a firm with global breadth and expertise in this area, Credit Suisse, which also keeps the top spot in the Middle East in Euromoney’s 2017 private banking survey.
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Last year’s award for best bank transformation honoured Al Ahli Bank of Kuwait, a bank that showed great ambition by acquiring a financial institution larger than itself – the Egyptian division of Greek bank Piraeus. By so doing it became an international player in Middle Eastern banking.
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Commercial International Bank wins region’s best bank award; winners reflect year of reform and easing bank liquidity; record year for Gulf debt capital markets sees HSBC retaining investment-banking title, while local and international banks do battle for regional and domestic awards.
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In corporate social responsibility, it is also rare to find financial institutions who manage to take their contributions beyond the occasional charitable donations, but rather put their financial acumen to good use in the community.
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It was a year of some relief for Middle East banking, as the benefits of reform began to be felt and the oil price recovered. Although they remain partly at the mercy of Opec and the US shale energy industry, there was good news for local and international banks, as the government spending crunch eased up and the region turned to international markets to finance its development projects and budget deficits.
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Transaction services clients are increasingly well served in the Middle East, particularly in the UAE’s relatively large financial services industry. Local banks have improved their offering, while the biggest international banks also see it as a priority.
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Itaú buys XP to protect its market share; staggered deal offers XP a certain future away from IPO risks.
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Private banks ahead of the curve in terms of provisioning; Banco do Brasil returns to double-digit ROE.
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New marketplace for impact investments; industry in need of institutional clout.
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All sorts of things can go wrong when you start pledging cows as collateral.
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Ukraine’s Gontareva should be lauded for her efforts to clean up Ukraine’s rotten banking system.
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Mulyani’s programme finds success much closer to home than expected.
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Telecoms tycoon backs new SME online lender; chairman Péretié sees sector-beating ROE.
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Bond Connect programme confirmed; long-term potential means little today.
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At first quantitative easing offered palliative care to the global economy – now the patient is finally reviving.
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Market moves to T+2 settlement; boosts eligibility for MSCI inclusion.
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First dual listings promised for early 2018; investors set to seek reassurance on minority rights.
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It turns out that part of the reason Indonesia reacted so badly to the JPMorgan equities call was because it was downgraded more than Brazil.
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As international banks continue to pull out of Africa, Afreximbank president, Benedict Oramah explains why African institutions need to be the main source of support for the continent in times of crisis.
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The country’s new minister of finance has ambitions to build factories, cut taxes and combat corruption. His background as an entrepreneur and banker may mean his plans can get off the ground.
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The country’s last administration borrowed heavily from banks to sustain inefficient state-owned energy companies at the expense of the private sector – can the newly elected government repay the debt and get banks lending again?
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Aval may be the leading banking group in Colombia and central America because of its sprawling structure, but could there be efficiencies available from rationalizing its operating model?
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Beehive and Eureeca are using online crowdfunding to raise debt and equity for small businesses in the Middle East. Becoming regulated will allow them to grow rapidly. In time, they could eat the banks’ lunch, or the banks just might swallow them.
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The liquidity issues that have plagued the Kingdom’s banks for months appear to have abated. But a persistently low oil price and the impending generational reform programme mean that Saudi Arabia’s financial sector still faces some big challenges.
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Moldova is troubled even by the standards of eastern Europe, but at the central bank Sergiu Cioclea, a former BNP Paribas corporate financier, is trying to bring order to his home country’s chaotic banking sector.
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Whip-smart M&A boutiques and upstart full-service investment banks are making waves in India, profiting from the retreat of global investment banks. But how much further can they go?
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Alibaba, Alipay, Ant Financial – by now everyone in banking knows the triumvirate of brands that have transformed financial services in China, and the domestic story is only the start. Going global will be Ant Financial’s biggest-ever test, with tougher markets, tighter regulation and a whole new world of risk management. But it is nothing if not ambitious.
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Asian green bond initiatives are supporting an unprecedented global surge in issuance, with many markets taking a leaf out of China’s regulator-led book.
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Credit Suisse switches to outperform rating; Santander expected to quickly close the profitability gap with its peers.
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Ant Financial really wants MoneyGram, and has increased its bid by 36% – it’s a whole new style for the company, but getting it over the line will need more than money: it will mean convincing CFIUS… and Trump.
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Airline IPO finally takes off on fourth attempt; optimism immediately tempered by renewed political risk.
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Banco Macro seeks equity sale to finance Patagonia acquisition; outlook for banking consolidation heating up.
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Sri Lanka debate: Sri Lanka seeks to be the centre of Asia
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The island’s geographical position has always given it a natural advantage as a trading centre. Now the country is keen to boost its private sector and draw in foreign investment.
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The Philippines has perhaps the only president in the world more confrontational than Donald Trump. Yet business is good for banks and their customers. The political volatility trade-off will need progress on infrastructure to be a success.
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The emir of Kuwait has revealed a grand plan to transform the country into a regional financial centre by 2035. The country’s bankers and businessmen say they’ve heard it all before. Can Kuwait finally deliver on its promises?
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Its 50th anniversary should be a cause for celebration at the Asian Development Bank. But president Takehiko Nakao knows the ADB needs to move forward, not look back. For all its achievements, the bank has struggled to help Asia cope with its infrastructure and environmental issues. And, increasingly, its governance is called into question.
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The Chinese brokerage’s fixed-price IPO in Hong Kong is being hailed as a step forward for a mainland-distorted market. But is it?
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Bank maintaining momentum from its IPO and international bond; acquisitions not planned given size of organic opportunity.
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President focused on quality not quantity of lending; China prepared to give up effective veto to new members.
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New counter-structural rules were planned for next government; aversion to higher government debt could impact infrastructure.
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Senior bankers hail acceleration of digitization; impact felt across financial services industry.
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The country needs constructive criticism to pull it out of its stasis. But who will speak up?
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Emirate last in GCC to issue bond debut; Kuwaiti issuers to follow the sovereign.
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The headline news in Brazil is always dramatic, often shocking, but never dull. Unlike its financial sector, which does little to excite international interest. Could that be about to change?
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Recent IFC deal for Banco Daycoval outperformed initial expectations; IFC sees changing role in Brazil as interest rates fall.
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Subsidiary Corficolombiana minority shareholder in cancelled toll road PPP; Sarmiento says impairment charge already taken and losses manageable.
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Malaysia is proud to be IOSCO’s first non-Madrid hub, but the deeper significance will be if it spurs long-delayed regional market integration.
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Credit Suisse books Brazilian profits and switches to Malaysia; crowded trade hints at heated valuations.
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Leading Russian investment bank adds Israel to coverage list; India next target after Essar sell-side mandate wins admirers.
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Enforcement on the mainland remains a huge issue for the Hong Kong SFC, but its CEO claims things are changing.
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Cost of equity (COE) dips under return on equity (ROE) as outperformance forecast; long decline in ROE since 2007 seen to have ‘bottomed-out’.
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Euromoney Country RiskEuromoney’s survey experts continue to downgrade the borrower, disagreeing with the president’s claims there is no justification for it.
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Fintechs in Africa are developing along different lines to their counterparts in Europe and the US, sourcing funding and support away from the banks.
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A recent settlement between Citibank and the South African Competition Commission relating to FX manipulation could portend further lawsuits in several other jurisdictions, including the US and UK, but the prospects for potential claimants rely heavily on the outcome of the European Commission’s own investigation.