May/June 2024
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FEATURES
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Spilling the tea on Hong Kong IPOs
Several Chinese bubble-tea makers are looking at Hong Kong IPOs. When high-end tea maker Nayuki listed three years ago investors drank it up, but the deal now trades 90% below its listing price. Can a new group of issuers revive the market? -
BBVA/Banco Sabadell: the benefit of hindsight
BBVA could have bought Banco Sabadell much more cheaply in 2020. Sabadell’s CEO César González-Bueno has since turned his bank around. But BBVA’s return to the negotiating table comes at a time when European banking may be moving to a new and more confident phase. -
Citi’s plans to turbocharge and globalise Wealth at Work
Recently rebranded and expanded, Wealth at Work is Citi’s most dynamic generator of wealth revenues. Its leader, Naz Vahid, sits down in New York with Euromoney to explain her vision for its future. -
Nubank: Credit where it’s due
The Brazilian neobank is growing its number of clients faster than perhaps any financial institution on earth. Combine this with static unit costs and the operational leverage potential is big. CFO Guilherme Lago explains how its business model is now focused on the next five to 10 years as open banking generates unprecedented price transparency, customer portability and opportunity. -
Man’s Desmyter on what asset allocators want today
When clients talk to the world’s biggest listed hedge fund, market complexity, the use of technology and the need for customised solutions loom large in the conversation. Man Group’s president Steven Desmyter tells Euromoney how the firm’s evolving structure and approach reflect the priorities of the asset allocators it serves. -
Isbank’s CEO on coming out of a crisis
Isbank’s chief executive Hakan Aran sees embedded finance and an innovative approach to bank branches as the future as the Turkish bank looks to rebuild on a better market environment for its 100-year anniversary. -
XP: Will the tables turn on Brazil’s great disruptor?
XP has succeeded in Brazil by using its technological efficiencies to win on digital experience and price. But now the incumbents are catching up and XP chief executive Thiago Maffra is focusing on developing service beyond pure online delivery. -
Megalou plans a new era of growth at Piraeus Bank
The Greek bailout fund’s exit from Piraeus Bank last month was the country’s biggest post-crisis privatization. The bank’s chief executive, Christos Megalou, tells Euromoney that this is more than a capital-return story. It’s also about growth: in the economy, in wealth and asset management, and, thanks to neobank Snappi, internationally. -
EFG’s Pradelli looks beyond Europe’s ‘old money’
After a decade of restructuring, EFG International ramped up hiring last year – above all from Credit Suisse. Chief executive Giorgio Pradelli talks about the firm’s scope to lead a wave of Swiss-bank consolidation, while doubling down on new wealth from the Middle East and Asia.
OPINION
OPINION
LEADERS
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First investment-grade debt capital markets started to pick up. Then it was high yield and now IPOs, as well as announced M&A
COLUMNS
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As banks focus more on climate adaptation across their businesses, are they conceding that mitigation efforts are futile?
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The two European banks are both trying to de-emphasise their investment banks and want to build up areas where they see weakness. Barclays is later to this party than Deutsche, but both will have found encouragement in the first three months of 2024.
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China’s Project Whitelist, launched at the start of the year, exists to ensure bank funding for property development. But it is there to protect projects, not the developers behind them.
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Rumours that FAB is in exploratory talks with a Turkish lender, together with hopes for a big-ticket IPO, point to optimism despite the dire outlook on inflation.
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Morgan Stanley’s wealth business went from 2.5 million client relationships to 18 million over the course of a couple of years. Now, a quartet of steely US regulators is looking at how the division manages potentially risky clients. Given its rapid pace of growth, this is perhaps less of a surprise than it initially appears.
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The IMF can’t see what dangers may lurk beneath the surface calm of direct lending – but it should be wary of regulators damming an essential funding channel.
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Does Banco Galicia’s acquisition of HSBC Argentina validate president Javier Milei or weaken him?
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The Korean banking sector faces many obstacles, but a single, powerful catalyst is driving change.