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Amman is the somewhat unexpected home of what, by some measures, is the largest bank in the Middle East – Arab Bank.

The China Securities Regulatory Commission has given Credit Suisse the go-ahead to launch a joint venture with local firm Founder Securities. The Swiss bank takes a 33% share in the new entity, which will be able to sponsor and underwrite A shares, foreign investment shares and government and corporate bonds. The firm will not be able to offer secondary market services such as research and broking, however: under new regulations announced in 2007 Sino-foreign joint ventures must show a track record of five years’ unblemished service before being able to expand their activities.

Based on Bank Pekao’s 2007 results, parent UniCredit has succeeded in turning it into the leading bank in Poland by total assets, client savings and equity. It was also the second-biggest lender. Despite the distraction of a merger with part of Bank BPH, Bank Pekao reported strong financial figures for 2007, proving it is both big and clever. Net income rose by 20.9% compared with 2006, while return on equity was a creditable 23.7%. The bank also cut its cost-income ratio to 47.1%. Despite market pressure on the mutual funds industry in the fourth quarter of 2007, Bank Pekao still managed to boost its net fee and commission income by 12.7% year on year.

Banco General continues to lead the residential mortgage market, with a 31.5% market share in December 2007, and has now developed a foothold in the corporate and retail segments. The bank has also diversified into other financial services including private banking and corporate finance. In 2007, the bank acted as lead arranger on five debt deals, including four bond transactions.

The biggest retailers will regret having been blind to opportunities in emerging Europe.

Despite a challenging political and economic environment in Hungary, OTP Bank continues to perform well, registering a net profit of Ft141.7 billion ($907.5 million) in 2007, up more than 11% on 2006. OTP dominates all segments of the Hungarian banking market, accounting for more than 50% of municipal loans and deposits, more than 30% of retail deposits and loans as well as 10% of the corporate segment. With more than 400 branches, it is by far the largest retail bank in Hungary, with almost 4.6 million customers, but also services more than 200,000 corporate clients. The bank has invested heavily in technology with the result that its award-winning OTPdirekt internet banking channel was used by more than 1.5 million customers in 2007, giving it a best-in-class 38% market share. Its telephone banking services have also proved a hit, servicing more than 50% of all Hungarians using mobile phones. In corporate banking, the bank offers an extensive range of services spanning leasing, forfaiting, factoring, project finance and syndicated loans in both forint and foreign currencies. The bank also has a highly successful asset management arm, OTP Fund Management, that manages building society, health fund and insurance portfolios as the portfolio of the National Deposit Insurance Fund, Investor Protection Fund and Guarantee Fund of Pension Funds, which were established by the Hungarian state to protect investors’ interests. OTP Fund Management has a 32.4% market share, with assets under management growing by 25% in 2007 to Ft815.1 billion.

Brazilian mining company Vale announced on June 12 that it had requested permission to issue $14 billion in shares to raise cash for acquisitions and growth. Vale, the world’s largest producer of iron ore, has filed with the Brazilian securities and exchange commission to sell an unspecified number of common and preferred class-A shares in Brazil and abroad, as well as US traded ADRs. In a statement the company said the money would help fund a $59 billion investment plan.

In February, Westpac gained a new chief executive, the much-admired Gail Kelly, who had transformed St George Bank from a second-tier bank to a powerful and genuine alternative to Australia’s big four. She wasted little time in embarking on a transformational strategy, confirming in May that her new bank was in talks with her old one to merge and create Australia’s biggest financial services group.

Ceiba Investments, a closed-end fund that invests solely in Cuban assets, is set to list its shares on London junior market AIM this month.

OGX, the Brazilian mining company owned by billionaire Eike Batista, and the Bolsa Mexicana de Valores, the Mexican stock exchange, both came to market last month with landmark IPOs. They were important deals in a number of respects, including getting Latin primary market issuance going again this year. At least as significant was the emergence of China’s sovereign wealth fund, China Investment Corporation, as an investor in Latin American IPOs.

The introduction of the National Credit Act in June last year helped to cut back credit approvals for domestic borrowers. This was no bad thing, particularly in the wake of the US sub-prime crisis. Despite this, Standard Bank’s domestic business continues to grow, with headline earnings a share and dividends a share averaging 20%. The bank’s personal and business banking division – the bulk of which is in South Africa – contributed some 43% of earnings in 2007. The bank’s investment in banking technology for the personal and business markets in South Africa is impressive.