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Japan’s stock markets have struggled lately as foreign investors abandon the country in droves; the Tokyo Stock Exchange, meanwhile, suffers from the perception that listing on it is still too difficult for foreign companies and that it is prone to technological problems.

Andre Esteves, who was chairman and chief executive of Latin America at UBS Pactual, has left the firm to set up a fund. Rodrigo Xavier will replace him and will report to Jerker Johansson, chairman and chief executive of UBS Investment Bank. In addition, Juerg Haller has been named chairman and chief executive of UBS Latin America, spanning all business groups.

Capital markets and financial services have advanced dramatically in the past few years across Africa. In this debate, Nigerian bankers and informed foreign peers discuss the achievements and the upcoming challenges.

Ghana Commercial Bank is the largest local bank in the country. It was set up in 1953 to help local entrepreneurs and now has nearly 140 branches throughout the country. Despite strong competition from Nigerian entrants to the market, as well as more traditional rivals such as Barclays and Standard Chartered – last year’s winner – the GCB has posted impressive figures, making a net profit of C25 million ($22.9 million) for the year ending 2007, while shareholder funds have increased to C167 million.

Despite Banco de Chile’s best efforts, Banco Santander retains the title of best bank in Chile for another year. For 2007, the bank registered a record profit of $624 million, up 8.1% from the previous year – and faster than the 8% growth for the Chilean financial system.

The past year has been difficult for some of Bahrain’s leading banks. Both Gulf International Bank and Arab Banking Corporation fell victim to the US sub-prime crisis: GIB undertook a $966 million write-down, and Arab Banking Corporation wrote down $230 million.

In Bolivia, political tensions continue to run high as disputes over an east-west split in the country intensify. Despite this the banking sector has grown in the past 12 months, with both Banco Mercantil Santa Cruz and Banco Nacional de Bolivia showing the strongest growth rates and market shares in terms of loans. However, it is Banco de Crédito de Bolivia that claims the highest net income for the past year. As of March 2008, BCP’s net income was ranked in first place in the industry, showing a 29% increase over the same period in 2007.

Public Bank is Malaysia’s largest bank by market capitalization and, by some distance, the country’s best-performing lender. It offers excellent financial ratios, the steadiest yields in the country and, most pertinently in these turbulent times, a steady institution focused on maintaining growth while minimizing risk.

The past 12 months have not been easy for banks in Nicaragua. A surge in inflation, which peaked at 126.6% in December 2007, to one of the highest rates in the world, has adversely affected the purchasing power of banking clients across the country. This has affected the banks’ non-performing loan portfolios and has tested the strength of Nicaragua’s financial institutions.

DNB Nord Bankas has enjoyed another stunning year in Lithuania, with total assets increasing by 47.55% – well in advance of the growth of the broader market – giving it a market share in terms of assets of 13.2%. Loan growth was a dizzying 50.4%, with retail loans up 66.1% and corporate loans increasing by 36.4%. Deposits have not quite kept pace with loan growth but still rose 36.1%, with corporate deposits increasing by 51%.

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