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BANKING

Western Europe: Millennium’s new CEO seeks a fresh start

Millennium BCP used to be the star of Portuguese banking. But a period of destructive internal rivalries, abortive takeover bids and dubious strategies made the firm a basket case. Can a new chief executive – seen as a safe pair of hands – rebuild the bank’s capital and revitalize its growth?

Peter Koh, May 02, 2008

BANKING

ECB offers longer-term finance via six-month LTROs

More on LTROs

Jethro Wookey, May 02, 2008

CAPITAL MARKETS

Fixed income research poll: Investment grade by sector

May 02, 2008

BANKING

Sberbank's Gref aims for glory

Sberbank’s chief German Gref has the task of creating a national banking champion for Russia. That includes building a presence overseas.

Peter Lee, May 02, 2008

Opinion

Death bonds: The perils of sub-prime death

The US secondary market in life insurance is being extended to sellers who can ill afford to relinquish their policies.

May 02, 2008

BANKING

Structured products: Keeping it simple

Investment banks are rushing to offer systematic payoffs and smart underlyings as structured notes, partly in response to investors’ growing mistrust of more complex products. But is replicating hedge fund strategies in note form as simple as they are trying to make out?

John Ferry, May 02, 2008

Opinion

Off the Record

"The problem is that banks have ended up lending to these deals by accident – they thought that they were underwriting them"

May 02, 2008

CAPITAL MARKETS

Georgia: Sovereign makes impressive Eurobond debut

Thanks to its growing reputation as one of the most business-friendly countries in the former USSR, the Republic of Georgia has established a strong investor following with its first ever Eurobond. Lead managers JPMorgan and UBS reported that the $500 million five-year maiden issue in April was more than three times oversubscribed, enabling them to price it at the tight end of the 7.5% to 7.75% range.

Guy Norton, May 02, 2008

BANKING

Kazakh banks still queasy after a borrowing binge

Kazakhstan’s banks have built up onerous debt repayments after a splurge of Eurobond issuance. Are they facing a liquidity crunch?

Elliot Wilson, May 02, 2008

BANKING

Mexico: Rising NPL levels cause concern

Non-performing loans in Mexico are growing at a worrying pace. Despite official estimates putting consumer NPLs at 5.8% of the total consumer loan market, some analysts believe that real levels are in double digits already.

Chloe Hayward, May 02, 2008

Foreign Exchange

Foreign exchange market round up: Oanda beefs up in Singapore

Retail FX provider Oanda is building up its presence in Asia following the recent appointment of K Duker as its managing director for Asia Pacific. The company has hired Maxine Loh, formerly a marketing director at UBS; Zena Tong, formerly a senior sales executive at Saxo Bank; and Tracey Tan, who was a senior customer service executive at Bloomberg, to work out of its Singapore office.

Lee Oliver, May 02, 2008

BANKING

The credit crunch heads east: Russian banks prepare for battle

Just as banks in Russia were beginning to resemble their peers outside the country, engaging in conventional retail and corporate banking, the western financial market crisis hit. Reduced availability of long-term funding from abroad highlights the shortage of such a market in Russia and reveals a systemic vulnerability. Will this help state-owned banks, which had previously been losing market share, turn the tables on their privately owned rivals?

Peter Lee, May 02, 2008

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