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Could problems in the UK inter-bank market have been avoided?

CMBS conduit lenders in Europe might be forced to return to the market to shed inventory.

Barclays Capital is further expanding its equity origination business with the appointment of William Ortner from Citi to its New York office as managing director in equity product origination. Ortner is the latest of several new hires that Barcap has made this year to its equity origination business. He was most recently a managing director responsible for corporate equity derivatives at Citi.

Canada’s Scotiabank has agreed to buy 79% of Chile’s Banco del Desarrollo for $810 million, although it hopes soon to acquire the entire bank. The stake will be purchased from Sociedad de Inversiones Norte Sur, a Chilean investment firm that holds 39%, Crédit Agricole with 24% and Intesa Sanpaolo, which has 16%. "As required by local rules, Scotiabank will be making a public share offering on the same terms and expects to acquire up to 100% of Banco del Desarrollo, which would be valued at $1.03 billion," says Scotia. The deal is expected to close in November. Once it does, the combined operations of Scotiabank Sud Americano, the Chilean subsidiary of Scotiabank, and Banco del Desarrollo will create Chile’s sixth-largest bank.

The recent rise of shareholder activism, particularly from the hedge fund sector, has not been universally welcome. But should politicians and regulators step in, or should the market police itself?

Thomas Fischer’s grand plans for WestLB were doomed to fail. Now potential buyers are trying to work out how they can make money out of what’s left. But could Fischer’s bold but ultimately futile attempts indirectly herald the shake-up that the German banking system so desperately needs? Philip Moore reports.

The summer volatility in financial markets has caused numerous corporates to delay debt and equity capital raising.

The only UK stock that tried to keep pace with the plummeting Northern Rock in September was Absolute Capital Management. This serves as a warning to all hedge fund investors of the importance of proper due diligence.

Dresdner Kleinwort has hired Vasily Kirpichev as managing director and head of client coverage for Russia and the Commonwealth of Independent States (CIS). Formerly head of investment banking at Vneshtorgbank, Kirpichev will be responsible for origination across M&A, equity, debt and other areas. Based in Moscow he will report to both Berent Wallendahl, global head of client coverage in London and Igor Lojevsky, chairman of global banking and capital markets, Russia and CIS in Moscow.

After what could be described as a difficult conception and then arduous labour, foreign exchange settlement system CLS has gone on to thrive in the first five years of its life. Lee Oliver reports.

Takeover of partner Synthesis Bank is central to planned expansion into wealth management.