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Hungary’s OTP Bank, the only bank in central and eastern Europe to entertain genuine regional ambitions, is turning its attention to Austria as it eyes up the possible purchase of troubled bank Bawag. “We do not know yet if we are interested,” says OTP chief executive Sandor Csanyi. “But we think that our experience could be very useful.” Austrian trade union federation OeGB is selling the bank after it recorded huge losses following murky deals involving its US partner Refco, which collapsed in October 2005. Refco’s creditors are at present trying to locate the US assets of Bawag.

Goldman Sachs has moved Zubin Irani to a new position in its merged real estate group. The bank merged its real estate advisory business and real estate financing business six months ago to create a one-stop-shop real estate client-focused business. Irani, who is co-heading the group, previously headed Goldman’s Whitehall Funds subsidiary for seven years. The Whitehall business is now being run by Benoît Herault.

When Lebanese climber Maxim Chaya reached the summit of Mount Everest in May, champagne glasses clinked in the executive rooms at Bank Audi. Three years ago, Lebanon’s second-biggest bank decided to take a punt on Chaya (whose brother Nabil heads the capital markets division at the bank) and sponsored him to the tune of $250,000 in his bid to become the first Lebanese to climb the highest point in each of the seven continents (he also trekked to the North and South Poles). Everest was the last stop.

German SME CLO deals continue to appear, despite disagreement on how these risks should be assessed.

In a motion filed with a US bankruptcy court at the end of June, Refco announced that it had entered into an agreement to sell its retail FX business, including customer account information and related assets, to Gain Capital Group. Both parties announced that, under the proposed terms of the deal, Refco FX’s clients could recover up to 100% of their currently frozen account balances.

High borrowing levels and possible interest rate rises could threaten profitability in the US and Europe, while Asian and Latin American banking systems become increasingly sophisticated, say analysts from Moody’s Investors Service.

Bill Lipschutz was once considered one of the world’s top-five FX traders. Now managing currency hedge fund company Hathersage, he talks to Helen Avery about why FX is catching the eye of institutional investors and how he sees the trend developing.

Dresdner Kleinwort Wasserstein is having a clear-out to make way for the thoroughly modern and revamped Dresdner Kleinwort. In preparation for its facelift, the firm is auctioning off to staff the antique artwork and furniture that adorned its Swan Lane office in London. The George III décor was not in keeping with the new office in Gresham Street, which instead has a Williams F1 racing car in the lobby.

SuperDerivatives, an online provider of option pricing, trading and risk management, is expanding its pricing capabilities on Latin American interest-rate derivatives products, a move that should help boost liquidity in these instruments. The firm has already rolled out its platform for Mexico and Brazil, and Chile and Argentina are next on the list.

About a third of sell-side analysts could lose their jobs over the next two years as fund managers do more of their own research and independent providers gain market share.

Dubai Investment Group subsidiary Dubai Financial has bought a 40% stake in Malaysia’s oldest Shariah-compliant bank, Bank Islam Malaysia Bhd (BIMB) – the group’s largest single investment in the Asian financial sector to date.

Joseph Ackermann has just signed on for another four years at the helm of Deutsche Bank. It’s testament to the success he has had in creating one of the world’s most successful banks. A new book seeks to explain why his achievements are lauded overseas but he is disliked in the country that his bank’s name bears. Will domestic difficulties bring his tenure to a premature end?