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Regional rankings To obtain this ranking, the overall global country risk results were broken down by region. In addition, Transparency International’s Extended Corruption Perception Index was combined with the overall ranking to create a score out of 105. This combined total was then scaled down to a score out of 100. The difference in ranking and overall score between the original ranking and that incorporating the CPI data has been incorporated in the results. View full methodology

Regional rankings To obtain this ranking, the overall global country risk results were broken down by region. In addition, Transparency International’s Extended Corruption Perception Index was combined with the overall ranking to create a score out of 105. This combined total was then scaled down to a score out of 100. The difference in ranking and overall score between the original ranking and that incorporating the CPI data has been incorporated in the results. View full methodology

With the notable exception of Deutsche Bank, German investment banks’ performance has lagged their French peers for most of the decade. But the German sector is picking up on new market possibilities, with Commerzbank in particular looking to rebuild its business after a dramatic recovery. Philip Moore reports.

Brazil’s biggest private sector bank has announced the creation of a new subsidiary, Bradesco Investment Bank. This will focus on all aspects of the local and international capital markets business as well as asset management. Bradesco is a retail powerhouse but the bank’s CEO, Marcio Cypriano, is keen to take advantage of growing capital markets activity from Brazilian entities. Cypriano told Euromoney last year: “In general, we should be bigger and better in capital markets. That business should closely match Bradesco’s retail performance.” [See Euromoney December 2005, “Bradesco's plan of attack”.]

The Iranian authorities’ recent granting of operating licences to two new private banks (Bank Sarmaye Daneshgah and Bank Pasargeda) suggests that the sector has a future, despite president Mahmoud Ahmadinejad’s apparent disdain for his predecessor’s reformist agenda.

By Lawrence White

Fund managers' priorities for 2006

Invest with female mutual fund managers to save on trading costs

It is tempting to draw comparisons between the restructuring of Hynix Semiconductor of Korea and Indonesia’s Asia Pulp and Paper if only because of the vastly different outcomes for creditors. Hynix started its $12 billion restructuring in 2001 and emerged successfully in 2005 with full recovery likely for all creditors; APP began efforts to restructure its $14 billion of debt the same year, yet the creditors and management remain at loggerheads.

Citigroup’s CEEMEA banks have executed a number of successful transactions in recent years, including several for Polish telecom TPSA. The bank is well positioned in the increasingly important area of Islamic finance. The one area where Citigroup’s CEEMEA banks seek improvement is in the equity markets. Shirish Apte, chief executive for CEEMEA, Citigroup, speaks with Sudip Roy about their plans for the future.

FX heads aspire for gold in L’Etape du Tour bike race.

It’s not easy to see, but behind the trillions of dollars of FX trading a collision between new technology and traditional banking is changing the economics and mechanics of the business. So far, participants talk politely of cooperation.