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Latin American companies are shedding reputations for irresponsible management to become competitors, and even leaders, in the global markets. So much so that some don’t even want to be considered Latin any more. Lawrence White analyses the results of Euromoney’s first survey of the best-managed companies in the region.

Inside Citigroup’s plans for emerging markets domination | Citigroup builds on diversity in CEEMEA | Citigroup still looking for more from Asia | Druskin aims to seize the initiative

Bob Druskin is president and chief executive of Citigroup’s corporate and investment bank. He joined Smith Barney in 1991 as chief administrative officer and worked in a number of businesses, including asset management and operations. He became president and chief operating officer of the CIB in August 2002 and was appointed chief executive in December 2003.

One of his first tasks was to reorganize the CIB. Today the bank comprises three units: global banking, global markets and global transaction services. Running in parallel to this structure are the regions.

Druskin spoke to Euromoney in New York about the restructuring and the challenges that lie ahead. Sudip Roy reports.

With Mario Draghi taking up a position on the European Central Bank’s governing council, and Jürgen Stark set to be the next new member, the inner sanctum is likely to become more pragmatic than doctrinaire.

Conflict over oil and gas supplies is set to fuel tension between western Europe and Russia in coming years.

The organizers of Rosneft’s IPO, tentatively scheduled for October or November, are considering placing the shares in Tokyo as well as in Russia and London, according to Valery Nazarov, head of the Federal Property Management Agency. However, he has so far ruled out a simultaneous flotation.

Italy’s Intesa has won the battle to acquire an 85.42% stake in Ukrsotsbank, Ukraine’s fourth-largest bank. The bank has 527 branches and serves more than 660,000 customers. Banca Intesa says that it values the bank at $1.3 billion and that its total investment will amount to $1.61 billion, including the share capital increase. Intesa already owns banks in Croatia, Hungary, Slovakia and Serbia & Montenegro.

Kazkommertsbank sold a S$100 million ($61 million) bond last month, the first ever Singapore dollar-denominated issue from a Kazakh issuer. European investors bought 65% of the three-year paper, with the rest divided between Asian and offshore US accounts. Singapore government securities offer very low absolute rates, and the deal’s success was attributed to the pick-up and currency diversification that it offered.

Fitch and S&P put Nigeria’s risk of default on the same level as Brazil and Turkey.

Flushed with the success of its 2005 activities, with more than $20 billion raised through privatizations for the Turkish treasury, the country’s privatization administration wants to reattempt the sale of tobacco firm Tekel. The government’s latest attempt to sell the firm was just last year, but no bids were received. This was blamed on an increase in tax on tobacco products. It also tried, but failed, to sell the company in 2003. Other entities slated for privatization this year include Halkbank, petrochemicals firm Petkim and Turkish Airlines.

The fortunes of Korea Exchange Bank, the Korean lender controlled by US private equity fund Lonestar, have been joined at the hip to those of its biggest debtor, Hynix Semiconductor, for years. Despite the successful restructuring of the company, it would appear that little has changed.

Taishin Financial’s share price soared 14% on the first day after the announcement of its link-up with Asian private equity firm Newbridge Capital, and gave a shot in the arm to Taiwan’s banking sector. Finally, it seemed, someone wanted to invest in a Taiwanese bank.