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Emerging market companies still lag behind in corporate governance but, says Karina Litvack, their success in developing businesses outside their home countries and their need to tap global capital markets is forcing them to devote more attention to the rules

René Karsenti has left the European Investment Bank, where he was director-general for just under 10 years, to become the CEO of the International Capital Markets Association, the product of the recently merged International Primary Markets Association and International Securities Market Association.

In the first of a regular new column featuring heads of funding at leading financial institutions, Barclays’ new treasurer talks to Alex Chambers about the early days of his new role and how its demands differs from his experience as an investment banker.

The German financial institution invented a unique means of avoiding an unwanted share dilution.

Exchange looking to build on the success of its established dollar index.

Raising money in global financial markets in 2005 was not always easy. But equity returns were strong and global credit survived a volatile year; it was also a notably profitable year for investment banks as M&A boomed again and the fees came rolling in.

The country’s president-elect knows little of economics, but is set to appoint a market-friendly finance minister.

Foreign banks are lining up to follow RZB and BNP Paribas’ lead by acquiring Ukrainian banks. The next to be sold looks set to be Ukrsotsbank, which oligarch Viktor Pinchuk has been looking to sell since the Orange Revolution of December 2004. Erste Bank, OTP, Société Générale and Intesa are all looking to buy the bank, which is Ukraine’s fourth biggest by assets. Ukrsotsbank has attracted foreign banks’ attention thanks to its strong growth in retail lending, with its gross consumer loan portfolio growing by 58% last year.

A repricing of capital is coming soon. But advances in risk management suggest it will be a prolonged process, not a quick flip into deflation.

“I was meant to buy a new house today. All the financing was in place. Everything was agreed. Then a Russian turned up with a bag of cash and gazumped me. My wife’s not very happy.”

The investment bank created a new type of tax deductible structure for the US market.