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Remember Allerdale, Waltham Forest, Hammersmith and Fulham? The failure of international banks almost a decade ago to force these UK local authorities to pay out on their swaps contracts and loan guarantees has held back the development of municipal finance in the UK. While municipal bond markets have grown up in many other European countries and even emerging markets, banks' sour memories have hampered the UK private finance initiative (PFI), designed to encourage private financing of large infrastructure projects, including new road building, since its official launch several years ago.

While other high-tech private trading firms such as O'Connor Associates and Chicago Research & Trading have sold out to large banks, Shaw has chosen a strategic alliance (in March) with Bank of America, with the aim of selling his firm's product capability - initially in equity derivatives - to Bank of America's 20,000 corporate customers.

When one of Scandinavia's major international companies wants to launch a bond or share issue it turns to a global player like Morgan Stanley - not to a local bank. Most Nordic banks concentrate on smaller companies and retail banking. But their ambitions are growing, and with privatization gathering pace and a single European capital market looming, the region's banking sector is consolidating rapidly. Robert Minto reports on the race to become Scandinavia's first truly regional bank.

MeesPierson never sat happily within ABN Amro, and nobody was surprised when the venerable Dutch merchant bank was put up for sale last year. Now new owner Fortis faces the challenge of accommodating the bank - and motivating its restless managers before the current trickle of departures turns into a flood. Antony Currie reports.

Commerzbank used to be content pushing along as Germany's number-three bank. As local rivals merge and grow, this bank is too proud to downsize. In equities at least, it wants to be a global player. Laura Covill reports.

First former Wall Street banker Jim Rogers did it. Now a Danish fund manager based in Hong Kong is to repeat his motorbike odyssey around the world, the result of which was the book Investment Biker.

In both roles, Shashenkov will be exploiting his talents as a western-educated Russian who can talk to foreign and Russian bankers and investors on their own terms. Such Russians are in big demand by the country's banks.

When the Choksey dynasty sold its stake in India's leading paint company, it unleashed a drama fit for a Bollywood movie, embroiling foreign securities firms and a UK multinational in a tale of intrigue, betrayal and family feuding. Steven Irvine reports on India's first hostile takeover bid.

When high-flying Hong Kong investment bank Peregrine decided to set up a joint venture in South Korea six years ago, its partner must have seemed an excellent choice. A medium-sized conglomerate, the Dongbang group was a reasonably well focused business, the leading maker of cooking oil, a producer of food materials and owner of a restaurant chain. Inexperienced in investment banking, it was not likely to interfere in the day-to-day running of the business.

It seems to be Ugur Bayar's fate to be a civil servant. It's the third time in five years that the 33-year-old bachelor has quit his job in the private sector and moved back to his mother's house in Ankara to start working for the government. This is a rare phenomenon. There are droves of ex-bureaucrats in Istanbul who have left the privations of the civil service for fat salaries in the private sector; the reverse rarely happens. Ankara, a dull, characterless city whose only industry is politics, is easy to leave but notoriously difficult to return to.

ABN Amro is not one house but many. Its interests across the globe include auto leases in Brazil and Japan's biggest foreign bank. But it has achieved this position in seven years without making either headline-grabbing mergers or hiring high-flyers. Instead, its universal banking business is a patchwork of different names. Through all the expansion, the bank's culture remains distinctly Dutch and every decision is pondered by its eight-man executive board. Chairman Jan Kalff is the man who holds it all together.

No firm is better than Doughty Hanson at repackaging ropy European manufacturers and selling them off at a premium, or - to put it more kindly - transforming underperforming privately held businesses into dynamic public corporations. This secretive firm of venture capitalists is making money hand over fist and generating lucrative business for investment bankers. But can it find enough deals to keep up its impressive track record? Peter Lee reports.