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BANKING

Investment-banking Fees: How low can you go?

With the merger of SBC and UBS and the sudden exit of both BZW and NatWest from the equities business, one might expect the sinking fees on new international equity issues to be thrown a life-line. Less competition should mean wider margins with fees on international equity deals coming to resemble those in the US, where a lead underwriter can expect 7% for an IPO, down to 3% to 4% for a secondary offer for a large, well-known stock. So, is there any sign of fees rising yet?

March 01, 1998

BANKING

Sir Andrew Large: Large as life at Barclays

What more proof could there be that banking stays in the blood? After a five-year stint as chairman of the UK's Securities & Investments Board (SIB), Sir Andrew Large is returning to the coal face by becoming Sir Peter Middleton's replacement as deputy chairman at Barclays.

March 01, 1998

Korea stares into the abyss

Last December, Korea staved off default by a whisker. As the rest of the world dithered, the US banks came up with a rescue plan. It bought time while two heroes emerged to hammer out a deal: Citibank's debt-crisis veteran Bill Rhodes and Mark Walker, one of the toughest lawyers in the business, acting for Korea. The battle was all about bank relationships and the double-edged sword of market forces. Peter Lee reports.

March 01, 1998

Bahrain - Staying at the centre: Reaching out to stay ahead

Bahraini bankers worry about a new Gulf war and fall-out from the Asia crisis. But there may be a bigger threat: competition for Bahrain's role as the Gulf's financial centre. It is responding by strengthening regulation, encouraging deeper capital markets and pushing for greater regional cooperation. By Nigel Dudley

March 01, 1998

BANKING

Takumi Shibata, President of Nomura International, London

Takumi Shibata has long been considered among the most brilliant of Nomura's rising stars. "He's without doubt one of the most able at the bank," says one British banker who has known him since 1988. "Analytical, decisive, and absolutely the right man considering Nomura's strategy of giving the international business such a large sway within the firm."

March 01, 1998

BANKING

Andreas von Buddenbrock, Managing director and head of German investment banking, Merrill Lynch

Travel narrows the mind, say the cynics. Andreas von Buddenbrock, who is not the least bit cynical, is inclined to agree.

March 01, 1998

BANKING

Caspian Securities: Bolstered against the Asian storm?

With markets so volatile, how is Caspian Securities, the world's only investment bank dedicated solely to emerging markets, coping with the situation? Fine, according to its founder and chief, Christopher Heath. But others are less sure, especially in the wake of Peregrine's fall.

March 01, 1998

Journey to Alpha, Centauri and beyond

Issuers: Credit-arbitrage vehicles

March 01, 1998

Flying the Blue Flag worldwide

Blue Flag, the regulatory database developed by Linklaters, is the benchmark by which all capital-markets law firms should be judged, says Christopher Stoakes.

March 01, 1998

BANKING

The plunder of UBS

Swashbuckling Swiss Bank Corp is plundering Union Bank of Switzerland as if it were a captured Spanish galleon. But is it taking the right people? And has UBS got something to teach the number-crunchers about relationship banking? David Shirreff reports.

March 01, 1998

MoF fries in "no pan shabu shabu"

Japan's public are howling for more blood as scandal after scandal rocks Tokyo's bureaucratic elite. Practices silently condoned for years have hit the headlines. The biggest loser is the once-mighty ministry of finance which may no longer call the shots on fiscal and monetary policy, or parachute its old boys into bank chairmanships. Andrew Horvat reports

March 01, 1998

It started in Scarsdale

Canadian bank CIBC has built up a good track record in the US since developing an investment-banking strategy in the early 1990s. Now it's consolidating its position south of the 49th parallel by merging with New York firm Oppenheimer. Michelle Celarier reports.

March 01, 1998

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