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European banks are going to get much bigger - much bigger. In the quest for a knock-out market capitalization, Europe's bank leaders are ready to tie the knot with the unlikeliest of partners. The coming wave of mergers involving commercial banks will put the recent consolidation of investment banking in the shade. By Peter Lee.

"I went into my boss's office to ask if I could have a new computer. He said 'no and, by the way, you've been made redundant'." This was the rather typical experience of a junior equity analyst at Jardine Fleming in the new Hong Kong.

Weak and unreliable may be their image ­ but the best emerging-market banks are among the most robust in the world. Faced with hyperinflation, political instability and crippling credit crunches, they need to be tough to survive. Along the way they have turned into centres of excellence. Euromoney picked banks from widely differing regions to illustrate this winning streak. They are Brazil's Itau, Poland's Handlowy, Taiwan's Shanghai & Commercial Savings Bank, the UAE's Mashreq, South Africa's Investec and Ghana's Social Security Bank.

The secretive world of private international banking is set to change. Regulatory reform may be slow but it is coming. By Christopher Stoakes.

The financial world will feel better now Korea has got most of its foreign debts rolled over. The bankers who lent Korea the money in the first place declare they have solved the Korean crisis a mere momentary liquidity squeeze and the Asian crisis along with it. The world may believe them for a short while (though it's ironic it should grant credibility to bankers it was their stupidity that let the crisis happen).

Not a good start to the year for investment banks in eastern Europe. The advisory role for the $1 billion sell-off of most of Bulgaria's petrochemicals industry was up for grabs.

BankAmerica, Bankers Trust and NationsBank, each bought a specialist West Coast equity house last year. Integration proceeds apace with the predicted clash of cultures. Cross-selling of products is a controversial issue as are compensation systems. Even office environments are a total contrast. Says one investment banker: "Nothing has really changed here. That's the way people like it." It may be 10 years before we can judge these mergers' success or failure. By Michelle Celarier.

Do you expect there to be further consolidation in the world banking industry?

The virtual roundtable

In Turkey business patriarchs never die, they simply fade away. In the wings their sons - rarely their daughters - prepare to take over, whether they're entrepreneurially inclined or not. But family-owned business heads are increasingly realizing that survival will depend on more formal structures. A few are even putting them in place. Metin Munir reports

It's every risk manager's worst nightmare. One trader amasses enough losses to bring the bank down, as Nick Leeson did with Barings, or forces a wholesale retrenchment, as happened at NatWest Markets following the discovery of Kyriacos Papouis's mispricings.

The tough route to quality