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No surprises at the European Bank for Reconstruction & Development after the departure of treasurer Mark Cutis to Nomura. His successor is Marcus Fedder, the 38-year-old former deputy and a member of the EBRD's only profit-maximizing team since 1991.

A former colleague of Richard Briance, the recently installed chief executive of WestLB's merchant banking arm, says: "West Merchant Bank were unbelievably lucky to get him. If I was him I'd have held out for a bigger job."

Awards for Excellence 1997

Ireland's AIB (the initials stand for Allied Irish Banks) is small but perfectly formed. Over the years, it has acquired a number of businesses, such as Goodbody Stockbrokers and John Govett asset managers, that have rounded out the full range of its international banking and financial services.

The postponed Philippines' yankee was finally launched last month in a way that appeared to save face for both the country and lead-manager Salomon Brothers but which, in reality, retained the quirkiness of the entire saga.

Awards for Excellence 1997

Awards for Excellence 1997

The banking system is taking steps to shape up for European competition. But so far the changes are hardly sufficient in an industry plagued by overcapacity. Analysts argue that only mega-mergers will turn the tide. Philip Moore reports.

Issuer: Snap

While banks spend millions on creating an "image concept" around the globe, their efforts run into the ground in China.

Credit is this year's buzzword in investment banking. Credit analysts, credit trading, credit products and credit spreads are the talk of managers around the world. The excitement is driven by solid economic factors such as European monetary union, improving credit fundamentals, low interest rates and the search for yield. But markets are also being talked up by some traders looking for the upside in bonds almost as if they were equities. Investors are mistaken if they believe that credit derivatives provide a hedge in the same way as interest rate swaps. Will it all end in tears? Peter Lee investigates.

Red chips have dominated headlines and share trading in Hong Kong in 1997. But who controls these new mainland-owned hongs? And how can analysts and investors value their fast-growing assets. Steven Irvine visits the new taipans.