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As more and more investment dollars flow into Asia, competition for commissions is becoming more intense. For integrated investment banks the prospect of turning research expertise into fat underwriting fees is enticing, but that is not the only business strategy being pursued by the top firms in the 1996 Asian brokers survey. Andrew Capon reports

If you are a big bank on the hunt for smaller fish to swallow up, where do you look? Banks that show no potential for creativity or filling gaps in market coverage are unlikely to figure as your acquisition targets. That's particularly true if they are going through a bad patch. But your prey may turn out to be on the hunt themselves. Banks that have sharpened up by hauling themselves out of disaster are often as likely to be potential acquirers as acquisitions. The same is true of those that have been long-term successes because of imaginative and efficient exploitation of product or regional niches. Then there are the banks that look too big to be acquired but seem uncertain or cautious about punching their weight. We look here at eight European banks with plenty to shout about but at least a hint of ambiguity about where they are heading. Brian Caplen, Laura Covill, Desmond Crowley, Philip Moore, Nick Kochan and Jules Stewart report

After a number of false starts, Egypt ­ among the best performers in the emerging markets ­ is undertaking major economic reform. But despite a diverse economy and sound macroeconomic indicators, foreign aid still outstrips foreign investment in the country. Nigel Ash reports

The great shake-out in European banking has barely begun. But driven by poor returns, overcapacity and fierce competition, a major consolidation in the banking sector is inevitable. First it will happen within country borders and then more slowly across them. Peter Lee reports on the coming turmoil

Former head of Asia capital markets, Jardine Fleming ­ Hong Kong

Since independence in 1980, Vanuatu has established a reputation as one of the most stable Pacific island countries. Its government is now promoting the islands as a tourist destination and offshore financial centre. Ben Davies reports from Port-Vila

Jewish organizations have long urged a full search for orphan funds deposited in Switzerland by victims of Nazi persecution. Right after World War II many accounts were located. But Swiss bankers, with their obsession for secrecy, have failed to convince the world that they have tried hard enough since. Now they've signed an agreement that may clear more of the fog. Stephanie Cooke reports

Last month the second biggest bank in the world, Crédit Agricole, bought 53% of Banque Indosuez for Ffr6.3 billion. In theory this is its first down-payment for a passport to global investment banking. But don't hold your breath. Crédit Agricole is a slow mover and Indosuez is not so much an investment bank, more a nest of vipers. David Shirreff reports

They are the sons and daughters of aristocrats and capitalists who fled the Bolsheviks in 1917. They all know each other because they're from the same small town in America. But they've returned to Russia to work in its capital markets. For some it's a homecoming; for others it's simply an opportunity to exploit a language skill. Steven Irvine reports

Small lenders count too

STEVEN IRVINE

A handful of the world's top financial institutions have not one regulator but many, spread over diverse products and markets. These regulators, scared by Barings, Daiwa Bank and other disasters, are trying to plug holes in the supervisory net. But it's a tough job to coordinate oversight and to ensure that at least one supervisor has the full picture. David Shirreff reports