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Slipping through the net

Netting makes bankers' eyes glaze over. But close-out netting can make them money. By Christopher Stoakes.

January 01, 1996

Austria: Creditanstalt - haggling over the bride-price

The scrap over Creditanstalt defies description. The government wants to maximize sale proceeds but management thinks the bank is overpriced. Foreign bidders were invited although the government favours Austrian ownership. And an Austrian-led consortium favoured by the bank's management was rejected by the finance minister. Ronan Lyons looks at the confused attempts to sell Austria's second-largest bank.

January 01, 1996

Equity new issues: Selling the family silver

Family businesses have long been the engine of European growth - if not of European stock markets. But the deaths of the founders and the need for capital are encouraging an increasing number of family businesses to list. Steven Irvine and other Euromoney writers analyze the trend and talk to six family companies being eyed by the bankers.

January 01, 1996

Opinion

France: the failure of nationalism

by David Roche

January 01, 1996

Poll of polls 1995: On top of the world

Which were the world's most successful investment banks last year? Euromoney's unique poll of polls has the answers. The winners: Merrill and SBC Warburg.And a wooden spoon for Goldman Sachs, which slips from first to fourth. By Charles Piggott.

January 01, 1996

Merrill Lynch: Four legs good, two legs bad

The professionals who left Wall Street firm Merrill Lynch last year compare it with George Orwell's Animal Farm. It's a pretty successful farm, and more human than most. But have the guys at the top pushed their teamwork ethos and those catchy slogans a little too far? Michelle Celarier reports

January 01, 1996

BANKING

Why Barings was doomed

It wasn't just the Singapore futures operation that was badly managed. The lack of controls that allowed Nick Leeson to lose $1.4 billion was symptomatic of the lousy way Barings was run throughout Asia. The culture clash between the traders of Baring Securities and the merchant bankers of Baring Brothers meant that most executives cared more about protecting their own departments than about making the group work.

March 31, 1995

CAPITAL MARKETS

Searching for greenshoots

Heavily indebted and with puny domestic savings, Africa ought to offer attractions for interested foreign equity investors. Inflows have increased but local equity markets are thin and illiquid, privatizations halting and company research scanty. Funds with an Africa label feel obliged to buy something Africa-related. Have they always chosen wisely?

Ben Edwards, May 01, 1994

BANKING

The battle plans of Hilmar Kopper

He is the man they said would always remain in the shadow of Alfred Herrhausen, but they were wrong. Hilmar Kopper, speaker of the managing board of Deutsche Bank, is on the way to becoming a giant in world banking in his own right – a name to rival Abs, Ulrich, Guth and Christians. In the first full interview he has given since becoming speaker, he speaks to Padraic Fallon.

January 03, 1994

BANKING

Which is the real Goldman Sachs?

Goldman Sachs has risen to pre-eminence as a global securities house. It is a convincing first in Euromoney's ranking this month of the world's best investment banks. But the US firm has two faces. For its clients it is the vigilant, attentive, even enthralling provider of first-class services. For its rivals it is a mean and aggressive raptor of deals. Which picture is right?

Peter Lee, October 01, 1993

CAPITAL MARKETS

Treasury leads Warburg to anger big clients over BT3

Institutional investors say the market has been rigged in the final offering of British Telecom shares. Warburg may find its efforts to please one client – the Treasury – damage relations with everybody else.

July 01, 1993

BANKING

Is Citi back from the dead?

Citicorp suffered the latest in a series of disasters when president Richard Braddock left in unusual circumstances on the eve of a crucial capitalraising exercise. Its tendency to stumble into trouble has obscured chairman John Reed's success in reviving a bank that teetered on the brink of extinction. But ahead lies the big task of changing Citi's anarchic, competitive culture, with its hunger for revenue rather than profit.

Peter Lee, December 01, 1992

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