May 2000
| Euromoney May 2000 For 20 years, ever since Euromoney began its annual foreign exchange surveys in 1979, Citigroup came top. Now Deutsche Bank has dislodged it by a convincing margin. While critics accuse Deutsche of buying its way into the business with huge salaries, the real reason is its global markets model that brings together commercial and investment banking. Over the past year interbank forex flows fell while M&A and institutional business grew, favouring investment banks and those that combine both functions. Philip Moore reports; research by Andrew Newby. |
Euromoney May 2000
Professional headhunters might have avoided the farce surrounding the appointment of the IMF’s new managing director. But the politics of who runs the IMF and the World Bank are complex, and there’s no way to please all of the shareholders all of the time.
Euromoney May 2000
Once branded the internet dullard, Merrill Lynch is on the offensive. More than a decade after the brokerage firm bought a bank in Utah, it’s launching a nationwide retail banking operation, based on the internet, and paying money-market rates on insured deposits. That, and its plans for a banking and investment-services joint-venture with HSBC, may take its head off the merger block.
Euromoney May 2000
Insurer Allianz has a headache in the wake of the scrapped merger between Deutsche Bank and Dresdner Bank. The deal, which Allianz did much to engineer, would have given the Munich group the dream solution to its strategic problems in its home market. It still has plenty of strings to pull in the inevitable round of banking M&A moves to come. Allianz harbours a secret wish to resurrect the deal but is more likely to get an inferior version: Dresdner-Commerzbank.
Euromoney May 2000
Proposals from Basel to reform the bank capital adequacy framework have triggered a wide-reaching debate on the nature of bank capital, liquidity and valuation. A hasty conclusion could waste some valuable new thinking.
Euromoney May 2000
Deutsche Bank has the biggest market share in Europe, and nearly took Dresdner Bank’s slice too. But the frontier of the custody market is a moving target, and so is the associated risk.
Euromoney May 2000
Economies in the Middle East are in good shape for forthcoming bond issues, though some sovereign issuers have been deterred by the spread on Qatar's 1999 Eurobond. Lack of sovereign benchmarks has, until now, held back corporate issues but that may soon change.
Euromoney May 2000
The aborted merger of two Gulf banks is a blow to regional consolidation, but it is only delaying the inevitable, as financial markets open up to foreign competition reports Nigel Dudley
Euromoney May 2000
Malaysia seems to have recovered better from the Asian crisis than some other countries in the region, not least because of the currency control policies that were introduced. Confidence was shaken a little last month by the volatility in US markets, but the fundamentals still appear to be sound.
Euromoney May 2000
Hotels and airlines are gearing up for a bumper year of business travel. What are their customers most looking for? Euromoney polled more than 160 business executives on where they like to stay, city by city, and their favourite - and least favourite - airline. By Christina White.
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Issuer: Barclays BankAmount: e850 millionType of issue: tier-one Reserve Capital InstrumentsLaunched: April 12Book runner: Barclays Capital
Euromoney May 2000
Chief executive, EO
Euromoney May 2000
Co-head of global mergers group, Salomon Smith Barney
Euromoney May 2000
Co-head of equity capital markets for Europe, Africa and Middle East, Merrill Lynch