August 2016

August 2016

Banker of the year: The unstoppable Francisco González

Euromoney August 2016

BBVA’s executive chairman has thrown himself into every challenge he has faced in a career spanning more than 50 years. Now Francisco González is focused on what that future will actually be. ‘Platform as a service’ does not trip off the tongue as a killer phrase to describe the future of banking, but the visionary that other bank CEOs flock to for insights into the transformation of their industry sees it as the destination for winning banks.

Emerging Europe

Binbasgil pilots Akbank through Turkey’s turbulence

Binbasgil pilots Akbank through Turkey’s turbulence

Euromoney August 2016

Hakan Binbasgil has built Akbank into one of the most impressive financial institutions in the emerging markets. Can he keep the bank on track?


Asia

Asia: Sitohang’s mission to save Credit Suisse

Asia: Sitohang’s mission to save Credit Suisse

Euromoney August 2016

With growth hard to come by elsewhere in Credit Suisse’s global network, CEO Tidjane Thiam has turned to Asia. He has given Asia Pacific chief Helman Sitohang not only tough targets, but also a degree of autonomy. Can he deliver?


Asia: CCB’s Wang is alert to China’s challenges

Euromoney August 2016

China Construction Bank is not alone among the country’s big four banks to claim it changed its lending policy before the rise in bad debts. But in chairman Wang Hongzhang, CCB has a leader who thinks differently.

Asia: Driven Kapoor breaks the mould

Euromoney August 2016

Yes Bank, started just 12 years ago, is one of India’s fastest growing lenders – and the most interesting by far. Its founder and CEO sits down with Euromoney to discuss risk management, cost cutting, divine intervention and why he doesn’t do the ‘wow’ factor.

China Gold Survey

China retail gold survey 2016: China steps towards gold dominance

China retail gold survey 2016: China steps towards gold dominance

Euromoney August 2016

As the Shanghai Gold Exchange introduces a new benchmark, the country now leads in gold production, consumption and imports.


China Retail Gold Survey 2016: Results Index

Euromoney August 2016

Fintech

What banks can learn from fintech CEOs’ reaction to Brexit

What banks can learn from fintech CEOs’ reaction to Brexit

Euromoney July 2016 euromoney.com

Start-ups fear a funding stop and loss of access to the single market, but are already making back-up plans that could point the way for their peers in the more established parts of UK finance.


Capital markets

Capital markets: What future for FIG?

Capital markets: What future for FIG?

Euromoney August 2016

Non-DCM FIG revenues have fallen sharply this year as clients remain focused on balance sheet housekeeping, and many rights issues have proven to be a tough sell. Is FIG turning into the preserve of the bond market bookrunners?


Investment banking

Investment banking: Lazard – Independents' day

Investment banking: Lazard – Independents' day

Euromoney August 2016

The earnings of the independent investment banks may be far more exposed to any sharp slowdown in M&A activity than rivals with big balance sheets. Even so, the independent business model now looks battle proven, says Lazard’s Kenneth Jacobs.


Western Europe

Western Europe: The Brit turning Austria banking west

Western Europe: The Brit turning Austria banking west

Euromoney August 2016

CEO Byron Haynes is steering Bawag PSK away from its past in trade unionism and postal savings. The bank’s future, it seems, is not in the east, but as a consolidator in the rapidly changing markets of the west.


Emerging Europe

Emerging Europe: Making the most of Moneta

Emerging Europe: Making the most of Moneta

Euromoney August 2016

Tomas Spurny has headed some of the biggest banks in emerging Europe. Now he has the task of transforming Czech consumer lender Moneta Money Bank into a digital leader. He talks about technology, regional risk and the joys of returning to Prague.


Latin America

Latin America: Lacerda plays a grown-up game

Latin America: Lacerda plays a grown-up game

Euromoney August 2016

The downturn in Brazil does not faze Ricardo Lacerda, founding partner of local investment bank BR Partners. Advisory remains the bedrock of his business, but political instability makes him think the next five years could undermine the last 20.


Middle East

Middle East: Accad wakes up ABK

Middle East: Accad wakes up ABK

Euromoney August 2016

Two years into what he says will be the last job of his career, ABK’s chief executive Michel Accad has already taken the bank from a domestic to a regional player and begun much-needed modernization.


Thought leadership

Technology: AI and the spectre of automation

Technology: AI and the spectre of automation

Euromoney August 2016

Sitting in his office in central Madrid, Marco Bressan, the chief data scientist at BBVA, gives a small chuckle when asked about the topic of artificial intelligence. He notices that as soon as a new article is written in Wired or the Harvard Business Review, his phone starts ringing.


Banking news

Jean-Pierre Mustier to re-set purpose and direction at UniCredit

Jean-Pierre Mustier to re-set purpose and direction at UniCredit

Euromoney July 2016 euromoney.com

While the accelerated sales of stakes in Fineco and Pekao signal a new style, UniCredit's returning CEO says HVB still fits with the core Italian business


FICC is back: rates, currencies drive revenues as US banks report Q2 recovery

Euromoney August 2016

The fixed-income sales and trading business of the big US banks took a bath in the first quarter of this year, with revenues down by between 10% and 40%. But although not immune from market and geopolitical upheaval, the second quarter could not have looked more different.

PSD2 threatens bank’s real-time payments dominance

Euromoney August 2016

The opening up of accounts access by PSD2 could take the drive for real-time payments in Europe out of the hands of the banks, and hasten it’s time to market.

Boutiques catch up with global firms in M&A

Euromoney August 2016

Established on large deal roster; big banks suffer brain drain.

Markets news

Bank capital: MPS secures 11th hour rescue plan

Bank capital: MPS secures 11th hour rescue plan

Euromoney August 2016

ECB demands MPS shed €10 billion loans; last minute private deal scrambled.


Real estate: Property fund gatings revive memories of 2008

Euromoney August 2016

Brexit sparks investor flight; private equity sees an opening.

Where are the US banks on green bonds?

Euromoney August 2016

China and India dominate market; US corporates begin to take note.

US IPO market is poised for recovery

Euromoney August 2016

S&P at record highs, while IPOs are 60% down year on year; disconnect between stock market and new issues.

Asia news

Digital can be Shariah-compliant

Digital can be Shariah-compliant

Euromoney August 2016

Digital initiatives boost Hong Leong Islamic Bank; Islamic finance fertile ground for fintech.


Malaysia stays ahead with sukuk

Euromoney August 2016

Dominance of global volumes continues; why aren’t others catching up?

Masala debut at last

Euromoney August 2016

HDFC launches first corporate masala bond; others may be slow to follow.

Temasek hit by China volatility

Euromoney August 2016

Posts 9.02% loss for 2015-16; sovereign fund reshapes portfolio.

Latin America news

Galicia opens Argentina’s new FIG market

Galicia opens Argentina’s new FIG market

Euromoney August 2016

Regulatory-driven tier-2 deal trades up; Brazil banks still prefer local funding.


Brazilian banks’ share rally to falter?

Euromoney August 2016

Best global performers so far this year; Rally technical; fundamentals remain poor.

EEMEA news

Russia: Is Alrosa a diamond deal or fake sparkler?

Russia: Is Alrosa a diamond deal or fake sparkler?

Euromoney August 2016

US investors shun Russian privatization; global banks not required, say locals.


Tension rises between Lebanon's banks and Hezbollah

Euromoney August 2016

A US law to curb Hezbollah’s access to finance has caused weeks of turmoil in Lebanon, where the rules were quickly implemented, and even exceeded, by a financial sector eager to avoid US sanctions. The explosion of a bomb outside the Beirut headquarters of the country’s second-biggest bank, Blom Bank, this summer has been even interpreted as a warning signal to bankers to not apply US regulations too zealously.

Skye fall underlines worries over Nigerian banks

Euromoney August 2016

Central bank’s first post-2008 intervention; Claims Nigeria’s banks remain healthy.

Comment

Banking moves to PaaS

Banking moves to PaaS

Euromoney August 2016

So far bankers have considered platform as a service (PaaS) mainly as a way to free their own software developers from the constraints of relying on scarce in-house IT resources.


Italian banking: Squaring the circle

Euromoney August 2016

Italy’s banks cannot deal with their NPLs unless they have capital, but they are not being allowed to recapitalize until they have dealt with their NPLs.

Portugal: bail-in guinea pig or back-door bail-out?

Euromoney August 2016

Could Lisbon make its two biggest problems one by nationalizing Novo Banco and merging it with CGD?

Reserve Bank of India: Why did Rajan go?

Euromoney August 2016

All eyes are on the expected appointment of a new Reserve Bank of India governor, but nobody is quite clear why there needs to be a new one.

Columns

Macaskill on markets: Front-running and the death of fixed income

Macaskill on markets: Front-running and the death of fixed income

Euromoney August 2016

The case against two HSBC employees for front-running a foreign exchange order from a client could hasten the death of the principal model for FICC trading by banks. A shift to an advisory-based approach is possible, but banks will struggle to make up lost revenue.


Sideways: The Committee to abolish Christmas trades

Euromoney August 2016

When HSBC’s former head of global FX cash trading Mark Johnson learned that he had a window of just over 30 minutes to move the sterling exchange rate and profit from an approaching client trade, he said: “Ohhh f***ing Christmas,” according to US prosecutors.

Against the tide: Political flashpoints

Euromoney August 2016

The failed coup in Turkey shows that we are in one of those periods in history when politics matter as much or more than economics for financial markets.

Off message: Infamy? They’ve all got it on for me

Euromoney August 2016

HSBC isn’t the first bank to have found itself getting headlines for the wrong reasons. John Anderson has dealt with a few.

Front end

Books for those dull days at the beach

Books for those dull days at the beach

Euromoney July 2016 euromoney.com

CEOs offer their tips for the best holiday books that ambitious bankers should be devouring


1MDB: The wolves of Kuala Lumpur

Euromoney August 2016

Does life imitate art, or art life? This is one of the deeper questions to arise from the ever-expanding 1MDB scandal in Malaysia, where in late July the US Department of Justice moved to seize $1 billion in assets as part of its anti-money laundering investigation into the sovereign fund.

Quotes of the month

Euromoney August 2016

Pokémon Go: Gotta bank ’em all

Euromoney August 2016

One bank in the US has come up with a failsafe way to increase footfall in its branches – place Pokémon Go characters there. Florida-based CenterState Bank decided to cash in on the popularity of the augmented reality game last month by placing lures in two of its branches in Lakeland and Jacksonville.

Off the record

Euromoney August 2016