Not a good start to the year for investment banks in eastern Europe. The advisory role for the $1 billion sell-off of most of Bulgaria’s petrochemicals industry was up for grabs.
The fees on this deal will be huge, and it would be good for business to be associated with the return of recession-hit Bulgaria to the privatization mania of the region.
But the top players in the region, such as Deutsche Morgan Grenfell, ING Barings and Credit Suisse First Boston, were beaten by the bean-counters of accountants Arthur Andersen.
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