It may not be the largest arranger of project finance deals, but CSFB has over the past 18 months proved itself to be the most innovative. Project finance as a business has been changing dramatically since 1997, and CSFB has been at the forefront.
The Asian and Russian crises in 1997 and 1998 precipitated a shakeout in the number of financial institutions prepared to take part.
Most of the Japanese houses have pulled out, or pulled back, and the departure from the business of others, such as UBS, has left fewer houses controlling larger slices of the pie at a time when banks are less likely to want to commit huge chunks of capital.
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