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EMERGING MARKETS: Going native in emerging markets

The international houses can no longer claim to have a monopoly ofinvestment banking in emerging markets. But if you do decide to go native, whichinstitutions can you trust? We asked those in the know who they like to deal withwhen a foreign bank just won't do. James Gordon-MacIntosh reports



Alpha Finance

Alpha Credit Bank is described by one analyst as the "most aggressive new boy" in the Greek investment markets, competing against the big state-owned banks for business. It is a major primary dealer in government debt, having participated in all the auctions that have taken place, and is one of 13 market-makers. Alpha Brokerage, the brokerage arm, accounts for 6% of the group's total revenues.

Business for private banks in the Greek capital market has been hard to come by because the large public-sector utilities use the state banks. Analysts expect the private banks' position to improve as Greece liberalizes and the public sector gets smaller. The state banks will, however, take most of the fee revenue from any privatizations. Despite these impediments, Alpha has been appointed a joint adviser to the Greek government on the national gas-distribution project, and was heavily involved in the IPO of telecommunications company OTE.


Turk Ekonomi Bankasi

Turk Ekonomi Bankasi (TEB) has played an increasingly large role in the Turkish markets as they have undergone rapid development. Over the past four years it has participated in 11 major public offerings for private companies, in nine of which it was the lead-manager.

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