With nearly 30 years’ experience at the central bank, Durmus Yilmaz is the ideal person to steer the country’s financial system through the global credit crisis. Sudip Roy reports.

The finance minister has enhanced his country’s reputation for sound fiscal policy that takes full account of social justice, while a strong regulatory regime has kept the financial sector out of the chaos. Helen Avery reports.

Russia’s capabilities have been stretched by the global financial crisis and an economic slowdown but its dominant position as a commodity exporter can still be a strength if the necessary reform and reconstruction measures are put in place. A panel of Russia analysts discusses the key issues.

This recession is unusual in that it was not triggered by commercial real estate but has dragged the sector down with it. However, this does not mean that recovery for this asset class will be any quicker or less painful. Louise Bowman reports.

Russia’s president is distancing himself from the financial corruption of the past few years and pushing through legislation to curb insider trading. Russia’s rehabilitation with outside investors should do wonders for the country’s cost of capital. Elliot Wilson reports.

The country’s banking crisis of 2000/01 spurred the regulatory regime that has served it so well during today’s global turmoil. But can it continue on a path of sustainable, low-volatility growth? And are investors demanding too high a risk premium for a stable credit and solid banking system?

The local speculators who dominate trading in Turkey’s burgeoning equity derivatives market have had a roller-coaster ride over the past year. But the market’s popularity has continued to grow and it looks set to become even busier. Dominic O’Neill reports.

Raiffeisen International has continued to post healthy profits despite difficult economic in the central and eastern European countries in which it operates. Chief executive Herbert Stepic accepts that the financial world has changed but tells Euromoney he believes there is no need for draconian regulation.

How much longer can Turkish banks increase profits while the economy shrinks? The luck and skill of the industry have meant that defaulting borrowers have not yet caused a credit-quality crisis. But in Turkey, financial meltdown is often just around the corner. Dominic O’Neill reports from Istanbul.

The post-credit-crunch environment has thrown the spotlight on intra-day liquidity facilities. Once taken for granted, these have now become a symbol of the changing relationships between banks and clients in cash management, and of the stresses still inherent in the global credit system.

Turquoise Partners’ insights into the Iranian stock market have yielded impressive returns for its two funds. Sudip Roy reports.

Latin America’s biggest bank is difficult to understand. Is it the tool of its majority shareholder, the government? Or are its decisions rational and market led? Chloe Hayward investigates.

Sheikh Salem AbdulAziz Al-Sabah, governor of the Central Bank of Kuwait, talks to Euromoney about the measures taken to ensure the stability of the banking system and economy in the face of the global financial crisis and slowdown.

Iran’s privatization programme is putting shares in the hands of quasi-state organizations. That’s partly because the domestic private sector is starved of funds and foreign investment is hampered by US sanctions and local restrictions. Mainly, though, it’s because the ruling elite wants to retain control. Angus McDowall reports.

Banco de Crédito del Peru’s fortunes wax and wane with those of the Andean nation’s economy. Sudip Roy talks to chief executive Walter Bayly about the bank’s prospects.

Corporate losses on currency derivatives have increased the pressure on banks, as well as calls for improved transparency, the enforcement of margin-call documentation, regular marking to market, exchange trading of products and the use of clearing houses. Chloe Hayward reports.

Latin America’s banks have stood apart from their Western peers during the financial crisis. Senior bank executives from across the region discuss the impact of the crisis and their plans for the coming year.

Martin Redrado has laboured hard since 2004 to restore and sustain the country’s financial stability in the face of global meltdown and difficult government policies. The central bank governor speaks to Jason Mitchell in Buenos Aires about the challenges he faces and his ambitions for the economy.

Gulf project finance has become a tougher market since the credit crunch. But local banks are plugging some of the funding gaps and international banks will still take on sound projects if the terms are right. Nick Kochan reports.

Nigeria’s home-grown banking bubble was peremptorily burst by the central bank governor last month. Five bank managing directors were summarily removed and the four that hadn’t fled were arrested on charges of financial irregularities, with their irresponsible loan policies given a public airing. Nick Kochan reports.

Far from being caught up in the financial crisis of the past 18 months, Lebanon’s banking system and credit markets have emerged from the crisis stronger than before. Euromoney asked Riad Salameh, the central bank governor about his country’s apparent immunity to the credit crunch.

Defaults by the Ahab and Saad groups and their respective Bahrain-based banks TIBC and Awal might or might not be directly related. Ahab claims Saad is involved in its own downfall, a charge denied by Saad. Whatever the truth, the crises have weakened confidence in creditworthiness. Dominic O’Neill reports.

Afghanistan has a fast, efficient, customer-friendly banking system in its network of money traders. They operate where western-style bankers fear to tread – indeed those bankers rely in part on the traders to complete transactions. But the government would like the banks to supersede this old, established system.

With the international economy more volatile than ever, global investors are paying more attention to country risk analysis. Risk looms both where you most and least expect it. In Euromoney’s latest rankings, the US has fallen out of the top 10. Jacqueline Cutler reports.

Opaque and fragmented, China’s financial sector is growing fast, and the world’s top investment banks urgently want to break into its highly protected market. Making the most of opportunities requires adapting to local practices, balancing a complex web of interests and getting a head start. Lawrence White reports.

Huge supply, uncertainty over the inflation outlook and the effects of exceptional monetary policy, the prospect of a dramatic rise in yields, or a buyers’ strike: all these are stalking government bonds. Alex Chambers finds out whether the bond market will blow stuttering economic activity off track.

For most of 2009, Malaysian dealmakers had little to talk about. But when a landmark bond issue for Petronas, the country’s biggest corporate name, came to market in August, it more than made up for lost time. Lawrence White reports from Kuala Lumpur.

Singapore’s free-wheeling private bankers enjoyed the ride of their lives in the pre-crisis years, but with government intervention and a clutch of lawsuits looming, it looks as though many are finally running out of road. Eric Ellis reports.

Nicholas Moore, Macquarie’s chief executive, says difficulties with listed infrastructure funds should not be blown out of proportion. Despite their high public profile, its infrastructure activities are a small proportion of its business. But he’s finding it hard to shake off the notion that the ‘Macquarie model’ is broken. Chris Wright reports.

Junior lenders frustrated; IMO case sets precedent

Banks will have to operate under a stricter capital regime. While they are feverishly raising more and higher-quality capital in the financial markets, proposals put forward by regulators are not to everyone’s taste, not least the potential treatment of hybrid securities. Sudip Roy reports.

US bank gets secondary market nod; Still lacks crucial underwriting licence

BNP Paribas has hired Margaret Ren, one of the original China banking rainmakers, as chairman and chief executive of corporate finance, Greater China. Ren, most recently head of China Investment Banking at Merrill Lynch, made her reputation for her ability to use her connections in China to land big deals for her employers, first Bear Stearns and then Citigroup, where she worked until 2004. Those deals included getting Bear Stearns, which had little China presence at the time, on to big equity mandates for China Telecom and Guangshen Railway.

Santander has been one of the winners of the credit crunch. Its chief executive, Alfredo Sáenz, believes the bank’s success has been due to sticking to a model that was appropriate through the cycle. Euromoney asks him how the bank is adapting to pressures from the market and the regulators.

Chilean broker and US bank to build derivatives platform; Economists view Chile as Latin tiger

Bankers are back in the saddle, pursuing ever-greater profits and rewards. Investors are back at the casino trying to recoup their losses. Have fund managers – and the analysts that rate banks – learnt any lessons from the banking crisis? Dawn Cowie investigates.

Burgeoning equity derivatives market; Introduction of futures on individual stocks a priority

Brazilian exchange faces multiple competitive threats; Enters exclusive talks with Nasdaq OMX

The study concludes that the generally accepted wisdom that managers get six out of 10 decisions right is wildly optimistic.

"Where I live its not very commutable so there aren’t many bankers around. I go to dinner and I’m instantly disparaged. You know: Banker, American, paedophile..."

Have you got children in their late 20s and 30s who are still single? Perhaps it is time to become a client of Hana Private Bank.

Dealers, investors and issuers welcome BABs; Expected to be a long-term part of the US muni market

"No bank’s stakeholders are going to be comfortable operating with the thin margins of capital they had two years ago. Take that capital model to the Smithsonian because you’re never going to see it again"

Dracula’s original 1931 movie poster sold for $310,700 in April. And one for Humphrey Bogart and Audrey Hepburn’s 1954 film, Sabrina, netted $15,480 in March.

Bank business models have to change. Capital requirements will be higher. Leverage and risk will be lower. But there is a danger that regulators will try to make the system too safe. That’s if they ever manage to coordinate their actions. In the meantime, bank leaders are trying to find the best model for their own institutions, while managing the fallout from the credit crunch and second-guessing the lawmakers. Peter Lee reports.

Trio of projects set to be signed; Commercial bank lending recovering

Market poised for record-sized issues; Corporates see debt as more attractive than equity

Middle Eastern sovereign wealth funds are still in fashion but the look has changed.

Benefits from improving commodities strength; Fastest-growing economy in Latin America

After a troubled start to the year when defaults in the domestic bond markets occurred almost daily, there are tentative signs of a recovery in investor sentiment towards fixed-income offerings from Russian issuers. In late August conglomerate Sistema provided much-needed cheer for market participants when it successfully launched a R20 billion ($620 million) bond – the largest corporate issue to date this year, trumping an earlier R15 billion transaction from energy company Gazprom.

High oil price, cheap valuations to spur rally; Growth forecast at 4% in 2010

Re-elected president set on more clean-ups; Economy on a steady growth path

El Salvador is planning to come to market with an international long-term issue of up to $800 million.

Government launches debt exchanges; Takes steps to rebuild access to international markets

Youssef Khlat has joined Calyon as global head of high-yield capital markets, several months after parting company with BNP Paribas (where he was European head) when it pulled back from the business. Commenting on the hire, Tim Hall, global head of DCM origination at Calyon, says: "We expect the high-yield market to be increasingly relevant to non-investment-grade companies globally due to pending maturities coupled with tighter liquidity in the bank market."

Auto ABS transactions mooted for Q4; Barclays takes soundings for possible RMBS deal

Slight pick-up in volumes; Investors see value in battered UK

Two institutions are making a push in the European government bond/rates sector, a development that recognizes the high profits made in rates trading during the first part of this year.

Boost in markets reignites demand; Private equity players return

Danish online specialist Saxo Bank says it managed to maintain its revenues in the first half of 2009, although an increase in its operating costs, primarily as a result of new office openings, product launches and contributions to the Danish State Guarantee Scheme, adversely affected its pre-tax profits. These came in at DKr55 million ($10.6 million), compared with DKr162 million for the same period in 2008. Operating income remained stable at DKr969 million. "We did expect 2009 to be a difficult year," said Saxo’s joint chief executives Kim Fournais and Lars Seier Christensen. "However, the results reassure us that we took the right decision when we chose to steer the bank into a new phase based on a more flexible structure before the financial crisis took hold."