April 2018

April 2018

Broadcom blow threatens to burst the M&A bubble

It has been the busiest first quarter ever for M&A announcements. Deal makers are becoming exuberant amid strong growth synchronized across the developed markets. But rising protectionism in the biggest M&A market of all could yet turn a banner year into one to forget. Should investment bankers fear the new Trump effect?

Top Stories

Brassac restores Crédit Agricole's Spirit of Conquest

Brassac restores Crédit Agricole's Spirit of Conquest

After a bloodless revolution at the eurozone’s second biggest banking group, Philippe Brassac says he has engineered a return to Crédit Agricole’s origins, rooted in French regional banking. Now he is aiming to revive the group’s appetite for foreign expansion. Can Brassac prevent a repetition of his predecessors’ international errors and avoid falling victim to another coup?

Financial inclusion: American tragic

The plight of the unbanked in the US’s poorest regions is a modern-day scandal in the world’s richest nation. Southern Bancorp is one bank seeking to address the problem. Euromoney goes to the heart of the battle to beat financial exclusion in rural America.

Daiwa pins hopes on a big idea

Daiwa has to do something – and everybody knows it; a bold ambition to become a global advisory mid-market leader leapt forward with the recent acquisition and merger of two leading US M&A boutiques, but can Daiwa really deliver globally?

Corporate funding faces uncertain future

February’s volatility has shown that the markets may not always be there for the financing that corporates want to do and that the borrowers may not always be there for the financing that the markets want to do. Financing could be about to change – a lot

Banking

European bankers eye M&A window

European bankers eye M&A window

The right political environment for strategic, cross-border M&A deals within Europe might finally be here. Investment bankers know they need to make the most of it – while it lasts

Taxing times for Iceland’s recovering banks

The country’s banks are much more investable than they have been for over a decade – whether or not that makes them attractive enough to relist and attract foreign investors is another question.

Regulation

Capital markets

Traders hope the end is in sight for moribund debt markets

Traders hope the end is in sight for moribund debt markets

After a much-needed spike in volatility during the first quarter, FICC bankers reacted with cautious fist-bumps rather than fist-pumps. They hope it will continue, but how quickly this will translate into better revenues and profitability remains to be seen.

Leveraged finance

Latin America

Gimenez's generation finds a new fiscal religion

Gimenez's generation finds a new fiscal religion

Paraguay’s bright young things are trying to transform the country’s economy. A dogged commitment to macroeconomic stability means that a commodity slump and recessions in its two big neighbours have not derailed growth.

Asia Pacific

Emerging Europe

Retail experts drive Russia’s SME banking revolution

Retail experts drive Russia’s SME banking revolution

New technology and a handful of savvy operators have transformed banking for SMEs in Russia since the start of the decade. Now some of the sector’s biggest names are squaring up for the next challenge: affordable and accessible credit.

Middle East

Gulf regulators push for modernization

Gulf regulators push for modernization

The Middle East’s financial centres are keen to collaborate on fintech, in an effort to catch up with US, UK and Asian markets. But with rich pickings on offer, there is also stiff competition to establish fintech dominance.

Comment

Sideways: Banks make terrible online brokers

If Michael Spencer manages to sell NEX at a price that places a high value on its core FX and electronic bond dealing platform, he will have pulled off an impressive slow-motion brokerage trade.

Columns

These are the eurozone’s next big bank mergers

Stock market ups and downs over the last two years reveal a new line-up of possible big bank buyers in the eurozone. If they wait for balance sheet clean-ups and government sell-downs, they may have to up their bids.

Alipay offers some lessons on open banking

China is going cashless and cardless fast, with hundreds of millions of wealthy consumers leaping ahead to mobile wallets and providing some valuable insights for the possible future of open banking in Europe.

Sideways: Banks make terrible online brokers

If Michael Spencer manages to sell NEX at a price that places a high value on its core FX and electronic bond dealing platform, he will have pulled off an impressive slow-motion brokerage trade.

Front End

Bottles on board

Bottles on board

Delegates to the IDB conference in Mendoza were lucky enough to receive bottles of fine Argentine Malbec from various sponsors – and another from the IDB itself in the welcome pack at registration.

Poetic justice by email

Has there ever been a finer movie speech than Jack Nicholson’s “You can’t handle the truth!” tirade in A Few Good Men?

Cri de coeur

In March, Euromoney decided to take a detailed look at the environment for the M&A, financing and markets businesses at the big banks.