Magazine article Global Finance

The Best Regional Banks

Magazine article Global Finance

The Best Regional Banks

Article excerpt

As the world recovers from financial turmoil, resources are transferring to newer, more profitable industries, and the pendulum of growth is swinging toward Europe and Asia. It's good news for European and Asian companies and rich ground for banks with corporate advice to peddle.

Europe's capital markets have made a big splash this year. The -- yield market is growing exponentially, and Europe's infant exchanges, which specialize in smaller, high-growth companies, are taking off.

Credit Suisse First Boston and Warburg Dillon Read are the leading lights in Europe's growing IPO market, while the newly enlarged Deutsche Bank leads the charge in the origination of euro-denominated issues. Indeed, it's been a good year for Deutsche. It's taken up Citigroup's mantle in European currency sales and trading and it's been breaking new ground in securitization and derivatives transactions.

For the first time ever, European banks are outperforming their -- bracket US rivals in their home market. A surge in M&A activity is kicking the European banking sector into shape. Mass privatization, the advent of the euro, and the inexorable trend toward globalization are forcing Europe's banks to assert their dominance beyond their home markets.

In Asia those banks that stuck it out through the bedlam of 1997 and 1998 are now enjoying more prosperous days. Banks such as HSBC and Citigroup, having consolidated their relationships with Asian businesses, are well placed to enjoy the bounce back. …

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