April 2015

Cover Story
As banks find their margins squeezed on traditional lending and payments activities, nonbank credit and financing—supported by technological innovation—is growing exponentially.
 

Global Finance presents the winners of its 16th annual Best Investment Bank Awards.

with Ali Khalpey, Exotix

with Jan Rasmussen, Nordea Markets

with Clifford Lee, DBS Bank

with Michael and Yoel Zaoui, Zaoui & Co

Global Salon
Global Finance sat down with José Gerardo Morales, Chief Investment Officer of Mirae Asset Global Investments (USA), to discuss challenges and opportunities in emerging markets, and the state of geopolitical risk in 2015.

Country Report | Morocco
With a diversified economic base and improving fundamentals, Morocco has a sound fiscal strategy and well-thought-out reform program to cut red tape and boost trade. But further reform, says the IMF, is needed.

Country Report | Brazil
Brazil is fighting to restore economic growth and its international standing, as the Petrobras bribery scandal continues to wreak havoc on the economy and investment.

Country Report | Taiwan
The nation’s banks have benefited from a strengthening economy, but now they must look overseas for growth. And there lies more risk.

Country Report | India
Indian growth and development hold great promise. And policymakers look set to unlock that potential.

Milestones | Cyprus
The enormous economic challenges faced by Greece have overshadowed a different kind of drama elsewhere in the Mediterranean.

Milestones | Greece
On March 3, the European Bank for Reconstruction and Development approved a request from Athens to invest directly in Greece.

Milestones | Mexico
Mexico is now Latin America’s largest annual automobile manufacturer, with 2014 production outpacing that of Brazil for the first time since 2002.

Milestones | Tibet
Amid a general slowdown in the Chinese economy, Tibet has emerged as the fastest-growing province in the country.

Newsmakers | United Kingdom
The appointment of Bill Winters to replace Peter Sands as CEO of Standard Chartered has been universally welcomed, as the troubled bank saw profits fall by 30% last year compared with 2013 levels.

Newsmakers | Switzerland
Swiss giant Credit Suisse stepped out of the industry’s traditional talent pool in March when it hired Tidjane Thiam as chief executive.

Newsmakers | Estonia
Estonians handed victory to 35-year-old Taavi Rõivas and his center-right Reform Party in parliamentary elections on March 1.

Banking | Europe
In its first round of QE, the ECB said that the bonds of only seven European financial institutions were eligible—until further revision, which won’t happen until at least April 15.

Management | Cash Management
New liquidity rules for banks may force multinational clients to hold more cash in local branches.

Capital Markets | Q&A
Eduardo Suárez, co-head of Latin America strategy in the Global Banking and Markets division of Scotiabank.

Trends | US Dollar/Corporate Earnings
As corporate guidance goes, it was not the most upbeat news ever.

Banking | United Kingdom
In its 2014 annual report published in February, RBS announced that CIB, which includes global transaction services, will reduce its geographical footprint from 38 to 13 countries.

Banking | Portugal/Angola
A tug of war is developing over Portugal’s fourth-largest lender, Banco BPI, between its two largest shareholders.

Management | Corporate Reporting
For Petróleo Brasileiro, or Petrobras, as the giant Brazilian oil company is called, the time to present audited 2014 results, including the write-downs associated with the highly publicized historical corruption scandal, is running out.

Trends | US Dollar/Mergers & Acquisitions
The US dollar has climbed some 25% since June to its highest level in the past 12 years, which could have a significant impact on one of America’s biggest economic drivers: foreign direct investment.

Capital Markets | Foreign Exchange
The strong dollar has beaten down emerging markets currencies ahead of prospective Federal Reserve rate increases, but the fallout for developing economies will vary widely.

Central Asia Focus
Western and Asian efforts to boost relations with the five Central Asia countries is good news for companies and banks wanting to penetrate these big, yet largely unexploited, markets.

Asia has become the world’s most dynamic region since the development bank first launched. But 1.6 billion Asians still cannot access basic services.

At first glance, Central Asia’s banking sector looks like somewhere you just wouldn’t want to go.