Open door: the merger between ICICI and the Bank of Rajasthan is the first consolidation in India since 2008Indian banks are demonstrating a return to good health and new players are set to enter the market. But overbanked urban areas and a seeming reluctance to enter a period of consolidation continues to hamper the industry's development. Writer Rekha Menon
Towering presence: Uzbekistan's National Bank headquarters in TashkentUzbekistan's banking sector is lagging behind the country's broader economic growth, stymied by the interfering hand of the state. Writer Michelle Price
Omar Zakhilwal, Afghanistan's minister of financeAfghanistan's minister of finance tells The Banker how the government is addressing its significant security and infrastructure challenges and calls for Afghanistan to be given more control over how international aid money is spent within its territory. Writer Michelle Price
Surendra Pandey, Nepal's finance ministerDespite ongoing political unrest, Nepal's finance minister says his focus is fixed firmly on economic development and rebuilding the country's infrastructure. Writer Michelle Price
Huang Chih-Peng (right), the director-general of Taiwan's Bureau of Foreign Trade, shakes hands with Tang Wei, director-general of China's Taiwan, Hong Kong and Macau Affairs department during talks over the Economic Co-operation Framework Agreement in Taoyuan in MarchThe imminent signing of an economic co-operation framework agreement between Taiwan and China promises to bring major structural shift in Taiwan's highly state-dominated banking industry. Writer Gavin Bowring
Despite a sense of optimism at the Asian Development Bank's 43rd annual meeting last month, Asia-watchers warn that there may still be trouble ahead due to a disruptive influx of foreign capital. Writer Michelle Price
Rural support: in an effort to create social stability, China has allocated more financial support to farmersAs the global crisis weakened other major economies, China's huge lending spree sent its growth soaring, but it must hope that in having made credit so loosely available it has not inadvertently planted the seeds of a future home-grown crisis. Writer Brian Caplen
The much-anticipated competition in Australia's cash equities markets is finally taking hold, but hopeful new entrants may yet be stymied by the challenges presented by the clearing and settlement infrastructure. Writer Elton Cane
Richard C Koo, Nomura Research Institute's chief economistFor the first time in its modern economic history, Japan is being hotly pursued by China, which recently became the world's second-largest economy. Nomura Research Institute's chief economist reveals what Japan needs to learn if it is to maintain its lofty position in the new global economic order.
Back on form: South Korea's economy was on the brink of disaster in January 2009, but is now one of the fastest recovering markets in AsiaDespite falling into a major economic trough in the first quarter of 2009, the majority of South Korea's banks are poised for a stable recovery in 2010. But the unwinding of stimulus packages worldwide and the risk of a possible double-dip global recession in the West continue to threaten the Korean banking sector. Writer Mee Hyoe Koo
Index on the up: Ho Chi Minh Stock Exchange, VietnamBank lending is being used as a direct and often blunt lever by which to manage Vietnam's economy, proving a critical first defence against the global economic slump. But the medium-term consequences of over-interference may be another bubble, warn analysts. Writer Michelle Price
Tapping into high-frequency: TSE's Arrowhead system is as fast as those of New York and LondonAfter five years plagued by setbacks, the Tokyo Stock Exchange has raised its game with the launch of its Arrowhead trading system in January. The exchange's next goal is to successfully accommodate the increased flow of alternative trading in order to cement its position as a rival to the more established centres in the US and Europe. Writer Charles Smith
Bidding up: last month Thanachart Bank, 49% owned by Canada's Bank of Nova Scotia, saw off HSBC to win control of Siam City Bank in a government auctionOn going financial reform will not be held back by Thailand's political troubles, say Thailand's bankers. Neither portfolio nor direct investment inflows have been impacted, and the country's government is pressing on with two masterplans for the financial sector and capital markets. Writer Brian Caplen
Canadia Tower: a symbol of Cambodia's growth period prior to the international financial crisisCambodia's government-engineered slowdown after five years of unsustainable economic growth could not have been implemented at a worse time, coming as it did just before the global financial crisis. Consequently the crisis has hit Cambodia's banks hard, though just how hard is a matter of some debate between the IMF and the country's senior bankers. Writer Brian Caplen
Central bank governor of Sri Lanka, Ajith Nivard CabraalHaving emerged from years of civil war, Sri Lanka is in a position to address its long-term economic development and infrastructural regeneration. The country's central bank governor discusses his monetary policy for 2010 and explains how it will work alongside the government's reform plans. Writer Michelle Price
Step in the right direction: SBI's operations have benefited from its huge technology overhaulIn response to pressure from the Reserve Bank of India, Indian banks have made huge investments in modernising their IT infrastructure during the past 10 years. But there is still much work to be done, particularly around customer relationship management, payments and financial inclusion. Writer Rekha Menon
At your inconvenience: in 2006, Vietnam had only 46 ATMs for every 1 million peopleVietnam's large unbanked population and its growing middle class present a major opportunity for local and foreign banks alike, who see vast potential in the country's underdeveloped retail banking and consumer finance sectors. Writer Michelle Price
Tarisa Watanagase, governor, Bank of ThailandThe Bank of Thailand's tenacious governor reflects on the central bank's staunch risk management reforms which saw the country's banking sector through the credit crisis in good shape, and looks ahead to the next challenge - of negotiating a macro-prudential economic policy across south-east Asia. Writer Michelle Price
Masami Tada, chairman and CEO of Daiwa Capital Markets EuropeThe chairman and CEO of Daiwa Capital Markets Europe talks about the business's shift from Japanese securities house to pan-Asian investment banking presence with a European footprint. Writer Geraldine Lambe
Up to speed: Tokyo Stock Exchange's new 'arrowhead' system is on a par with the dealing systems in New York and LondonTokyo's new arrowhead trading system is among a raft of high-performance upgrades to be launched across Asia-Pacific trading venues, bringing them up to speed with their US and European competitors. Writer Elton Cane
Build up: reinforcement of the Thai financial sector is planned to pave the way for increased international tradingUnfazed by continued political and economic turmoil, Thailand is embarking on major deregulation to strengthen its banking and finance sector and, in the grander scheme, to diversify the country's economic base. Writer Michelle Price
Jim Bolger, chairman of New Zealand Post Group's KiwibankThe former prime minister of New Zealand and now chairman of New Zealand Post Group's fast-growing Kiwibank believes that the company offers a template for post groups around the world attempting to establish a banking brand. Writer Michelle Price
China has defied expectations by successfully establishing a number of state-owned, internationally competitive firms, but the country must increase its outward foreign direct investment if it is to establish a firmer footing in the global marketplace.
Strong nerves and creative strategies have characterised the best-performing finance ministers over the past 12 months. Here The Banker recognises those whose will and skill have proved outstanding at tackling the immediate effects of the slump while positioning their countries for future growth.
Trust and confidence in the Anglo-Saxon model of regulation have evaporated so much as a result of the financial crisis that Asian policy-makers are now beginning to rethink key issues about regulation from first principles.
Stable structure: Jakarta's central business district has experienced growth throughout the global economic slumpPolicy reforms in Indonesia's banking sector have transformed shareholding structures and foreign investors have scooped up local banks. But further change is needed to enable the country to cope with an anticipated economic explosion, say local bankers. Writer Michelle Price
The roll-out of the hyper-fast Chi-X alternative trading platform across the Asia-Pacific region and a shake-up in supervision in Australia signal the makings of a more competitive pan-Asian market. Writer Michelle Price
Margarito Teves, secretary of the Department of Finance of the PhilippinesThe Philippines' finance minister says that the archipelago's economy has remained relatively resilient during the downturn compared with its export-dependent neighbours. But the budget deficit remains an ongoing problem. Writer Michelle Price
Nestor Tan, president of Banco de OroAs one of the Philippines' most dynamic bankers, Nestor Tan has overseen a series of acquisitions and mergers that have transformed Banco de Oro into the largest bank in the country by assets. Now he is eager for further growth by capitalising on opportunities presented by the recession. Writer Michelle Price
Amando Tetangco, governor of Bangko Sentral Ng PilipinasThe governor of Bangko Sentral Ng Pilipinas talks about how the central bank took swift and effective action to ensure that the Philippines was not badly hit by the credit crunch. But he warns that exiting a liberal monetary policy stance may bring its own risks. Writer Michelle Price
Although challenged by adverse economic conditions and increasing competition in the market, on the whole Taiwan's banks managed to record modest profit growth during 2008. Writer Charles Piggott
Formerly constricted by its traditional public sector mould, India's Bank of Baroda has reinvented itself with a branding overhaul and a forward-thinking realignment of its business model. Writer Brian Caplen
Han Seung-soo, South Korean prime minister
In a speech at the IIF Spring Membership Meeting in Beijing in June, South Korean prime minister Han Seung-soo explained how the lessons learned from the Asian crisis of 1997 has helped his country come through the current recession in better shape than most.
Hive of activity: the Indian equities trading market is entering a period of significant developmentIndia's leading exchange, the NSE, faces new competition as the MCX-SX plans to enter the equities trading arena. Yet the battle is broadly welcomed by the country's banking industry, which anticipates it will bring the product innovation needed to strengthen the sector on a global level. Writer Rekha Menon
China's leading banks have come through the credit crisis and resulting global recession well, on the whole posting strong results for 2008. The Banker profiles five of these banks, looking at the ways in which they have transformed themselves by targeting a wider range of businesses and expanding their product offering. Writer Stephen Timewell
Immediately after the collapse of Lehman Brothers, market watchers predicted an era of renewed vigour for Japan's conservative banking sector. As Nomura swiftly moved to snap up Lehman Brothers' European and Asian businesses and Mitsubishi UFJ Financial Group (MUFG) took a 20% stake in Morgan Stanley, it seemed the Western subprime crisis had presented well-capitalised Japanese banks with a golden opportunity to realise much-needed global growth through cheap foreign acquisitions.
For most of 2008, Asia's burgeoning economies managed to sidestep the worst of the global financial crisis. In the very latter stages of the year, however, a global dollar shortage conspired to devalue several regional currencies just as Western demand for Asian exports slumped to a disastrous low: heavily export-dependent economies, in particular South Korea and Taiwan, have been badly hit, with gross domestic product in emerging Asia, excluding India and China, plummeting some 15% in the final quarter of 2008, according to the International Monetary Fund (IMF).
The financial crisis seems to have encouraged the continuous growth of Asian banks and the declining presence of US and EU lenders, creating a gap between the new and the established banking regions. Asia, excluding Japan, is represented by 193 banks in the world ranking, nine more than last year and 19 more than two years ago. Banks from the 'Rest of the World' category also showed up in higher numbers, making a particularly big jump from last year. There were 33 two years ago, 36 last year and 49 in this year's ranking. Although relatively small in absolute terms, their increased presence is indicative of the growing influence of developing economies and their financial institutions in the listing.
Tamil expats protest in Washington, DC
As Sri Lanka's civil war ends, domestic and global banks are eyeing potential stable investments in a country that has until now attracted a great deal of caution from financiers as a consequence of its long-running conflict. Writer Eric Ellis in Colombo
Senator Richard Lugar: queried the ADB's loans to India and China because of their relative wealth
It may have been delayed, but the aftershock of the crisis in Western banks is having huge consequences in Asia. As a result, the Asian Development Bank has seen a revival in its importance as people look to it to prevent the damage festering. Writer Nick Parsons
Taiwan's banking industry is in dire straits and remains in desperate need of consolidation. Many banks are hoping better relations with China may open up new revenue opportunities but this remains to be seen. Writer Michelle Price
Vivian Shyy, managing director of customer experience management, consumer banking, Standard Chartered Bank Taiwan
BTA Bank has been at the centre of a financial storm involving a state bail-out, Kazakhstan's real estate crash and rotating central bank governors. However the tools to stabilise the situation now appear to be in place. Writer Philip Alexander
Grigoriy Marchenko,
reappointed governor
of the National Bank
of Kazakhstan (NBK)
Nick van Gelder, head of Asia and Middle East infrastructure funds at Macquarie in Singapore
If Western banks pull back from project finance abroad, they will leave a large funding gap. But they will also create a golden opportunity for local players to grab market share. Writer Geraldine Lambe
John Fildes, managing director of Instinet, Pacific
The global financial crisis has highlighted weaknesses in equity market structures. The markets must reform if they are to attract long-term institutional liquidity. Writer Michelle Price
Badlisyah Abdul Ghani, chief executive of CIMB Islamic
Having already introduced many tax and business incentives, Malaysia is consolidating its position as an up-and-coming hub for Islamic finance. Its policies reflect the belief that developing the sector is crucial to the country's future success. Writer Geraldine Lambe
Korn Chatikavanij, Thailand's minister of finance
Thailand is suffering tumbling export receipts and a decline in business confidence and investment. Its recently installed minister of finance discusses how he plans to get the country through the crisis. Writer Simon Montlake
Dr Zeti Akhtar Aziz, Governor of Bank Negara Malaysia
At a time when other regulators are looking to impose tougher controls, the Malaysian Central Bank is pushing for further liberalisation. Writer Geraldine Lambe
Heng Swee Keat, managing director of Monetary Authority of Singapore
The Monetary Authority of Singapore is predicting greater flows of trade between the Middle East and Asia, and has issued its first sukuk by way of preparation. Its managing director explains why. Writer Geraldine Lambe
Duvvuri Subbarao, Reserve Bank of India governor
While US and European banks went into meltdown, India's banks reported healthy profits. Many applaud the country's liquidity policy for helping avoid the West's pitfalls, but does this hamper the country's capital requirements? Writer Rekha Menon
Jin-Hei Park, managing director, head of institutional clients group at Citibank Korea
South Korea has enjoyed miraculous economic growth for the past four decades, setting it apart from many of its Asian peers. But as an engine of export and an overleveraged economy, it is now highly exposed to the global financial crisis. Writer Michelle Price
In recent months, the State Bank of Vietnam has allowed five international banks to convert into wholly owned local entities in the country, opening its banking sector up to competition and bringing broader products and services to the market. Writer Nick Freeman.
After years of underdevelopment, Laos is reforming its laws and encouraging greater banking activity in anticipation of gaining WTO membership. Writer Nick Freeman in Vientiane.
Susan Buckley, QIC’s managing director of active management
Dislocation and falling equity markets are breathing life into the Australian corporate bond market, while a falling cash rate and government-led initiatives are also resuscitating the once lifeless government bond market. Writer Kate Hage.
Parallels between the Asian economic crisis 10 years ago and the current financial turmoil may hold some useful lessons for world governments as they steer through troubled times.
Debate on China’s future was fierce at the inaugural summer event of the World Economic Forum held in the Chinese city of Dalian. Stephen Timewell reports.
Thailand seemed to be ushering in a golden age of financial security, until high-level political scandal and terrorist attacks sent its fragile economy crashing back down to earth. Simon Montlake reports.
Nobel Peace Prize laureate Professor Mohammed Yunus talks to Kala Rao about the growing role of microfinance in the global economy, the challenges the sector faces moving from the informal to formal status, the need for regulation and the role that governments can play.
With oil deposits discovered and tourism and FDI booming, Nick Freeman reports from Phnom Penh on the nascent development of Cambodia’s banking sector.
