The medium-term outlook for profits at US banks is gloomy, according to Andrew Smithers and George Leventis.

The emphasis on aid and debt relief distracts attention from the most important issue for Africa – trade reform.

The new tax rules could bring in €10bn a year but significant loopholes mean they are unlikely to achieve their aims.

It will take more than the Italian bank’s takeover of the less than attractive German institution to prompt a torrent of consolidation.

Overall profits may remain variable but the biggest players – especially those in the EU25 – look certain to dominate the landscape.

Welcome to the largest edition of The Banker ever produced in nearly 80 years of publishing history. At 328 pages, our July issue is a veritable gold mine of articles, interviews, facts and figures. Taking pride of place is, of course, our annual Top 1000 ranking of world banks.

Regulations such as Basel II improve risk management and transparency but they must be well designed and consistent, says ING vice-chairman and CFO Cees Maas.

The rise of Islamic banking has taken another important step forward with the recent successful £100m share offering by European Islamic Investment Bank (EIIB). Initially aiming to raise £50m the offering was oversubscribed and increased to £100m.

Greek hesitancy to invest in Turkey’s financial sector is set to change, according to senior Greek and Turkish bankers who attended an inaugural joint meeting in Athens in May under the umbrella of the Washington-based Institute of International Finance, the global association of financial institutions.

KoÇ Financial Services, a 50-50 joint venture between Koç Holding of Turkey and UniCredito of Italy, has acquired 57.4% of Yapi ve Kredi Bankasi for €1.160bn. The deal, May 9, comes as foreign banks rush headlong to acquire Turkish banking assets ahead of membership talks between Ankara and the EU in October.