The $10.7bn bid by France’s BNP Paribas to acquire Italy’s sixth largest bank, Banco Nazionale del Lavoro (BNL), last month, marks not only the long-awaited resurgence of cross-border bank consolidation in Europe but also the importance of retail growth to BNP and the strategic integration impact of the euro.

Branch Capital Attribution for Banks – A Survey of International Practice.
A survey finds that double and ‘less than single’ taxation of banks’ overseas networks persists, writes Stephen Timewell.

Strong domestic retail banking performance has been the key to the continuing profitability of the top five Canadian banks ranked by Tier 1 capital (see table download).

Star banker Joseph Perella is starting his own financial services firm and has recruited former colleague Joe Anda, Morgan Stanley’s co-head of global capital markets.

Austria’s Erste Bank launched a significant capital increase last month to finance its recent acquisition of Banca Comerciala Romana (BCR), Romania’s largest bank, and to strengthen its capital base and regional expansion ambitions.

INVESTOR RELATIONS: 2005 ASSESSMENT OF KEY BORROWING COUNTRIES

The $2.8bn sukuk issue of Dubai’s Ports Customs and Free Zone Corporation (PCFC), the world’s biggest-ever Islamic bond issue, is likely to be oversubscribed by at least 50%-75%.

Stephen Timewell traces eight decades of The Banker, which has reflected global historical changes through the years, and he profiles its founder, Brendan Bracken, whose influence is still felt today.

Grupo Santander’s decision to pay $2.4bn for a 19.8% share of Sovereign Bancorp has focused attention on the acquisitive savings and loan (S&L) holding company headquartered in Philadelphia.

An IIF report warns that inconsistent implementation of the Basel II capital accord could threaten the whole process, while research on European bank branches reveals that around a fifth are unprofitable, writes Stephen Timewell.