Western Europe - The Banker

The UK's regional financial centres are undergoing a financial and cultural renaissance. They are shrugging off the effects of the downturn, establishing themselves as viable alternatives to London and growing in both confidence and maturity. Writer Charlie Corbett

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Once considered one of the better-placed survivors of the financial crisis, the property bubble bursting in Spain has hit the country's savings banks hard, resulting in calls for consolidation in the sector. Writer Rodrigo Amaral

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The German Landesbanken were hit hard by the financial crisis, and bailouts at both state and federal level have allowed the national government and the EU to increase the pressure for both restructuring and reform. Writer Michael Marray

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Despite concerns about government budget deficits, Asian central banks continue to show strong demand for European sovereign bonds. But sovereign, supranational and agency issuers all need to focus much more on the careful execution of deals, and the syndication process has been speeded up because of volatile market conditions. Writer Michael Marray

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The trials and tribulations of the Greek economy have caused a few nervous glances to be cast in the direction of Portugal, with some observers worried that the country could face a similar debt crisis. However, the Portuguese government's late budget and four-year austerity programme have gone a long way to allaying such fears. Writer Peter Wise

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A €6bn privatisation initiative ushered in by the Portuguese government as part of a package of spending cuts could prove fertile for the country's investment banks and breathe new life into its capital markets. Writer Peter Wise

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The Portuguese government's tax amnesty on repatriated funds is expected to channel an influx of euros into the country's private banking sector. Yet banks must meet the post-crisis needs of investors with new portfolios favouring simpler structured products with a capital guarantee. Writer Peter Wise

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Italy's philanthropic foundations remain significant shareholders in the country's banks, which has helped them ease their way through the economic crisis and maintain a long-term growth strategy. Writer David Lane

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As Turkey pulls out of its economic slump, its relatively unscathed banks are ready to finance growth and are increasing lending and planning significant expansion. However, a growing problem of non-performing loans may stifle recovery and put the brakes on their ambition. Writer Metin Demirsar

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The Turkish government has plans to transform Istanbul into an international financial centre complete with specialised courts to deal with international business disputes and a carbon exchange. However, sceptics are already denouncing the project as a pipedream. Writer Metin Demirsar

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Turkey's privitisation programme is still moving at a rapid pace, despite a change in focus. Writer Metin Demirsar

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UBS has endured a catastrophic three years. Now, under the stewardship of former Credit Suisse chief Oswald Grübel, the bank is attempting to restore its reputation and revive its business. Geraldine Lambe reports.

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The leading Greek banks had retained relatively conservative business models at home prior to the financial crisis, but market fears about government debt make the downturn even harder to manage. Writer Philip Alexander

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The University of Copenhagen's professor of international economics evaluates stimulus policies and explains why it is time to start implementing exit strategies from them, despite the doubts that remain over the recovery.

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The nationalisation of Austria's Hypo Alpe Adria had more to do with regulation and ownership models than exposure to emerging Europe. Writer Philip Alexander

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As customer dissatisfaction with the UK's existing high street banks intensifies, new entrants are sprouting - many of which are extensions of established retail brands, striving to create the winning formula using their innate consumer insight. Will these new operations pose a sustained threat to the existing ones? Writer Michelle Price

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The no-nonsense style of France’s finance minister has won her many admirers. She tells The Banker of how she intends to tackle the hardest task of her tenure, that of regulating France and Europe’s post-crisis banking landscape. Writer Silvia Pavoni

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Facing an exploding budget deficit and enormous domestic debts, the Turkish government continues to have a ravenous appetite for borrowing, but still wants to avoid funds from the IMF. Writer Metin Demirsar

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Despite the downturn, share prices on the Istanbul Stock Exchange are soaring on the strength of the country's banks, as global liquidity and optimism return. Writer Metin Demirsar

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Turkish banks, cushioned by regulations implemented in the wake of the country's financial crisis of 2001, have been largely sheltered from the recent global crisis and the majority of those listed in The Banker's 2009 rankings posted double-digit profit on capital. Writer Geraldine Lambe

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Although the top 10 EU banks retained their solid grip on the 2008 ranking, profits were significantly down across the board and capital structures were seriously damaged compared with banks in other parts of the world. Writer Stephen Timewell

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The collapse in Spanish property prices and the rise in loan defaults and toxic assets has left the cajas - the 45 mutuals responsible for more than half of the country's mortgage lending - staring consolidation in the face in a bid for survival. Writer Jules Stewart

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Close adherence to international regulatory standards has protected Madrid's financial system from embroilment in the subprime market that has so badly harmed rival centres New York, London and Paris. Yet Spain's flailing economy must be tended to if Madrid is to rise as a dynamic alternative. Writer Rodrigo Amaral

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Malta might be tiny but it is determined to make itself heard on the world stage. Dr Lawrence Gonzi, prime minister of Malta, explains how. Writer Michael Imeson

 

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In a ranking that was expected to show a new order of the world's banks, the positions held by the strongest European lenders are surprisingly unchanged. The top three institutions in western Europe are still HSBC, Crédit Agricole and Royal Bank of Scotland. The only difference is that now it is the UK government-owned bank RBS that leads the list, with nearly $102bn in Tier 1 capital, a 14.5% increase since last year's figure.

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Merrill Lynch's orchestration of the EDF purchase of British Energy was one of the most complex and drawn-out deals of its kind ever undertaken. Writer Edward Russell-Walling

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Although France's banking sector has been dealt a few blows during the past two years, its retail sector remains strong compared with its European peers. Writer Wendy Atkins

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Although not caught at the epicentre of the financial hurricane, the Portuguese economy's hopes of an upturn after four years of slow growth have been hit by the global recession. However, the country's trade links with Africa and Latin America and its lack of subprime exposure are giving some cause for optimism. Writer Peter Wise

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Greece's service-based economy has been less exposed to the global downturn than elsewhere in Europe, but a positive outlook for 2009 will largely depend on how the tourist industry performs and whether lines of credit will remain available to smaller businesses. Writer Kerin Hope

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The Dutch financial scene has undergone some fundamental changes in the past few months, including four nationalisations, the reversal of the predator/victim relationship in the Fortis/ABN AMRO takeover and injections of state capital into three other financial institutions. Writer Michael Imeson.

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Loved and loathed in equal measure, the euro reaches its 10th anniversary under greater scrutiny than at any point in its history, as the credit crisis tests member countries’ ability to address their individual problems within EMU. Writer Geraldine Lambe.

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Austrian banks and companies have been looking to central and eastern Europe for growth – a successful strategy that will continue, reports Geraldine Lambe.

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While the the world’s major financial centres are in disarray, smaller European markets are reaping the benefits. Writer Charles Piggott.

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Greece’s avoidance of complex banking products means it has weathered the downturn better than other European countries. Now it is stealing a march on bigger economies by expanding into its near neighbours. Writer Stephen Timewell.

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Two years of consolidation have transformed the landscape of Italian banking – and in the process the country’s financial institutions have become experts in extracting maximum value from merging companies. Writer David Lane.

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The Dresdner and Postbank deals look like big news and might increase competitiveness, but what effect will they really have on the German banking landscape? Writer Michael Marray.

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Global jitters and the escalating cost of financing have forced Portuguese banks to drastically alter their credit model. Writer Peter Wise.

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Portugal’s businesses have had to adjust to the financial climate change as the credit crunch makes itself felt, leaving simple funding a thing of the past. Writer Peter Wise.

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UK banks may have taken significant hits on their profit and loss accounts as a result of the subprime crisis, but they have also strengthened their capital and balance sheets significantly. Writer Stephen Timewell.

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Unlisted French financial institutions have demonstrated the merits of their conservative strategies, which have made them more resilient than their listed competitors in the face of market pressure. Karina Robinson reports.

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