emeafinance News - January 2009
Hungary's ex-PM calls for central European alliance against Russia
Viktor Orban, the leader of the opposition party Fidesz in Hungary and a possible future prime minister, has called for a new central European alliance, to protect the interests of CEE countries within the EU.
Speaking at the Euromoney CEE Conference in Vienna in mid-January, Orban said: “I feel that a central Europe alliance is necessary. We need an independent security policy; a means to ensure our energy security; and also an alliance to push forward transport integration in central Europe and to establish a common development policy for the region.”
Gazprom and Noor set up joint venture
The Kuwaiti Noor Financial Investment Company has announced its plans for a joint venture with
Kuwait property sales drop by 45%
According to a report by the National Bank of
EMEA structured finance issuance down 28% in 2008
Structured finance markets are stagnating in the EMEA region, according to a new report from Moody’s, although some markets, such as Russia and UAE, are still growing.
Credit crunch leads to riots in Riga
Latvia’s capital, Riga, has been the scene of days of riots after a peaceful anti-government demonstration by an estimated 10,000 people turned violent in mid-January.
CEE pension assets to quintuple to €250bn by 2015
Pension assets in the CEE region are set to boom from €50.8bn in 2008 to €244.9bn in 2015, according to a new report from Allianz Global Investors.
Mongolian economic growth at risk from political delays
Investors in Mongolia say the country’s lively but fractured political landscape is putting the economy at risk and holding back significant investments by foreign multinationals.
Gulf states compete for title of regional cultural capital
On November 22, Qatar opened its Museum of Islamic Art, in a stunning building designed by I.M. Pei. It was the latest salvo in the multi-billion-dollar competition for the title of cultural capital of the Gulf.
Debt crisis brings the Emirates closer
In late November, the UAE government quietly announced the creation of a new federal bank, called Emirates Development Bank, that will merge the assets of two large mortgage banks from Dubai – Amlak and Tamweel – and one smaller mortgage bank from Abu Dhabi, the Real Estate Bank.
Piracy business coping well with credit crunch
November was a bumper month for Somali pirates, who managed to capture a super-tanker carrying US$100mn of Saudi oil, while also successfully ransoming a vessel bearing millions of dollars worth of Ukrainian arms.
Vienna shocked by royal real estate scandal
The Viennese business and social world is reeling from a scandal exposed in November, involving the biggest real estate company in eastern Europe, some of the country’s top aristocracy, and a missing £450mn.
CEE pension assets to quintuple to €250bn by 2015
Pension assets in the CEE region are set to boom from €50.8bn in 2008 to €244.9bn in 2015, according to a new report from Allianz Global Investors.
Changes in CEMEA global capital markets at UBS
Richard Luddington is to become a vice-chairman in global capital markets (GCM) at UBS focusing on the Central Europe, Middle East and Africa (CEMEA) region.
SJ Berwin recruits Islamic Finance specialist
Law firm SJ Berwin has recruited a new associate, Puzant Merdinian, who is to work in the London office.
New head of debt products for Renaissance
Renaissance Capital has taken on Yury Gruzglin as a managing director and head of the debt product group.
New CEO for Slovenska sporitelna
Regina Ovesny-Straka, who has been the CEO of Slovenska sporitelna since 2001, is to become the new CEO of Salzburger Sparkasse, one of the largest savings banks in Austria.
Nils Melngailis appointed as chairman of new board of Parex Banka
The new management board of Parex Banka took office on 5 December 2008. It is chaired by Nils Melngailis, a former executive director of Lattelecom, a leading communications company in the Baltics.
Geiger to chair Alpha Associates advisory board
Alpha Associates has announced that Kurt Geiger, former head of financial institutions and private equity and chairman of the equity committee of the EBRD, will join the Zurich-based private equity fund firm as special adviser and chairman of its advisory board.
New Freshfields co-head for MENA corporate practice
International law firm Freshfields Bruckhaus Deringer is moving London-based corporate partner David Higgins to
Johann Jonah elected chairman of Alfa Bank
The extraordinary general meeting of shareholders and the board of directors of Alfa Bank have elected Johann Jonach as chairman of the board.
EQT expands into CEE through Warsaw
EQT Partners, investment advisor to all EQT funds, has opened a new office in Warsaw with a team headed by Piotr Czapski.
New president and CEO for Saudi Aramco
Saudi Arabia’s minister of petroleum and mineral resources, Ali Al-Naimi, has appointed Khalid Al-Falih as president and CEO of Saudi Aramco.
BNY Mellon expands regional team
BNY Mellon Asset Management, the global asset management arm of The Bank of New York Mellon, has appointed Thomas Connolly as managing director, head of asset management for the Middle East.
