Herbert Stepic, Deputy Chairman of Vienna-based Raiffeisen Zentralbank Osterreich (RZB) and CEO of Raiffeisen International, is widely regarded across the European banking industry as the chief architect of RZB’s aggressive expansion in Central and Eastern Europe and Russia. He speaks with Christopher Moore, emeafinance’s publisher, about his 30 plus year international career at the bank.
The credit crunch, fuelled by illiquid markets and general fear across the finance industry, has had its impact on the EMEA region. But pessimism does not blanket the entire market as emeafinance discovered when it questioned some of EMEA’s leading buy side investors. On the contrary, the slowdown has provided time to evaluate deals and countries. Some governments are addressing fiscal imbalances and where necessary, high inflation.
For decades Libya was a ‘pariah’ state, shunned by the international community. In 2004 the doors were flung open and foreign investors were enticed in, promises were made, contracts signed, hopes raised. Four years on however it appears that inertia and backtracking by the Gaddafi administration has set in. Was it all too good to be true after all, asks Nicholas Noe.