Contents

Summary 1
Trading Ideas5
EM banks: strength lies in
traditional business model 28
Relative value framework 58
Bank profiles65
Asian banks67
China banks68
China Development Bank70
Export Import Bank of China71
Hong Kong Banks72
BOC Hong Kong74
Bank of East Asia75
Citic Bank International76
Dah Sing Banking Group77
ICBC (Asia)78
Wing Hang Bank79
Indian Banks80
Axis Bank82
Bank of Baroda83
Bank of India84
ICICI Bank85
State Bank of India86
Korean Banks88
Export-Import Bank of Korea90
Korea Development Bank91
Industrial Bank of Korea92
Hana Bank93
Kookmin Bank94
Korea Exchange Bank95
Shinhan Bank96
Woori Bank97
Singaporean Banks98
DBS Bank99
OCBC 100
United Overseas Bank101
Bangkok Bank102
EMEA banks103
Kazakh banks104
Alliance Bank106
ATF Bank107
BTA Bank108
Development Bank of Kazakhstan109
Eurasian Development Bank110
Halyk Bank111
Kazkommertsbank 112
Qatar banks114
Commercial Bank of Qatar116
Russian banks118
Alfa Bank120
Bank of Moscow121
Gazprombank 122
Russian Agricultural Bank123
Sberbank 124
Vnesheconombank 125
VTB 126
Saudi banks128
UAE banks130
Abu Dhabi Commercial Bank132
Emirates NBD133
National Bank of Abu Dhabi134
Ukrainian banks136
Alfa Bank Ukraine138
Privatbank 139
Ukreximbank 140
LatAm banks141
Brazilian banks142
Banco do Brasil146
BNDES 147
Bradesco 148
Itaú Unibanco149
Votorantim 150
Appendix 151
Disclosure appendix157
Disclaimer 164