Contents

Summary 1
Trading Ideas  5
EM banks: strength lies in
traditional business model 28
Relative value framework 58
Bank profiles  65
Asian banks  67
China banks  68
China Development Bank  70
Export Import Bank of China  71
Hong Kong Banks  72
BOC Hong Kong  74
Bank of East Asia  75
Citic Bank International  76
Dah Sing Banking Group  77
ICBC (Asia)  78
Wing Hang Bank  79
Indian Banks  80
Axis Bank  82
Bank of Baroda  83
Bank of India  84
ICICI Bank  85
State Bank of India  86
Korean Banks  88
Export-Import Bank of Korea  90
Korea Development Bank  91
Industrial Bank of Korea  92
Hana Bank  93
Kookmin Bank  94
Korea Exchange Bank  95
Shinhan Bank  96
Woori Bank  97
Singaporean Banks  98
DBS Bank  99
OCBC 100
United Overseas Bank  101
Bangkok Bank  102
EMEA banks  103
Kazakh banks  104
Alliance Bank  106
ATF Bank  107
BTA Bank  108
Development Bank of Kazakhstan  109
Eurasian Development Bank  110
Halyk Bank  111
Kazkommertsbank 112
Qatar banks  114
Commercial Bank of Qatar  116
Russian banks  118
Alfa Bank  120
Bank of Moscow  121
Gazprombank 122
Russian Agricultural Bank  123
Sberbank 124
Vnesheconombank 125
VTB 126
Saudi banks  128
UAE banks  130
Abu Dhabi Commercial Bank  132
Emirates NBD  133
National Bank of Abu Dhabi  134
Ukrainian banks  136
Alfa Bank Ukraine  138
Privatbank 139
Ukreximbank 140
LatAm banks  141
Brazilian banks  142
Banco do Brasil  146
BNDES 147
Bradesco 148
Itaú Unibanco  149
Votorantim 150
Appendix 151
Disclosure appendix  157
Disclaimer 164