THE BEST EMERGING MARKET BANKS 2004

HEADNOTE

Emerging markets are poised to post their strongest growth in 20 years. Global Finance has picked the banks in 73 emerging market countries and four regions that have best been able to help their clients benefit from the upturn.

All

regions of the developing world enjoyed a sharp increase in capital inflows last year, with the exception of the volatile Middle East and North Africa. The increased liquidity in industrialized countries spilled over into emerging markets, spelling better times for vast swaths of the world's population.

Emerging economies should post their strongest growth in two decades this year, but they need to be ready for a potential rise in international borrowing costs, the World Bank warned last month in its 2004 Global Development Finance report.

It is not easy to forecast where the next emerging markets crisis could erupt. Will it be an overheating in China's fast-growing economy or a sudden unwinding of the US current-account deficit that spells global catastrophe?