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Perhaps because its the share price fell by 90% from its all time high, the still mighty Allianz in Germany has had more than its fair share of detractors. However, thanks to the skills of chief executive, Michael Diekmann, who is proving himself to be a world class manager, Allianz is coming back out of the cold. Diekmann?s first priority was to restore the fortunes of the group?s core insurance businesses and then to move Dresdner Bank out of the intensive care unit at the local Frankfurt hospital. From the latest results, it would appear that he is succeeding on both counts. The insurance businesses are making good money due mainly to a strong recovery in the non-life operations ? that may have been helped by sharply increased premiums after 9/11. More encouragingly, the combined ratio of claims and expenses to premiums received has fallen from a peak of around 102% to 96% today.

Is Goldman Sachs becoming slightly more user-friendly to the outside world? Normally, Goldman keeps itself to itself because that is the way it prefers to play the game.

While some competitors believe that BNP Paribas in the Euromarket is sometimes stuck in third gear and has yet to find overdrive, let us give full credit to the bank for its aggressive acquisition programme in the US. Other banks huff and puff and talk about acquisitions, but they are really only dancing around their handbags waiting for someone else to make the first move. But BNP Paribas, with Baudouin Prot clearly enjoying himself at the helm and proving to be one of the best bank leaders in Europe, doesn?t dither. Its two most recent purchases in the US clearly show the bank?s future direction. OK, neither purchase was a blockbuster, but the purchases were a shrewd part of a much wider expansion programme. BNP Paribas is showing other banks in Europe who are sitting on cash mountains how to use their surplus capital, rather than just sitting on their backsides and watching the world go by.

Calyon, the entity formed through Crédit Agricole?s takeover of Crédit Lyonnais, has suffered another high-level departure as Alain Papiasse, one of its best-known bankers, this week decided to leave the newly formed investment bank.

Rating: Aaa/AAA

Garanti Bank is unlikely to attempt to push out the tenor on its forthcoming Eu400m refinancing beyond one year. This is despite speculation that Turkish banks are looking to take advantage of the favourable economic conditions in the country and stretch maturities.

Rating: Aaa/AAA/AA+