Global

The emerging market banks that avoided the market rout

  • Interest rates, commodity prices and Russia’s invasion of Ukraine have been key drivers of performance this year

  • The best-performing banks are in Saudi Arabia, Kuwait, Chile and Qatar. The worst: Poland, Kazakhstan, Russia, Vietnam

  • We highlight five names that have delivered 20%+ US$ returns: Alinma Bank, Banco de Chile, GF Inbursa, Isbank and QIB

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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

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