World activity picking up, says CSFB global investment chief

By SIMON HENDERY

Credit Suisse First Boston's global head of investment banking was in town yesterday, pressing the flesh with clients and networking with the financial giant's local partner, First NZ Capital.

Last year was a tough one for corporate bankers. CSFB lost almost US$1 billion ($1.7 billion) and faced allegations it produced biased stock reports.

But Nigerian-born Adebayo Ogunlesi said global activity seemed to be picking up with the end of the Iraq war.

New York-based Ogunlesi said he first visited New Zealand in 1999 when, as head of CSFB's Global Energy Group, he was involved in Edison Mission's purchase of a stake in Contact Energy. He was promoted to global head of investment banking for CSFB early last year, and has overseen a cost-cutting drive at the firm.

In this part of the world, the big coup so far this year for First NZ Capital - a CSFB franchise - has been securing the underwriting of the $175 million Burns Philp capital notes issue.

Local investment banking firms have their eyes on the next potential big deal - the restructuring of INL and subsidiary Sky Television following Fairfax's purchase of INL's publishing assets.