The internet is changing the face of Asian capital markets. Ventures that tap the vast Chinese-language market promise mesmerizing growth. Retail investors are gripped by dot-com fever. Financial centres fight to position themselves as hubs for financing e-commerce.
Optimists say Asia has created better models for e-business than the West.
It was doomed from the start. Dresdner saw sense and pulled out of its deal with Deutsche. Both banks' chiefs were obsessed with their grand idea of reshaping Germany Inc, but they overlooked the interests and the power of their investment bankers. Dresdner staff were determined not to be thrown into a gory integration process. The scheme could transform the investment bank from within.