This publication lends itself to carefulperusal as well as quick reference. An executive summaryenumerates the main points, and callouts in the main textsummarize the key messages of individual pages. The reportprovides an in-depth discussion and further detail, and textboxes, figures, and quotes add enriching perspectives. Thetwo appendixes offer: 1) Basel Committee guidance on thegovernance of bank subsidiaries, and 2) a selection ofrecommendations from a past International FinanceCorporation (IFC) publication on governance of banks inSoutheastern Europe. Finally, the list of referencesconsulted during preparation of this publication may beuseful for pursuing a deeper understanding of the issues. Itis important to note that this publication reflects theviews of bankers, regulators, and others on a deeply complexand complicated issue and is not intended to be acomprehensive or even complete evaluation of the issuesexplored. For more publications on IFC Sustainability pleasevisit www.ifc.org/sustainabilitypublications.