Levels of foreign ownership vary widely among the banks of the eastern Black Sea countries. While foreign-owned banks went too far, too fast before the crisis, they may be more resilient than locally owned players in a downturn.

In the past decade, foreign investment and natural resources wealth have transformed the banking landscape in the Commonwealth of Independent States (CIS). The Banker's latest ranking for the region shows which countries have benefited the most from this change.

Under the oversight of the central bank, Armenia has boomed and now foreign banks are circling for a piece of the action. Ben Aris reports.

Société Générale has added to its Balkan synergies with the purchase of Macedonia’s Ohridska Banka – but local banks are efficient and profits are by no means a certainty. Eric Jansson reports.