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.

The Azerbaijan government is keen to use its geostrategic location and growing resources wealth to establish its status as a regional hub, and the financial sector is eager to play its part, reports Philip Alexander .

Azerbaijan’s authorities are pushing banks to entrench improved performance by adopting international management practices, reports Philip Alexander .

Azerbaijan’s government is intensifying efforts to strengthen the non-oil and regional economies using oil revenues and legislative improvements. But inflation is a growing threat.

Forget the black gold of its oil industry – Azerbaijan’s real treasure is its cultural status as the birthplace of Indo-European civilisation, and the country is considering how to promote this to tourists. Courtney Fingar reports from Azerbaijan.

Azerbaijan’s oil windfall is calculated to total $1000 dollars per capita per year for the next 20 years. Nick Kochan explains how production is being apportioned.