The merger of two stock exchanges and work to bring operations into line with international standards gives Moscow the potential to claw back Russian equity offerings from other markets.

As part of its drive to make the country more attractive to international investors and strengthen its economy, Turkey has kick-started a series of capital markets reforms by bringing its three exchanges under one roof, thus establishing the Borsa Istanbul.

As the political stand-off in Georgia between the new prime minister and president shows no sign of abating, the country’s economy is showing resilience and its banks are eyeing opportunities to strengthen growth by tapping into the country's unbanked population.

The management quality of Ukrainian banks is gradually improving, but they continue to face difficulties from legal and political uncertainty, with some foreign-owned banks already giving up the struggle.

Growth rates and returns on consumer lending in Russia are remarkable, but the market demands increasing levels of sophistication to ensure success.

The Bulgarian banking sector has not needed government assistance in the wake of the financial crisis, but its slow growth rates and high non-performing loans do not make an inspiring combination.

Although foreign banks may be reining in finance for their subsidiaries in central and eastern Europe, any transition to local currency bond financing looks likely to be gradual.

A focus on creating an easier environment in which to do business, a sound banking system with high levels of liquidity, and a further round of privitisations show that Kosovo's star is on the rise, its president tells The Banker.