Bulgarian lenders bucked the trend as Tier 1 capital contracted in most of central and eastern Europe, while Czech institutions retained their status as most profitable banks in the region.

Central and eastern European banks in the EU faced a sluggish 2013, but Poland led the region in terms of growth and the Czech Republic in terms of returns. Baltic banks are also starting to rise to the challenge.

Petar Chobanov spent little more than a year as Bulgaria's finance minister before the government resigned and he had to step down from his post. He describes the reforms that he started during his tenure and explains why it is important for the new government to continue this work.

Bulgaria’s recent banking crisis and the resignation of its government have left its financial sector in a state of limbo awaiting elections in October. 

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.

Greek banks control at least a fifth of the banking markets in Bulgaria and Romania but, despite this exposure to one of Europe's more troubled economies, bankers in the two countries believe there will still be a sufficient supply of credit to meet demand. Writer Philip Alexander