For years, Austrian lenders Erste Bank and Raiffeisen Bank have enjoyed strong profits at their central and eastern European operations, but with growth in these economies slowing, more recent results suggest that they may need to rethink their strategies 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.
Société Générale CIB arranged a record large loan for PPF Group to buy out Telefonica's Czech subsidiary, and found plentiful liquidity in local currency.
The Banker’s Central Bank Governor of the Year awards celebrate the officials who managed to restore economic stability and even growth to their countries following a turbulent few years.
The European Central Bank has helped assuage fears of an imminent eurozone breakup, but sovereign, supranational and agency debt management officials must still contend with ratings downgrades and difficult political and fiscal situations in a number of countries. The Banker hears from a range of EU issuers both inside and outside the eurozone.
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.
The eurozone's troubles of the past few years have meant that the headlines have been dominated by those countries deemed likely to leave the currency union. However, there are EU members that still wish to sign up to euro membership. The question is, why?
Although not directly affected by the squeeze facing eurozone peripheral sovereigns and banks, central and eastern Europe is affected by its economic ties with the EU and the prevalence of western European banks in its markets. Philip Alexander hears from a range of European issuers outside the eurozone, including sovereigns, agencies, banks and corporates, on how the crisis has affected them.
The Czech Republic has proved that the Euromarket is not exclusive to core eurozone sovereigns by pricing the tightest deal in central and eastern Europe in February 2012.
The Czech and Slovak republics headed down different paths when Slovakia adopted the euro in 2009 but the business model and performance of the two countries’ banks remain remarkably similar.
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