The merger of the Micex and RTS groups to form the Moscow Exchange has proven harmonious and, so far, successful, with plenty of big names attracted to the bourse. Indeed, as Moscow looks to prove its credentials as an international finance hub, the exchange appears to be setting the standards for the rest of the city's financial institutions to follow.

A new inflation targeting framework, efforts to improve the supply of credit and the implementation of Basel III all pose challenges for the Bank of Russia, as well as opportunities to modernise the country's financial system.

VTB Capital is already established as Russia’s largest investment bank. Bulgarian national Atanas Bostandjiev explains the state-owned bank's plans to expand its activities into new markets.

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

Acquisitions by both private and state-owned banks in Russia are gradually concentrating the top end of the banking sector, but the long tail of closely held and regional banks remains.