The Belarusian banking sector weathered the financial turmoil of 2011 with relative ease. However, increased competition, privatisation and a tricky economic climate means future growth will be tough.

Despite facing crisis conditions in 2011, the Belarusian economy has proven to be remarkably robust, boasting plenty of untapped potential, and there are hopes that its privatisation process will lessen the dominance of large state-owned companies on the country's business landscape.

Austria's government, driven an agenda to ensure that tax-payers do not pay for the financial crisis, which has seen it implement strict measures to fast-track compliance with Basel III rules, appears to show no sign of relenting in its dealings with the country's embattled banks.

After leading Morgan Stanley’s equities business outside the Americas, John Hyman is working to position Renaissance Capital as a focused player in a number of very different markets across emerging Europe and Africa.

A diversified payment rights securitisation for ZAO Raiffeisenbank reopened this important source of funding in Russia for the first time since the financial crisis, but joint lead manager WestLB will not be around to manage follow-up deals.

The abrupt departure of the Croatian National Bank governor laid bare tensions over conditions in the country’s financial sector, but his successor looks set to bring continuity rather than change.

Citi’s debt capital markets team switched nimbly between reopening Russian markets when risk appetite was high and placing Gulf state sukuk when investors searched for safety.

Closer economic integration of countries in the Commonwealth of Independent States has been discussed for many years without practical progress. The launch of a Single Economic Space between Russia, Kazakhstan and Belarus may be about to change that.