While European banks count the cost of the eurozone sovereign debt crisis, China is leading the emerging markets into a new era of banking dominance. But the established markets of the US and Japan should not be forgotten.

The Russian government is pushing hard for more financing to find its way to the small and medium-sized enterprise sector, but opaque accounts and a shortage of management skills are deterring banks and private equity funds alike.

The metals brokerage market is consolidating as regulatory costs rise, but the growth of Asian demand means this is still a valuable business for those with the right scale and organisation.

With banks and structured investment vehicles no longer able to provide limitless leverage to European buyout funds, private equity firms are being forced to rethink their strategy towards both financing and acquisitions.

Emerging market growth is changing the strategy for the commodities business at the same time that tighter regulation is altering the relationship between banks, merchant traders and investment funds.

The governor of the National Bank of Georgia has to tailor his maintenance of local financial stability to a banking sector with high levels of foreign ownership and aspirations to expand across the Caucasus region and beyond.