Central & Eastern Europe

Milestones | Commonwealth Of Independent States
In October, Belarus, Kazakhstan and Russia put the finishing legal touches to the creation of the Eurasian Economic Union, which comes into being on January 1, 2015.

This month the European Central Bank will start to buy euro-denominated asset-backed securities (ABS) and covered bonds in an effort to revive a market that has been sharply impaired since the financial crisis.

NEWSMAKERS | POLAND
The crop-haired, bespectacled 58-year-old is barely known outside Poland. Even within, most people know Kopacz, a former doctor and Health minister more for her loyalty to Tusk than for anything else.

FRONTIER MARKETS REPORT | KAZAKHSTAN
Kazakhstan is rife with investment opportunities, but companies must be aware of the country’s regional commitments and business climate.

REGIONAL REPORT | CENTRAL & EASTERN EUROPE
Central European countries are starting to recover, with growth accelerating in most markets. But the region’s banks still have some trials to overcome.

Events in Ukraine have changed the outlook for Russia. Now the country faces choices about its global role that could affect the rest of the world for decades. Which path will it take?

In this first installment of a two-part series, Global Finance identifies the top online corporate and consumer banks by country and then by region, according to product or service category.

FINANCE & CAPITAL | CAPITAL MARKETS
The European Central Bank’s adoption of a negative deposit rate for banks’ excess reserves [meaning they charge interest for bank reserves held at the ECB] could have a widespread impact on money markets and corporate cash-management policies.

FRONTIER MARKETS REPORT | SLOVAKIA
Slovakia has moved resolutely to compete with other former Soviet-bloc nations for foreign direct investment. 

RUSSIA/CHINA
The recent raft of Chinese investments into Russia following president Putin’s May visit to Shanghai might look like a rapid response to counter Western sanctions.

MILESTONES: EUROPE
African success story M-Pesa dials up Europe.

DEAR READER
The return of growth in most of Europe and the renewed leadership of the US in economic advancement should not distract from critical developments in some of the major emerging economies.

MILESTONES: RUSSIA

The region battled continuing recession or, at best, slow growth, a tightening regulatory environment and country-specific banking taxes or fines for past misdemeanors.

Mergers and acquisitions involving Russian companies, including Morgan Stanley’s planned sale of its global oil-trading unit to Rosneft, are threatened by Western sanctions on Moscow over the Ukraine crisis.

Although hit hard by the global financial crisis, Latvia, Lithuania and Estonia recovered quickly. The three countries are building ever-closer EU ties to separate themselves economically from Eastern neighbors.

An escalation of sanctions on Russia stemming from its actions in Ukraine could pressure Russia’s overall economic growth. Some companies, particularly those perceived to have close ties to president Vladimir Putin and his inner circle, may have difficulties tapping the international capital markets for funding.

Financial markets may initially have reacted well to the reelection of the AKP and prime minister Recep Tayyip Erdoğan, but his success belies deep-seated political and economic problems.

Slovakia has known rapid and unexpected changes in its political fortune in its 20 years as an independent country.

In our 21st annual survey, Global Finance identifies the best banks in 150 countries and eight regions. The winners are not always the biggest banks, but rather, the best—those with the qualities that corporations should look for when choosing a bank.