Emerging Europe

Private equity groups see the country as a rare growth market, particular the consumer sector. The only difficulty is fending off competition from other funds – plus finding reasonable valuations and owners willing to give up control.

The opening up of Russia’s bond markets is a game changer that will boost the rouble, according to Société Générale.

Investors look to triple-B for yield; Corporates to follow sovereigns’ lead

$10 billion debt restructuring; New stage for Dubai Inc workout

State raises $5.2 billion; Clears way for Promsvyazbank, VTB

In many ways SG Expressbank (SGEB) is a good example of SG’s ability to transform tiny local players into flourishing universal banks.

A risk-aware strategy has allowed Société Générale’s operations in central and eastern Europe to perform relatively well overall since 2008. But its portfolio is a mix of good and bad, big and small businesses. And after the eurozone crisis, does the French bank have what it takes to achieve its ambitions in the region?

Corporates looking to transact USDRUB could be the first group to benefit from new signs that the country’s domestic currency market is becoming more open.

Turkish banks have always been cautious about foreign expansion. They see too much opportunity at home to consider big investments overseas. But will the growth in Turkey’s international trade force them to broaden their horizons?

Alexei Kudrin thinks he has a solution to Russia’s twin troubles: anti-Putin street protests and an oil-financed pot of state patronage that is rapidly running out. The former finance minister tells Euromoney about his programme for reform and what he is doing to see it implemented.

As president Vladimir Putin enters his third term, one of the main critics of the political and corruption risks in Russia is Bill Browder, chief executive of London hedge fund Hermitage Capital.

Andreas Ittner, executive director, Austrian Nationalbank (OeNB), discusses the challenges of regulating banks with diverse emerging European portfolios.

Russia’s finance minister is, in the words of his predecessor, a rare example of a liberal in the government. But can he do enough, quickly enough, to shore up the government’s finances in its post-election spending hangover?

Western European banks heavily involved in the CEE region strenuously rebut suggestions they are cutting back on these foreign operations. But they are under pressure from a combination of Vienna 2.0, Basle III and a need to delever.

If Turkish banks have been overly cautious about expanding abroad, the same cannot be said for their international peers entering the Turkish market.

In the 1990s the pack of European banks ploughed into the emerging markets. Now a perfect storm is brewing – the eurozone crisis, deleveraging and tighter financial regulations – the pack is heading home. Could the retreat have some benefit for EMEA?

New nationalist government; EU condemns central bank politicization

VTB’s $1 billion perpetual bond this summer – the first in Russia – was partly modelled on a similar issue by Banco do Brasil in January, says Herbert Moos, VTB’s CFO.

PPF exits Nomos; VTB backs $1.5 billion buyout

Often using new technology, banks are serving emerging market consumers in innovative ways.

Some of the pressure has been taken off eurozone leaders after Germany’s top court rejected calls to block the new permanent rescue fund on Wednesday – but expect more legal challenges to come.

The ECB’s bond-buying plan could be the glue that holds the eurozone together, binding in troubled sovereigns such as Spain and Italy – but not everyone will be saved. Capital Economics argues that a Greek exit is imminent.

Russia is planning to launch a new state-owned investment agency next year to invest the country’s oil wealth in global financial markets, finance minister Anton Siluanov tells Euromoney in an exclusive interview.

Andreas Ittner, executive director at the Austrian Nationalbank (OeNB), talks to Euromoney about why Austrian banks are not deleveraging from the “extended home market”, how they are still on track for Basel III, and what sets the OeNB apart from its peers.

A new allocation thesis is emerging in favour of developing market sovereign debt: safety as well as yield, amid a shortage of perceived safe assets.

Santander’s 2010 acquisition of a 70% stake in Poland’s Bank Zachodni put it in a strong position in Europe’s most resilient economy. Now, in a smart all-share deal, the Spanish bank is adding Kredyt Bank to its Polish portfolio.

Construction industry in dire state; Unions no bar to sector shrinkage

Post-merger rise to second; VTB’s market share declining

The good, the bad and the new of Putin’s third term.

The country isn’t facing the same problems as its European neighbours. Strong GDP growth, a relatively low deficit and robust monetary policies make it one of the best emerging market sovereign borrowers.