Slow growth across Europe and Western sanctions on Russia coupled to make 2015 a difficult year for many central and eastern European banks but those featured in this year's Bank of the Year awards remained nimble allowing them to produce impressive results.
Russian lender Tinkoff has fared better than most of its peers during the uncertainty that has engulfed the country's economy in the past 12 months, thanks in no small part to a wide portfolio of products, which take in debit and credit cards, insurance, mortgages and SME servicing.
Belarus has been hit hard by falling oil prices, its heavy dependence on Russian exports and the devaluation of the rouble, which has led to a contraction of the economy. But banks are looking to SME financing – as well as a spell of de-dollarisation – to get the country back on a sound financial footing.
Belarus’s first deputy minister of the economy, Alexander Zaborovskiy, explains how a flexible exchange rate scheme and a more attractive investment environment can help the country survive knock-on effects of the economic difficulties facing neighbouring Russia and Ukraine.
International financial institutions remain crucial in central and eastern Europe as the fallout from the financial crisis continues to make its presence felt. But just how far should these development banks go in helping to resolve the various crises that have hit the countries of this region in recent years?
China's One Belt, One Road initiative – building a new Silk Road between western Europe and China's east coast as well as improving the Maritime Silk Road – will be a major game changer for international trade. Stefania Palma assesses its possible impact.
Serbia's economic struggles have been well documented over the past few years, with its fiscal deficit particularly worrying. The country's finance minister, Dušan Vujović, tells Stefanie Linhardt how the government's reforms are already advancing down a route he hopes will lead to full EU accession.
The turmoil in Greece is having an impact on financial markets throughout the eurozone, but this impact may be felt greater in its five neighbours where Greek banks have a particularly large presence: Albania, Bulgaria, Macedonia, Romania and Serbia.
Reform-minded Natalie Jaresko has had a tough baptism in her role as Ukraine's finance minister. However, she is determined to demonstrate the safety of the country's banking sector and show that Ukraine is still an attractive investment destination, as she tells Stefanie Linhardt.
In an economy that is highly dollarised and in which the local currency has gone through a bout of devaluation, Georgia's central bank governor, Giorgi Kadagidze, has his work cut out. However, in taking a long-term approach, rather than looking for any quick fixes, he is confident that the country can achieve its currency goals.
Stringent capital requirements set by the Central Bank of Armenia will test many of the country's banks, which are already struggling in a slowing economy. But for those that already meet the new standards, the opportunities arising from possible consolidation could provide a much-needed avenue to growth.