In the space of a few months, Russia’s second largest bank has engineered ground-breaking bond issues, a kick-start to the government’s privatisation programme, and two acquisitions.

Bank of Moscow's debut Eurobond could hardly have been launched at a more difficult time. The political intrigue surrounding the mayor of Moscow was compounded by a potential change of ownership at the bank and a downgrading by Moody's.

Russian wealth management clients are moving assets back onshore, as the country provides its richest citizens with tempting investment opportunities in their native land.

With all eyes on the eurozone sovereign debt crisis, the success of two consecutive offerings would be critical in underpinning the European response. The market's reaction to the issues from the European Financial Stability Mechanism and European Financial Stability Facility was conclusive.

The state giants still dominate the banking landscape in Russia, with private-sector institutions having much smaller market shares. The system remains largely Russian-owned, but a number of foreign-owned banks have gained a foothold and are earning a decent profit.

Polish banks navigated the financial crisis in relatively good health. But fierce competition and weak foreign owners both suggest further consolidation in a market that is still fragmented.

Polish policy-makers appear to be pushing the prospects for euro adoption further into the future. But this still leaves the country's banks with a dilemma about how to respond to client demand for retail loans in foreign currencies. Writer Philip Alexander