Captains of industry or oligarchs? Many of Ukraine’s billionaires rub shoulders with politicians and some even taken up office themselves. Ben Aris reports on how the political tides are buffeting the country’s richest men and how they made their fortunes.

Hard on the heels of the UniCredit announcement of a second quarter net profit increase of 82.5% year-on-year has come its announcement of a realignment of its central and eastern European (CEE) holdings, in part to facilitate its accommodation with the forces of Polish nationalism.

Last month’s elections bring hopes for the creation of a consensual government that will further Macedonia’s economic development and lead the country to EU accession. Meanwhile, banks report good health. Tom Blass reports.

OTP Bank (aka the National Savings and Commercial Bank), Hungary’s leading bank and the only locally owned central European bank with a regional strategy, continues to look eastwards for expansion with a flurry of takeover activity.

Although there is talk of Rusal floating, its finance chief Vladislav Soloviev tells Edward Russell-Walling the aluminium giant does not need to tap the capital markets just yet.

Mladjan Dinkic, Serbia’s minister of finance, is readying the banking sector for EU accession. Ben Aris reports.

Bulgaria’s foreign-owned banks are attempting to speed up the transition to EU accession, bringing a huge growth in retail banking. But there are still problems to resolve, Tom Blass reports.

Russia is beginning to tackle more fundamental problems with its economy. With advice from Germany’s KfW, it is boosting its banking system. Ben Aris reports from Moscow.

Russian banks continue to dominate our Top 25 Central and Eastern Europe listing, reflecting both the paucity of foreign-owned banks in Russia and the lack of locally owned banks in central Europe as a result of a large number of acquisitions by foreigners.

Given the current dynamic growth in central and eastern Europe, private equity firms with good local relationships and the patience to wait for the right deal can net decent profits, says Joanne Hart.