VTB Capital is already established as Russia’s largest investment bank. Bulgarian national Atanas Bostandjiev explains the state-owned bank's plans to expand its activities into new markets.

Growth rates and returns on consumer lending in Russia are remarkable, but the market demands increasing levels of sophistication to ensure success.

Acquisitions by both private and state-owned banks in Russia are gradually concentrating the top end of the banking sector, but the long tail of closely held and regional banks remains.

The merger of two stock exchanges and work to bring operations into line with international standards gives Moscow the potential to claw back Russian equity offerings from other markets.

With balance sheet clean-ups continuing in Europe and the US, banks in emerging markets have grabbed the opportunity to forge stronger relationships with local commodity producers. 

The acquisition of an investment bank and subsidiaries across emerging Europe are transforming Sberbank from Russia's retail savings bank of choice into a genuine international player, just as Western competitors are retreating. But its management team is treading carefully.

After leading Morgan Stanley’s equities business outside the Americas, John Hyman is working to position Renaissance Capital as a focused player in a number of very different markets across emerging Europe and Africa.