Russian banks come in from the cold

As the credit crunch deepened last year, banks from the CIS began to look like some of the most unpopular credits for Western banks to lend to. Obstinate on price and suspiciously fast-growing, they smelt of bubble. But this spring a new crop of deals has blossomed. Russian and Ukrainian banks have got the message, increased their pricing a long way, and are raising heavily oversubscribed and enlarged loans. So far, the recovery is impressive — but it has still not embraced the smaller banks.