Slowly but Surely, Banks Return to Russia.

The 1998 devaluation of the Russian ruble and the country's subsequent default took a tremendous toll on many investment banks. But the Russian market has come a long way since then and the investment landscape has dramatically changed. International perception of the country has improved vastly, and investors are clamoring to get back into the markets there.

As such, relationship building with local corporates is becoming increasingly important for the same banks that reduced their focus on Russia in the wake of the 1998 crisis. The need for experienced professionals who can develop those contacts is growing, and some international banks have been hiring individuals with specialized Russian experience for their corporate finance departments.

ING Barings is one firm that has hired several Russian specialists. The bank has also brought on UBS Warburg's Tim Kennedy as director of its debt products group, with a focus on Russia (Kennedy has signficant experience with Russia).

Deutsche Bank, too, has appointed a new head of global corporate financing, who will be based in Moscow itself, to handle the bank's growing needs in the region. Alexis Rodzianko will be responsible for…