Erste Group’s long-term focus on European Union states in central and southeastern Europe proved to be particularly well judged this year. Other big banks in this region now face billions of euros of losses in Russia and major headaches in managing their operations in that state. Erste is the only major regional lender with negligible direct exposure to Russia.

Bernd Spalt’s rift with his board shows Austria’s biggest bank is still finding its way in the post-Treichl era, even as it outperforms peers.

Emerging Europe has been slow to join the fight against climate change. Now the region’s biggest banking group is making its voice heard.