Russian banks are shaping up to make acquisitions in eastern and central Europe, taking advantage of the continued weakness of some western institutions amid the financial crisis.

Andrei Kostin, chief executive of VTB, Russia’s second-biggest bank, said in a video interview with the Financial Times that his strategy was modelled on the acquisitive growth pursued by the likes of Santander and Citigroup. “We’ll be developing organically but, when we see a good opportunity, we’ll be buying,” he said. “Our focus is Russia first, CIS countries second.”

Although Mr Kostin did not believe expanding into western Europe was a good idea, Russia’s number one, Sberbank, is known to have considered deals in Austria, largely attracted by the Austrians’ ownership of eastern European subsidiaries. Analysts believe that Austria’s banks are among the least well-capitalised in Europe, with some at risk of failing important stress tests next month.