In 1992, when Russia was a land of opportunity for foreigners with money, Michel Perhirin led the charge, setting up and heading Russian operations for France's Societe Generale Banque.

But in 1996, he left Societe Generale - his employer for 26 years - for the challenge of helping to set up Raiffeisenbank Austria, a relative latecomer to the market. It is a source of pride for him that now, as Societe Generale and others struggle to recover from the crisis, Raiffeisen is booming.

"We have a jump on all the foreign banks after only two years of activity," he said.

Russia was Perhirin's first real emerging market. The 55-year-old Frenchman, from Douarnenez at the very tip of Brittany, worked for Societe Generale in France, England, Australia, Japan and Spain. But Russia brought it's own special lessons - chiefly patience.

"In 1997, we were expecting everything to come at the next moment - derivatives, options, mortgage bonds," he said. "Now the market is still in convalescence. I don't see any exciting new products coming to the market for three to five years. There is a lack of confidence, a lack of liquidity and a lack of control."

The crisis taught bankers other, more basic lessons as well.

"Always respect the legalities, paying taxes, reporting," Perhirin said. "If not, you might face problems of huge dimensions."