Emerging Markets, Emerging Russia, Emerging Views
By Ivan Anderzhanov in Moscow
The world’s biggest bank HSBC is joining forces with Allianz Rosno Asset Management by offering its wealthy clients access to the Russian firm’s mutual fund and life insurance products.
The partnership is an extension of the existing collaboration between HSBC and Allianz in the CIS. The two global finance leaders already have [...]
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By Marcus Williams
Russia’s St Petersburg Bank has raised $150m through the sale of additional preference shares at $3.1 per share which was the low end of the price range.
The placement was organised by bankers from Renaissance Capital and VTB Capital, according to a report in today’s Vedomosti.
The bank, ranked among Russia’s Top 30 by assets, [...]
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By Ivan Anderzhanov in Moscow
Andrey Donskikh, chairman of UralSib Financial Corporation, has stepped down from the bank’s top position.
Donskih, who will retain ties in the group on its supervisory board and as chairman of the group’s holding structure, will be replaced by the current deputy chairman of the board Ildar Muslimov, who oversees corporate banking [...]
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By Jerome Booth, head of research and Ousmene Mandeng, head of public sector investment advisory at Ashmore Investment Management
SUMMARY: The recent re-imposition of a financial transactions tax in Brazil has led to renewed press speculation about capital controls. Brazil has since followed with more measures to encourage capital outflows, and further market friendly measures may [...]
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By Ivan Anderzhanov in Moscow
Saxo Bank, the Danish online trading business which established a presence in Russia through its acquisition of Capital Four, has launched a new credit fund.
According to a report in today’s Wealth Briefing, the Credit Opportunities Fund will be available to Russians. It is proposed to invest clients’ assets in promissory notes, [...]
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By Marcus Williams
Russia intends to half the size of its banking sector by raising the minimum shareholder equity for its banks to 1 billion roubles ($35m).
Financial Minister Alexei Kudrin made the promise to shake-up Russia’s bloated 1,100-plus banking system at a financial forum yesterday.
About 50 of the largest banks in Russia make up 80% of [...]
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By Ivan Anderzhanov in Moscow
The European Bank for Reconstruction and Development (EBRD) has confirmed it will buy a 11.7 % stake in Russia’s privately-owned PromSvyazBank for 4.6 billion roubles ($159.4m).
Reports had been circulating since mid-October the the EBRD would take a minority stake in PromSvyaz.
Brothers Alexey and Dmitry Ananiev own almost 85% of Promsvyazbank, while [...]
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By Ivan Anderzhanov in Moscow
Trust Bank has hired Igor Potapov as head of investment banking as it attempts to rebuild its equity brokerage operation.
A source close to Trust confirmed Potapov, a former head of sales trading at Goldman Sachs in Moscow, had been hired recently.
Trust Investment Bank is a mid-tier broker and a subsidiary of [...]
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By Rustam Botahev, Senior Analyst at Unicredit Securities
Bank Saint Petersburg plans to raise $200m in a placement of convertible preferred shares, Bloomberg reports. The announced price range for the issue is $3.1-3.6, which implies a premium of 3%-19% to the Monday’s (the day before the announcement) closing price on MICEX of RUB 86.79 ( [...]
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By Jason Corcoran in Moscow
Russian President Dmitry Medvedev has ordered prosecutors to investigate the death of the Hermitage Capital lawyer Sergei Magnitsky who died eight days ago in custody.
A report issued this afternoon by the news agency Itar-Tass said Medvedev has issued an instruction to Prosecutor General Yuri Chaika and Justice Minister Alexander [...]
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By Ivan Anderzhanov
Russia’s state-controlled VTB Bank has launched a subsidiary business in Azerbaijan with the intention of developing a full range of products and services.
VTB Bank (Azerbaijan) assets amounted to $20m at its inception, while the bank’s chartered capital was just under $10m.
The bank will initially focus on serving corporate clients and financing foreign trade [...]
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By Jason Corcoran
Pharos Financial Advisors today launched a $350m private equity fund focused on acquiring and operating land in Eastern Europe, Eurasia and Africa.
Pharos, a Russian-based investment firm which expanded to Dubai last year, is expecting to raise more than half of the fund from investors in the Middle East.
The Pharos Miro Agricultural fund, [...]
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