By Ivan Anderzhanov in Moscow
State-controlled savings giant Sberbank is hiring 30 bankers for its new investment banking unit, according to a report in Vedomosti.
The division known as Sberbank Capital is currently focussing on restructuring “problematic’”assets and private equity but the group has plans to develop a fully-fledged investment business providing M&A advisory and syndicated loans origination.
According to the paper, Sberbank has hired already 15 bankers as part of a planned headcount of 30 people. At this stage, the project is headed by Alexander Bazarov, who joined Sberbank from Deutsche Bank .
Sberbank’s portfolio of distressed assets inherited by its parent as collateral for loans is believed to be worth a potential $14bn. Bankers are expected to resell the assets or to organise flotations when valuations improve.
