Category Archives: News

Raiffeisen snaps up Swedbank's Russian retail business

By Andrei Skvarsky. Raiffeisenbank has bought a Russian retail business from Swedbank, a Swedish lender with a global network which is shutting its entire retail operation in Russia. Joining the swelling ranks of foreign banks shutting their Russian retail operations, Swedbank offloaded its retail division in Kaliningrad to Raiffeisenbank and plans to sell off its remaining… Continue Reading

Kazakhstani banking: Accelerated lending coupled with jump in NPLs

By Rustam Botashev, Deputy Head of Research at UniCredit Securities. Kazakhstan’s bank supervisory committee has published 6M11 banking statistics, showing accelerating loan growth on the backdrop of deteriorating asset quality. We reiterate our Buy recommendations for Halyk Bank (12M TP of USD 14.3) and Kazkommertsbank (USD 9.6). Lending in Kazakhstan accelerated in June, with 1.3%… Continue Reading

BCS poaches top e-traders from RenCap

By Andrei Skvarsky.   Russian broker BCS has hired three senior electronic traders from Renaissance Capital, including head of e-trading Stanislav Surikov.   The other RenCap defectors are Rizwan Kayani, who was chief operating officer at Renaissance’s e-trading group, and Michael Smith, who was in charge of the group’s international sales.   BCS, a Moscow-based… Continue Reading

Evrofinance Capital asks state to halt Micex-RTS merger

By Andrei Skvarsky.   Evrofinance Capital, a Micex minority shareholder, has asked for an official order to reverse the merger of Russia’s biggest stock exchange with the RTS bourse.   The merger will be damaging to Micex, its shareholders, the Russian financial markets and the country as a whole if based on the current scenario,… Continue Reading

EXCLUSIVE: Interview with Yevgeny Kogan of Moscow Partners

 By Andrei Skvarsky. Yevgeny Kogan, president of the Moscow Partners investment boutique and a former senior partner at Russian wealth management firm Third Rome, talks to EmergingMarkets.me about his company’s history, current business and plans. Yevgeny, what is your role in the company, which you and Igor Moryakov have founded as partners?  It may be… Continue Reading

WEAFER COMMENT: A Bellerophonic Message

By Chris Weafer, Chief Strategist at ING in Moscow. There continues to be only one key event in global markets and that is the US debt deal. As this note goes out, there is optimism that a deal will be reached either this evening or tomorrow. That should allow for a modest relief rally in… Continue Reading

Equity fund flows: Investors remain optimistic and sidelined

By Chris Weafer, Chief Strategist at ING in Moscow. The total volume of money invested into emerging market (EM) funds last week was relatively low, even for midsummer, as investors prudently remained on the sidelines while waiting for a resolution of the US debt talks. But, although low, the net flow remained positive as a… Continue Reading

UralSib hires Pioneer Investments banker as head of marketing

By Andrei Skvarsky.   Russian bank UralSib has hired Karen Kesoyan from global investment management firm Pioneer Investments as head of marketing and business development at its asset management division.   Kesoyan spent 12 years at Troika Dialog, first as head of public relations and then as advertising director, before joining Pioneer Investments, where he… Continue Reading

Otkritie changing face

 By Andrei Skvarsky. Russian broker Otkritie is going to change its logo, overhaul its websites and carry though a major advertising campaign as part of a newly launched rebranding project. In the course of this re-imaging effort, Otkritie, which has jumped nine positions up on Thomson Reuters Extel’s best Russian brokers lists since last year,… Continue Reading

UralSib hires former Barclays analyst

By Andrei Skvarsky. Russian bank UralSib has hired Anton Tabakh, a former researcher at Barclays and Troika Dialog, as senior fixed income analyst. Tabakh spent several months as a freelance analyst after a brief stint with Barclays. He was senior fixed income analyst both at Barclays and at Troika, covering Russia, Ukraine and Kazakhstan in… Continue Reading

Hillary Clinton bans Russian officials involved in Magnitsky case

By Ivan Anderzhanov. US Secretary of State Hillary Clinton has imposed visa sanctions on Russian government officials associated with the death in police custody of Hermitage Capital’s lawyer Sergei Magnitsky. America is the first country to officially impose sanctions on the Russian officials involved in the Magnitsky case, according to an emailed statement from Hermitage. “The facts… Continue Reading

VTB-led group buys ad firm from Murdoch’s scandal-ridden News Corp

By Andrei Skvarsky.   A VTB Capital-led group of investors has bought advertising company News Outdoor Russia from Rupert Murdoch’s News Corp.   VTB’s partners in the deal were NOOH Investments Cooperatief and Marathon Outdoor Cooperatief. The former represented the interests of US entrepreneur Peter Gerwe, who has been building media companies in Russia and… Continue Reading

UralSib’s insurance arm to have state interest privatised

By Andrei Skvarsky. UralSib Insurance Group, part of Russian bank UralSib, is going to have minority state interest in it privatised through a public auction. The 1.53m shares would be sold en bloc, with the asking price for the stake set at 51.3m rubles ($1.8m), under an order by the Federal Agency for the Management… Continue Reading

Russia’s AMT Bank struck off

By Andrei Skvarsky. Moscow’s AMT Bank, until 2009 co-owned by major Kazakh lender BTA, has had its licence annulled by Russia’s Central Bank with effect from today. AMT has been failing to comply with “federal laws regulating banking activities” and presenting false accounts, the Central Bank said in a statement. UniCredit analyst Rustam Botashev said… Continue Reading

Ukraine arrests head of financial regulator

By Andrei Skvarsky.   The head of Ukraine’s financial markets regulator, Vasyl Volha, has been arrested on the suspicion of “a corruption-related crime”, the Ukrainian Prosecutor General’s Office has announced.   The office did not elaborate but media reports say the chief of the State Regulatory Commission for Financial Services Markets is accused of accepting… Continue Reading

Soloviev and Moos buy stakes in VTB

By Andrei Skvarsky. The VTB group, Russia’s second biggest lender, has sold stakes of 0.003% to its deputy president Herbert Moos and VTB Capital chief executive Yuri Soloviev. The two stakes are the biggest chunks of VTB to be owned by top managers of the group. VTB president Andrei Kostin holds 0.0018% interest in the… Continue Reading

VTB announces “strategic investment” in Deripaska firm

By Andrei Skvarsky. Russia’s VTB Capital has bought a 4.35% stake in energy-related firm En+ Group from oligarch Oleg Deripaska’s Basic Element, an acquisition described by VTB as a “strategic investment”. VTB said in a statement it had paid $500m for the stake. “We believe that En+ has an immense growth potential that is primarily… Continue Reading

EXCLUSIVE: HSBC hires Zhukov from Nomura as head of research

By Andrei Skvarsky. HSBC has hired Vladimir Zhukov from Nomura as head of research in ramping up its investment banking arm in Moscow after deciding to sell its retail operations in Russia. Zhukov confirmed to EmergingMarkets.me that he had started work as head of Russian equity research and metals and mining analyst at the British bank,… Continue Reading

Troika Dialog launches Internet-focused fund

Bt Andrei Skvarsky. Russian brokerage Troika Dialog has launched a fund to capitalise on booming investor appetite for Russian Internet and high-tech companies. The Troika Dialog Global Internet open-ended retail fund, which aims to achieve mid-term capital appreciation, will invest in Russian, foreign and global firms, Troika said in a statement. Yandex, operator of Russia’s… Continue Reading

Renaissance hires Cherny from Interros, Goldman's Barinstein

By Andrei Skvarsky. Russian brokerage Renaissance Capital has hired two senior bankers to cover operations in Russia, the CIS and Central and Eastern Europe. Anton Cherny has joined as the London-based head of business development. He worked for Renaissance as head of capital markets from 2005 to 2008, having previously held a senior corporate finance… Continue Reading

Third Rome's Kogan joins Moscow Partners broker

By Andrei Skvarsky. Former Third Rome senior partner Yevgeny Kogan has become managing director and a partner at Moscow Partners, an investment firm that plans a major advance into financial markets after years of relatively low activity. Kogan left Third Rome on June 30 over strategic differences with the top management of the Moscow-based wealth… Continue Reading

EXCLUSIVE: Otkritie hires ex-Central Bank economist

By Andrei Skvarsky. Russian brokerage Otkritie has hired Polina Badasen, a former economist at the Russian Central Bank, as an economist for Russia and the CIS. Badasen’s duties at the Central Bank included recommendations for exchange rate and interest rate policies and liquidity forecasts for the banking sector. In her Otkritie job, Badasen backs up… Continue Reading

GUEST COMMENT: Khodorkovsky Trial Exposes Reform Progress

By James Beadle from Market-Melange.com Since 2003 former Yukos executives Mikhail Khodorkovsky and Platon Lebedev have been incarcerated in Russia on charges of tax evasion. At present, as their eight year stint enters its final stages, the two are on trial once more, charged with stealing millions of tonnes of oil (reputedly the same oil… Continue Reading

Swedish investment firm closing its Russia real estate fund

By Andrei Skvarsky Stockholm-based investment company East Capital Explorer has decided to close its real estate fund for Russia as the unit has received no investments since it opened in July 2008. When the global financial crisis broke out, the company, whose area of operations is Eastern Europe, decided to keep its Russian Property Fund… Continue Reading

Nick Jordan makes a comeback as head of UBS

By Ivan Anderzhanov Nick Jordan, the former head of Lehman Brothers in Moscow, has made a surprising comeback as the head of Russia and CIS for Swiss bank UBS. Jordan, who was allegedly brought to Lehman from Deutsche Bank for $10m over years, had been in limbo for the past year after losing out in… Continue Reading