BLOG: Russian banking carousel spins once more

August 17, 2009

By Jason Corcoran in Moscow
The great purge in Moscow’s banking sector is over. Pay and staff were cut to the bone, but wages are now back to near pre-crisis levels, with annual guarantees of $2m to $3m ensuring that the hiring carousel is back in action.
Russian markets have rallied a year after being pistol-whipped by [...]

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Rencap’s $612m Sistema bond mandate takes its recent dealfow over $2bn

August 16, 2009

By Jason Corcoran in Moscow
Russia’s Renaissance Capital has been appointed as lead manager and bookrunner for a 20bn rouble bond ($612m) by conglomerate Sistema which caps a string of deals worth over $2bn during the past month.
The Sistema rouble bond is the biggest of the year and beats the recent 15 billion ruble ($485m) issue [...]

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Analysts fret over Raiffeisen and its level of non-performing loans in Russia

August 14, 2009

By Ivan Anderzhanov in Moscow
The analyst community fretted as they poured over the news yesterday that Raiffeisen non-performing loans in Russia have jumped from to 7.2% by the end of June from 2% at the end of 2009.
The interim report shows that the Austrian bank earned almost nothing in Russia during the second half of [...]

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Hires & Fires: Rencap promotes Chervatyuk to head events following Wallace’s exit

August 13, 2009

By Ivan Anderzhanov in Moscow
Renaissance Capital had promoted Victoria Chervatyuk to run its events team in Moscow following the departure of it head marketing and strategic development Richard Wallace to do a MBA in London.
Wallace, who left Moscow recently, is part of a large exodus by expats from Renaissance over the past year since the [...]

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Ukraine’s National Bank publishes action plan for the banking sector

August 13, 2009

By Yevhen Hrebeniuk, Senior Equity Analyst at Troika Dialog Ukraine.
The National Bank has published its action plan for the second of 2009 aimed at supporting the hryvnia and helping the banking sector recover. In the document, the bank commits to keeping inflation under 13% by year end and monetary base growth at 6% in 2009.
In [...]

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Troika’s Heyns resurfaces at carbon cleanup fund

August 12, 2009

Jason Corcoran in Moscow
Gerrit Heyns, the former head of sales at Russian investment bank Troika Dialog, has surfaced as a partner at Osmosis Capital, a UK-based fund of funds manager focused on the development of low carbon investments.
Osmosis has begun the fundraising process of trying to raise €200m in tandem with assembling its investment team. [...]

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Exclusive: Fidelity launches emerging markets select fund to capture institutional demand

August 11, 2009

By Jason Corcoran in Moscow
Fund management giant Fidelity International had launched a new emerging markets select fund to target institutions seeking direct exposure to the boom in emerging markets.
The fund, which was formally  launched on July 29, is being managed by Ravi Mantha from the firm’s Boston offices. It will invest primarily in the shares [...]

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Hires & Fires: New star trader at Merrill Lynch in Moscow?/ Cordon promoted at UBS

August 11, 2009

Merrill Lynch had declined to comment on a report that star trader Paval Naumenko has been hired by the US bank in Moscow.
The report in yesterday’s Vedomosti said Naumenko, who had worked at Renaissance Capital until last year, had been hired and would report to  Bernie Sucher, head of global markets for Russia.
However, a spokeswoman [...]

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Alfa Bank merges investment bank with its corporate bank

August 10, 2009

By Jason Corcoran in Moscow
Russia’s Alfa Bank is merging its investment bank with its corporate bank into one division.
The new unit will be aimed at increasing Alfa’s ability to sell products ranging from loans to advice on takeovers to its 40,000 plus corporate clients. The move mirrors a decision taken by Citigroup in the aftermath [...]

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Western banks appeal to Russian regulator to back down on IPO rules

August 10, 2009

By Ivan Anderzhanov in Moscow
A groups of Western bulge bracket banks have called on Russia’s Federal Financial Markets Service to repeal new rules limiting the amount of shares Russian companies can sell in foreign stock exchanges.
According to last Friday’s Vedomosti newspaper, representatives of Credit Suisse Group, Deutsche Bank, Morgan Stanley, Royal Bank of Scotland Group [...]

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VTB Capital emerges as a player in Moscow’s repo market

August 9, 2009

By Ivan Anderzhanov in Moscow
VTB Capital, the investment banking arm of the state-controlled VTB bank, has emerged as a top five operator on MICEX’s equity repo market.
VTB, which recently broke into the top three for arranging Eurobonds in Russia and the CIS, recorded a turnover of 84,6bn roubles in July. This was 36% more than [...]

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Credit Suisse and Merrill Lynch advise Sistema on $1.27bn Comstar deal

August 5, 2009

By Jason Corcoran in Moscow
Investment banks Credit Suisse and Merill Lynch have have advised the conglomerate Sistema on the $1.2bn  sale of a 50.9% stake in fixed-line telecoms provider  Comstar UTS to  mobile operator MTS.
The deal between the two Sistema subsidiaries is scheduled to close at the end of October, while no decision has been [...]

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