Rencap steppes into Mongolia with two tie-ups

By Ivan Anderzhanov in Moscow Emerging markets investment bank Renaissance Capital has agreed on alliances with two investment firms in the Central Asian frontier of Mongolia. The bank has signed deals with International Capital Corporation (MICC) and Monet following its recent joint venture agreements in Serbia, India and openings in South Africa and Belarus. In… Continue Reading

Raiffeisen pushes ahead with RZB in spite of fears for shareholders

By Ivan Anderzhanov Management at Raiffeisen International‘s are pushing ahead with a merger with its unlisted Austrian parent RZB despite concern that minority shareholders may lose out in the deal. The bank said they were intensively pursuing a merger, which would be put to shareholders at annual general meetings in July. Analysts have said shareholders,… Continue Reading

Moscow recruiter Antal hires former Rencap recruitment head

By Andrei Skvarsky Russian recruitment firm Antal has hired Karl Franzmann, a former director of recruitment at Renaissance Capital, the Moscow-based emerging markets bank. Franzmann, whose tenure at Renaissance Capital coincided with the bank’s initial rapid expansion into sub-Saharan Africa and other developing markets, has over ten years of experience in executive recruitment and executive… Continue Reading

Societe Generale merges Rosbank with BSGV in Russia

By Marcus Williams Societe Generale, France’s second largest bank, and its partner Interros today announced they are combining their banking operations in Russia. Rosbank and BSGV, will be merged into a single unit but still retain two separate brands. The new entity will have the specialised mortgage and consumer lending companies Rusfinance and Delta Credit… Continue Reading

COMMENT: Kazakhstani non-performing loans continue to decline

By Rustam Botashev, Equity Analyst at UniCredit Securities Kazakhstan’s Financial Supervisory Agency (FSA) published preliminary banking statistics for 2009. Our view: The banking sector’s losses for the year totalled KZT 2,837bn ($19.1bn), or KZT 127bn ($0.9bn) excluding the two defaulted banks (BTA Bank and Alliance Bank). Retail loans declined by 4.8% yoy and corporate loans… Continue Reading

Otkritie boosts Investment Banking team

By Marcus Williams Fast-growing Russian brokerage Otkritie has lured Temo Jorbenadze from VTB Capital as head of Investment Banking’s Financing Services Group. Otkritie, which has doubled in size in the last year, also hired Dmitry Perman as a director from the Moscow-based boutique advisory firm Advance Capital. Jorbenadze was a director for investment banking at… Continue Reading

£21bn USS pension fund hires emerging markets team

By Marcus Williams in London The £21bn USS pension scheme in the UK has hired an emerging markets team charged with leading a push into the asset class. The fund, which is the second largest private sector pension fund in the UK, has hired Carmel Peters, Danila Gallarato and Chris Shale to boost its emerging… Continue Reading

Rencap poaches Szalai as head of FIG from Troika Dialog

By Marcus Williams in London Renaissance Capital has poached Zoltai Szalai as managing director and head of the Financial Institutions Group (FIG) from Russian rival Troika Dialog. Szalai will lead equity and debt capital markets as well as mergers and acquisitions advisory for companies in the financial sector across Russia, Eastern Europe, Central Asia and… Continue Reading

Emerging Manager Firm Shares Fundamentals of Success

By James LaDue from Emerging Manager Focus SCO Capital Partners fund managers have been posting overall gains throughout the past 3 years. I wanted to get more information from the firm based on its success as an emerging manager firm. When I contacted the organization, I was put in touch with John Doss, partner. Emerging… Continue Reading

Former Uralsib boss Donskikh resurfaces at Sberbank

By Ivan Anderzhanov in Moscow Andrey Donskikh, the former chairman of Uralsib Financial Corporation, has  resurfaced at the state savings bank Sberbank in a senior role. Donskih, who stepped down from his role at Uralsib in November after five years at the group, will come deputy president of the bank. A report in today’s Vedomosti… Continue Reading

Shari Redstone and UFG founder Charlie Ryan to buy Russia theatre chain

By Ivan Anderzhanov in Moscow Shari Redstone is partnering with Russian banking veteran Charlie Ryan to acquire Russian theatre operator Rising Star Media from National Amusements, the company controlled by her billionaire father Sumner Redstone. Shari Redstone, co-founder of Rising Star and president of National Amusements, will be chairman of the new entity, while fellow… Continue Reading

Russian Sovereign Bond 'beauty parade' kicks off

By Ivan Anderzhanov in Moscow The Russian government has unveiled a beauty parade of investment banks who will compete to take part in Russia’s first international bond issue in over a decade. Russian investment  bank VTB Capital is understood to have secured a role as one of the lead managers, alongside three bulge-bracket banks such… Continue Reading

Renaissance opens rep office Belarus before state sell-off

By Marcus Williams Russian investment bank Renaissance Capital today announced it was opening a representative office in Belarus in anticipation of a state-sponsored sell-off of assets by the former Soviet state. The office will be led by Sergey Levin, who joins the firm as chairman of Renaissance Capital in Belarus, and will be based in… Continue Reading

Key investment themes for 2009 and outlook for 2010

Jerome Booth, Head of Research at Ashmore Investment Management comments on the global backdrop for emerging markets over the past year and forecasts an encouraging future for EM asset classes. Reviewing some of the key themes in 2009: · Whilst there was global disruption to cross-border finance, the main negative impact on selected emerging countries… Continue Reading

Goldman goes long (and late) on Russian equities

By Marcus Williams Research strategists at Goldman Sachs are going long on Russian equities in 2010 on the basis that the country’s growth rate will rebound sharply. Goldman is forecasting that real GDP will rebound to +4.5% in 2010 and accelerate later in the year after a steep 9.5% decline this year. Compared with other… Continue Reading

Donsikh steps down from the top job at UralSib

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… Continue Reading

EBRD boosts Russian banking sector with Promsvyaz deal

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%… Continue Reading

Pharos $350m agriculture fund targets Middle East investors

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… Continue Reading

COMMENT Russia 2010: Worth A Tactical Look

By James Beadle, Global & Emerging Market Strategist, Russia’s under-performance relative to its BRIC peers is justified and well-explained. Yet, it also creates upside potential. Russia is beginning a new development phase, which creates opportunity and makes it an attractive buy for 2010. The potential for decisive progress is limited and many systematic problems… Continue Reading

Belgium's KBC to sell Russia's Absolut bank

By Ivan Anderzhanov in Moscow Belgian financial group KBC Group is looking to sell Absolut Bank only two years after acquiring its key Russian asset for $1bn. Analysts suggested that the most likely buyer would be another foreign group keen to gain access to the Russian banking sector. KBC needs to slash the size of… Continue Reading

Rencap hires Igor Kamenskoy as chairman of the board

By Ivan Anderzhanov in Moscow Renaissance Capital today announced the appointment of a senior politician Igor Kamenskoy as chairman of the board. A long-serving member of the Federation Council, Russia’s upper house of Parliament, Kamenskoy will oversee Renaissance’s relationships with Russian government agencies and regulators as well as state corporations. Kamenskoy’s appointment will become effective… Continue Reading

Exclusive: LSE Russian team sees future for dual listings

By Jason Corcoran in Moscow The London Stock Exchange believes dual Russian stock listings in Moscow and London will endure in spite of plans to curb the amount firms can sell overseas. The new rules, which are due to come into force from January 1, aim to restrict domestic companies from running to foreign exchanges… Continue Reading

JP Morgan and Alfa lose out as Eurasia Drilling pulls GDR placement

By Ivan Anderzhanov in Moscow Russian oil industry services firm Eurasia Drilling yesterday annouced it had cancelled plans to place Global Depositary Receipts (GDRs) after bids failed to match its expectations. Investment bankers at JP Morgan and Alfa Bank will lose out having been mandated as joint bookrunners. JP Morgan was also the sole global… Continue Reading

Hermitage lawyer Sergey Magnitskiy dies in Russian prison

By Jason Corcoran in Moscow A lawyer jailed on charges of helping William Browder’s Hermitage Capital Management evade taxes has died in a Moscow detention centre’s hospital. Sergey Magnitskiy, 37, died yesterday at 9.50pm in Matrosskaya Tishina pre-trial detention centre in Moscow of apparent toxic shock and heart failure. Magnitsky, a 37-year-old partner at Moscow… Continue Reading