COMMENT: Government expects the start of economic recovery in 2H09

Vladimir Osakovsky,  Head of Strategy and Research at Unicredit Securities at Moscow. Russian Minister of Economic Development Elvira Nabiullina said that the Russian economy is ready to recover and expects real GDP to grow by 3.9%-4.5% hoh in 2H09, Vedomosti reports. Nabiullina’s comments come after similar optimistic statements from First Deputy Prime Minister Igor Shuvalov… Continue Reading

Barclays scoop up VTB CFO to lead its Russia business

Jason Corcoran in Moscow British bank Barclays has hired Nikolai Tsekhomsky as chief executive from Russian state bank VTB to head up its global retail and commercial banking business in Russia. Tsekhomsky, who has only just stepped down today from VTB after four years as its chief financial officer, will takeover from Sergey Radchenkov, who… Continue Reading

BTA wins injunction to freeze assets of former top managers

By Ivan Anderzhanov in Moscow The English High Court has granted troubled Kazakh bank BTA a worldwide freezing injunction against the assets of former chairman Mukhtar Ablyazov and other former top managers. The bank said in a press statement that it has started legal proceedings in the High Court against Ablyazov, Roman Solodchenko, the former… Continue Reading

Alfa Bank merges investment bank with its corporate bank

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… Continue Reading

COMMENT: Russian issuers face up to onerous new limits on foreign IPOs

New Russian foreign listing rules could hike the cost of equity capital for Russia companies at a time when many of them are over-leveraged and starved for equity financing, according to the Corporate Department of Latham & Watkins in Moscow. In June 2009, the Russian Federal Service for the Financial Markets (FSFM) published proposed amendments… Continue Reading

VEB cleared to invest in non-sovereign bonds by November

By Ivan Anderzhanov in Moscow Russia’s state development bank Vnesheconombank (VEB) will be allowed to purchase non-government bonds by November, according to new rules expected to be approved by the government shortly. The new rules will enable VEB to increase its portfolio allocation of non-sovereign bonds to 40%. The credit rating of the bonds, other… Continue Reading

COMMENT: Watch Kazakhstan for Russian banks’ path out of crisis

By Rustam Botashev, Equity Analyst at Unicredit Securities Total non-performing loans (NPLs) in Kazakhstan reached 30.8% as of 1 July, but a more manageable 14.4% excluding BTA and Alliance, and we expect a gradual economic recovery to keep banks from being washed away in an NPL flood. The aggregate 30.8% figure is skewed by the… Continue Reading

COMMENT: Russia’s equity market – rising like a phoenix

Angelika Millendorfer, Head of Emerging Markets Equities at Raiffeisen Capital Management. Russia’s equity market was one of the biggest losers last year. But since the beginning of 2009, it has been one of the top performers even though a strong correction swept the market in June and July. So far prices are up by around… Continue Reading

Raiffeisen boosts capital by €1.3bn as second wave of bad debt looms

Raiffeisen International, the Austrian group with an extensive Russian and Eastern Europe network, has bolstered  its core capital by raising €1.25bn, as banks in the region get ready for the next wave of bad debt due to hit next month. The group announced today itwill issue €600m in participation rights and €650m in hybrid Tier… Continue Reading

Hires & Fires: Unicredit hires senior sales exec Uebel/ Credit Agricole appoints Matthias Warnig/ RTS adds board member

Italian bank UniCredit has recently hired the experienced Patrick Uebel from Deutsche Bank as a senior international equity sales executive covering clients in Europe, the US and the UK. German-national Uebel had spent less than a year at Deutsche Bank in Moscow in its equity division. He had previously worked at DWS, the German bank’s… Continue Reading

Revealed: Russian computer whizz in Goldman Sachs trading storm started his career as a trainspotter

Sergey Aleynikov, the Russian-born computer developer charged with stealing precious Goldman Sachs‘ trading codes, started his career at the Ministry for Transportation in Moscow as a trainspotter. Aleynikov, a naturalised US citizen who emigrated from Russia in 1991, allegedly unlawfully copied, duplicated, downloaded and transferred computer codes from Goldman Sachs and uploaded the codes to… Continue Reading

Hires & Fires: Goldman banker surfaces at McKinsey/ Oligarch hires Merrill banker/ Nayak boost Deutsche's structuring team

Igor Livant, a former executive director at Goldman Sachs in Moscow, has surfaced as an associate principal at consultants McKinsey & Company. Livant, who left the American investment bank in February, had been at Goldman’s for three an a half years. He has extensive experience in equity and M&A deals in Russia and the CIS.… Continue Reading

EBRD bolsters Troika as banking system battens down the hatches

The European Bank of Reconstruction and Development has approved a $150 million five-year loan for Troika Dialog as part of the development bank’s $500m package to buttress Russian banks against a second wave of bad debt, which is expected to peak in two months time. The loan comes three months after South Africa’s Standard Bank… Continue Reading

Hires & Fires: Kandel quits Unicredit as Aton ramps up/ Blackrock parts company with Monoviski

By Taras Rybak in London Alexander Kandel, chief executive and head of investment banking at Italy’s UniCredit Securities in Moscow, is leaving the group just as it is engaged in a battle with Russian bank Aton for its staff. UniCredit said Kandel was leaving shortly for “personal reasons”  to take some time out and would… Continue Reading

Hires n Fires: HSBC names Sekora head of personal services/ Former RIM executive joins Fink fund

British banking giant HSBC has named Johan Sekora as head of personal financial services ahead of its formal launch into retail banking in Russia next Tuesday. Sekora will be responsible for launching, rolling out and managing the bank’s Russian retail operations. Sekora, who will be based in the bank’s Moscow headquarters, has been with HSBC… Continue Reading

Renaissance Capital is axing its annual investment forum / Senior executives are leaving Troika Dialog

Russian investment bank Renaissance Capital is axing its annual investment forum showcase in Moscow following a turbulent nine months when it has been forced to cut 50% of its staff and sell half of the company to billionaire oligarch Mikhail Prokhorov. The three-day forum has in the past attracted thousands of investors and fund managers… Continue Reading

Hires/Fires: Nomura boosts Russian research effort/ VTB Capital carry on hiring

Japanese investment bank Nomura has boosted its Russian research effort with the appointment of Ivan Tchakarov as an economist and Vladimir Zhukov as an equity analyst. Tchakarov, a Russian economist, is to be based in London while Zhukov will cover steel and raw materials from Nomura’s Moscow base. Zhukov had previously worked at Lehman Brothers… Continue Reading

VTB Capital hires equity sales gunslinger Capone/ ING's Wood hits the road

Exclusive: Hires/Fires Russian investment bank VTB Capital has recruited sales gunslinger Michael Capone from  Goldman Sachs in Moscow for its own growing equity sales team. The VTB press office declined to comment whether the recruitment of Capone represented an end to its hiring freeze. American Capone, an executive director at Goldman Sachs in Russia, joined… Continue Reading

Troika Dialog taps Nazarov from Credit Suisse for IB

Alexander Nazarov has defected to Troika Dialog from Credit Suisse, where he worked as director of the investment banking. Nazarov will join Troika as managing director in investment banking and will report to Jacques Der Megreditchian, Managing Director, Head of Investment Banking and Global Markets at the Troika Dialog Group. Prior to Credit Suisse, Mr.… Continue Reading