Banks queue up for bumper payout as Rusal IPO is set to fly

December 2, 2009

By Marcus Williams
A roster of investment banking heavyweights are biting at the leash following the news today that aluminum producer Rusal has concluded a debt restructuring deal on $7.4bn owed to Western creditors.
The agreement should pave the way for an initial public offering of as much as $2.5bn, or 10% of the company. Investment banking [...]

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Exclusive: Rencap names Babaev as new equity sales head

December 2, 2009

By Jason Corcoran in Moscow
Russia’s Renaissance Capital has parted company with its head of domestic equity sales Maria Shatalina and replaced her with Ruslan Babaev.
Babaev, who joined the investment bank from Goldman Sachs in May 2007, has been promoted with immediate effect to lead Rencap’s domestic equity sales personnel.
A source close to the group indicated [...]

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COMMENT: Dubai or not to Buy

December 1, 2009

By Vladimir Osakovsky, Head of Strategy and Research for UniCredit Securities
We expect Dubai World’s debt problems to be successfully resolved in the not-too-distant future. We think that all outstanding problems with maturing debt likely to be settled either through restructuring the debt, or through repayment from sovereign funds or possibly IMF assistance.
On Sunday, the UAE [...]

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HSBC offers wealthy clients access to Allianz Rosno funds

November 30, 2009

By Ivan Anderzhanov in Moscow
The world’s biggest bank HSBC is joining forces with Allianz Rosno Asset Management by offering its wealthy clients access to the Russian firm’s mutual fund and life insurance  products.
The partnership is an extension of the existing collaboration between HSBC and Allianz in the CIS. The two global finance leaders already have [...]

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St Petersburg Bank raises $150m

November 30, 2009

By Marcus Williams
Russia’s St Petersburg Bank has raised $150m through the sale of additional preference shares at $3.1 per share which was the low end of the price range.
The placement was organised by bankers from Renaissance Capital and VTB Capital, according to a report in today’s Vedomosti.
The bank, ranked among Russia’s Top 30 by assets, [...]

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Donsikh steps down from the top job at UralSib

November 27, 2009

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 corporate banking [...]

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Ashmore Emerging View: Capital Controls

November 27, 2009

By Jerome Booth, head of research and Ousmene Mandeng, head of public sector investment advisory at Ashmore Investment Management

SUMMARY: The recent re-imposition of a financial transactions tax in Brazil has led to renewed press speculation about capital controls. Brazil has since followed with more measures to encourage capital outflows, and further market friendly measures may [...]

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Saxo launches new credit fund for the Russian market

November 27, 2009

By Ivan Anderzhanov in Moscow
Saxo Bank, the Danish online trading business which established a presence in Russia through its acquisition of Capital Four, has launched a new credit fund.
According to a report in today’s Wealth Briefing, the Credit Opportunities Fund will be available to Russians. It is proposed to invest clients’ assets in promissory notes, [...]

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Russia to half its bloated banking sector within six years

November 26, 2009

By Marcus Williams
Russia intends to half the size of its banking sector by raising the minimum shareholder equity for its banks to 1 billion roubles ($35m).
Financial Minister Alexei Kudrin made the promise to shake-up Russia’s bloated 1,100-plus banking system at a financial forum yesterday.
About 50 of the largest banks in Russia make up 80% of [...]

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EBRD boosts Russian banking sector with Promsvyaz deal

November 26, 2009

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% of Promsvyazbank, while [...]

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Exclusive: Trust hires Goldman’s Popatov as it rebuilds investment banking

November 25, 2009

By Ivan Anderzhanov in Moscow
Trust Bank has hired Igor Potapov as head of investment banking as it attempts to rebuild its equity brokerage operation.
A source close to Trust confirmed Potapov, a former head of sales trading at Goldman Sachs in Moscow, had been hired recently.
Trust Investment Bank is a mid-tier broker and a subsidiary of [...]

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COMMENT: Bank of St Petersburg to place convertible prefs at 3%-19% premium to the market

November 25, 2009

By Rustam Botahev, Senior Analyst at Unicredit Securities
Bank Saint Petersburg plans to raise $200m in a placement of convertible preferred shares, Bloomberg reports. The announced price range for the issue is $3.1-3.6, which implies a premium of 3%-19% to the Monday’s (the day before the announcement) closing price on MICEX of RUB 86.79 ( [...]

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