By Andrei Skvarsky. Russia’s biggest lender Sberbank is going to become the sole owner of Russia’s Cetelem Bank, the country’s number one car loan provider, by enlarging its capital in the firm to 100 per cent under an agreement with BNP Paribas that awaits regulatory approval in Russia and France. Under the terms of the… Continue Reading
EVENTS: Reuters Events webinar on Oct 8 to discuss insurance industry digitisation
The need and benefits of digitisation in insurance companies will be discussed during a free North America-focused webinar at 11am Eastern Time (3pm GMT or 4pm BST) on October 8 to be hosted by Reuters Events. The webinar, Digital Transformation for a New Era: Maximising the Potential of Analytics, AI & Automation, will bring together… Continue Reading
Sberbank appoints head of marketing, names head of Sberbank Life Insurance
By Andrei Skvarsky. Russia’s biggest lender Sberbank has vested vice-president Vladislav Kreynin with the duties of head of marketing and communications to supplement his current role of chief growth officer for the SberX ecosystem and named ex-Raiffeisen banker Igor Kobzar as chief executive of Sberbank Life Insurance. Kreynin will receive the title of Sberbank senior… Continue Reading
Venio says its micro-loan app now usable throughout Philippines
By Andrei Skvarsky. A smartphone app for micro-borrowing developed by New York-headquartered company Venio primarily for unbanked individuals is now usable throughout the Philippines after an initial roll-out in its metropolitan areas in July. The app provides access to loans starting from $1, Venio, which is a global financial technology company, said in a statement.… Continue Reading
Sberbank renames itself Sber, changes logo, says it is ‘universe of services’
By Andrei Skvarsky. Russia’s biggest lender Sberbank has changed its name to Sber and has had its logo redesigned. Sberbank is more than a bank these days but is a “universe of services for the individual and for business”, the lender said in a statement in explaining the rebranding, which was announced during a large-scale… Continue Reading
Sberbank, UAE’s Mubadala clinch cooperation deal
By Andrei Skvarsky. Russia’s biggest lender Sberbank and Abu Dhabi state investment fund Mubadala have signed an agreement to collaborate in multiple fields, including investment, Islamic finance, venture capital and risk hedging. Artificial intelligence, cybersecurity, natural science, telemedicine and education are among areas where the Russian bank and United Arab Emirates company are going to join… Continue Reading
EXCLUSIVE: Sova Capital offers trading in Saudi forwards
Sova Capital, a London-headquartered emerging markets brokerage, has announced it is now offering trading in forward contracts linked to equities listed on the Tadawul, Saudi Arabia’s stock exchange. Sova already conducts global trading in securities from Russia, the Commonwealth of Independent States, Central and Eastern Europe, Turkey and other emerging markets on behalf of institutional clients.… Continue Reading
Sberbank setting up Mideast subsidiary
By Andrei Skvarsky. Russia’s biggest lender Sberbank is planning an addition to its global network by establishing an investment subsidiary for the Middle East, to practise both conventional and Islamic investment banking, and expects to open it by the end of 2020. Regulators in Russia and the United Arab Emirates have given the go-ahead to… Continue Reading
EVENTS CORRECTION: Reuters Events to run webinars on Sept 16, 17 (correcting one of the dates to Sept 17)
Reuters Events invites you to webinars scheduled for Wednesday September 16 and Thursday September 17. September 16, 3pm BST (1400 GMT or 10am ET), “Stranded Assets and Stranded Liabilities: The Cost of Retiring Long-Lived Oil and Gas Infrastructure and The Financial Solutions Available”. The webinar is part of Reuters Events’ programme dedicated to business based… Continue Reading
Sberbank hires S7 airline ex-deputy CEO to oversee IT in subsidiaries, affiliates
By Andrei Skvarsky. Russia’s biggest lender Sberbank has hired Pavel Voronin, a former information technology chief of the country’s second-largest airline S7, as chief information officer (CIO) for the bank’s subsidiaries and affiliates. Voronin will report to Sberbank chief technology officer David Rafalovsky and interact with the CIO of the Sberbank ecosystem, Oksana Smirnova-Krell, the… Continue Reading
Sberbank to invest nearly $27m in Fort Ross Ventures’ new fund
By Andrei Skvarsky. Sberbank, Russia’s biggest lender, has pledged to invest nearly $27m in a fund that venture capital firm Fort Ross Ventures is going to launch to provide early stage financing for up to 200 startups in Russia and other ex-Soviet countries. Fort Ross Seed Fund, to have a maximum capital of 8bn roubles… Continue Reading
EVENTS: Reuters Events webinar to address energy transition challenges
In a Reuters Events-hosted webinar on Tuesday September 15, senior figures in major U.S. energy companies will suggest ways of navigating through the incipient energy transition era, which, besides its serious challenges, is believed to offer multi-trillion-dollar opportunities. The webinar, “Reshaping Energy: Business Model Innovation in the Context of Transition”, starts at 4pm BST (1500… Continue Reading
African Development Bank gives Akinwumi Adesina 2nd 5-year term as president
By Andrei Skvarsky. The African Development Bank (AfDB) has re-elected Akinwuma Adesina for a second five-year term as president of the bank. Adesina, who is a former Nigerian agriculture minister, was re-elected during the AfDB’s 2020 annual meeting late in August. He received a unanimous vote from the 54 African and 27 non-African member countries… Continue Reading
Emirates NBD, FAB, bulge brackets among arrangers of $2bn loan for Egypt
By Andrei Skvarsky. Investors have pledged $2bn for Egypt in a planned loan arranged by a syndicate of nearly 20 banks that was led by Emirates NBD and First Abu Dhabi Bank (FAB) and included global bulge brackets. The consortium, most of whose members were Gulf-based banks, included Citibank, HSBC, Standard Chartered, Sumitomo Mitsui Banking… Continue Reading
Sberbank to set up company to develop driverless cars
By Andrei Skvarsky. Sberbank, Russia’s biggest lender, is planning to convert one of its divisions into a subsidiary with the name Sber Automotive Technologies (SberAutoTech) to develop self-driving cars and digital automotive services. SberAutoTech’s first few driverless vehicles are planned to roll off the production line late in 2020 or early in 2021, Sberbank said… Continue Reading
EVENTS: Reuters Events webinar on Sept 16 to examine Covid impacts on auto insurance
A planned free webinar on September 16 to be hosted by Reuters Events will address impacts of Covid-19 on auto insurance, among other things changes to driver data caused by reduced car usage during the lockdowns with insurers having to reprice their products and reassess risks. Senior figures in Zurich, Aviva and AXA and many… Continue Reading
RenCap: Ex-Soviet Georgia’s economy making relatively quick recovery from Covid-caused crisis
The former Soviet republic of Georgia is showing a “decent” rate of recovery from the economic crisis caused by Covid-19 despite a significant decline in tourism, one of its main industries, according to analysts at investment bank Renaissance Capital. RenCap economists Sofya Donets and Andrei Melaschenko say in a report they expect the 2020 gross… Continue Reading
EVENTS: Registration starts for Reuters Events’ Future of Insurance Europe
Reuters Events, the organiser of The Future of Insurance Europe, has started registering attendees for this online conference, which is due on November 24-25 and is planned to hammer out strategies for insurers to deal with unprecedented and vast-scale challenges such as Covid-19, the climate change, and cybercrime. You may register here and see the… Continue Reading
EVENTS: Reuters Events registering attendees for Dec 3-4 online Investment Summit
Reuters Events has started registering attendees for the online Investment Summit on December 3-4, an event aiming to help investors navigate through the unprecedented havoc wrought by the Covid-19 pandemic. The summit includes presentations, panel discussions, question and answer sessions, case studies, networking facilities, a virtual exhibition, online workshops and more. The attendance fee is… Continue Reading
Sberbank names Kirill Tsarev as deputy head of retail, elevates him to SVP
Sberbank, Russia’s largest bank, has announced it has appointed its vice-president Kirill Tsarev as deputy head of its retail business with the title of senior vice-president. Tsarev joined Sberbank in 2011. Since then he has worked at Sberbank Leasing, a subsidiary for the leasing of motor vehicles and other equipment, first being deputy CEO and… Continue Reading
Renaissance Capital re-hires Alexey Bulgakov as head of fixed income research
Investment bank Renaissance Capital has re-hired one of its former analysts, Alexey Bulgakov, as head of fixed income research. Bulgakov, who had worked in RenCap’s fixed income research department before and had left the bank in 2008, will be based in Moscow and oversee fixed income coverage for Russia and the Commonwealth of Independent States… Continue Reading
Reuters Events, Foss & Co. release whitepaper on tax credit investment advantages
Reuters Events and tax credit specialists Foss & Company have brought out a whitepaper advocating tax credit investing as a form of investment meeting environmental, social and governance (ESG) criteria. You may access the whitepaper here. Investing funds made available through tax credits is a major underused strategy but it “could enable companies to significantly… Continue Reading
EVENTS: Reminder – Connected Claims Europe Virtual, Aug 18-19
A large array of senior executives representing Allianz, Zurich, Generali, AXA and other insurance companies are going to speak during Connected Claims Europe Virtual, an online conference on August 18-19 organised by Reuters Events. In addition to presentations and panel discussions, with a real-time question and answer session after each of them, there will be a… Continue Reading
RenCap: Rouble’s recent weakening predictable
Investment bank Renaissance Capital argues that the weakening of the rouble over the past few weeks has been predictable and is mainly the result of post-lockdown increases in consumption and in demand for imports and foreign currency in Russia. On July 31, the rouble hit its lowest mark in three months, dropping to a little… Continue Reading
EVENTS: Reuters Events webinar to focus on what U.S. presidential election means to investors
A free webinar at noon EDT (1600 GMT) on August 12 to be hosted by Reuters Events will address risks and opportunities that November’s U.S. presidential election is bringing to investors. You may sign up for the webinar, “Risk Mitigation & The US Election”, here. If you can’t attend live, sign up in any case… Continue Reading
Sberbank hires Tatyana Dobrokhvalova as head of advertising and media
Sberbank, Russia’s biggest lender, has announced it has hired Tatyana Dobrokhvalova, formerly a senior executive in a media company in the Gazprom group and a top figure in the Sochi 2014 Olympics organising committee, as head of advertising and media. Dobrokhvalova joined Sberbank from Gazprom-Media, a firm where she had been deputy CEO. Gazprom-Media is… Continue Reading
Renaissance Capital hires Maria Radchenko as chief fixed income analyst
Investment bank Renaissance Capital has hired Maria Radchenko from Moscow-headquartered investment company BCS Global Markets as head of fixed income analysis. Radchenko has joined RenCap’s distribution team for Russia and the Commonwealth of Independent States (CIS) and is based in Moscow, according to a RenCap statement. She reports to Grigory Sedov, global head of private… Continue Reading
U.S.-based fintech Venio launches developing world-focused smartphone app to make nano loans
By Andrei Skvarsky. New York-based financial technology company Venio has developed a smartphone app for making nano loans, primarily for people in developing countries who do not use banks, and has launched the device in the Philippines. The app is expected to promote financial inclusion by giving unbanked people access to financial services that are… Continue Reading
Matrix Capital: Russia’s financial system has made quick post-Covid recovery but rest of economy still in trouble
By Andrei Skvarsky. Russian asset manager Matrix Capital says Russia’s financial markets have made a remarkably quick recovery from blows inflicted by the Covid-19 pandemic but that the rest of the country’s economy remains in a “very alarming” state. “By and large, financial markets are making an unprecedentedly quick post-crisis recovery, especially if one draws… Continue Reading