By Andrei Skvarsky. Sberbank’s Turkish operation Denizbank is expected to become the biggest Turkish agent for global money transfer company MoneyGram under a recent agreement. {{{?}}} The deal plugged one of Turkey’s top lenders into the network of a remittance firm that runs successful business in 198 countries but last year admitted to fraud charges… Continue Reading
Tag Archives: EMEA
Sberbank abolishes commissions for ATM use in Turkey, Croatia
By Andrei Skvarsky. Russia’s Sberbank has made cash withdrawals from its ATMs in Croatia and from those of its subsidiary Denizbank in Turkey commission-free for holders of Sberbank debit cards. There will be zero commission for holders of Visa Classic, MasterCard Standard, Visa Gold, MasterCard Gold, Visa Platinum and MasterCard Platinum cards if they use ATMs… Continue Reading
Sberbank takes over control of Citi’s Turkish retail business
By Andrei Skvarsky. Denizbank, the Turkish subsidiary of Russia’s biggest lender Sberbank, has completed the acquisition of Citibank’s consumer banking business in Turkey. Under an agreement effective from July 1 and first announced in April, Denizbank, which is one of Turkey’s largest banks, is taking over a clientele of more than 600,000, assets of 1.2bn… Continue Reading
Sberbank pulls off cooperation deal with Gulf’s top-notch NBAD
By Andrei Skvarsky. Russia’s biggest lender Sberbank and a top bank in the Gulf, National Bank of Abu Dhabi (NBAD), have reached an agreement to cooperate in trade financing, loan syndication, client support and investment banking. “Access to new financial markets is an integral part of our international strategy,” a Sberbank statement quoted the Russian… Continue Reading
Russia’s Unicorn Capital buys key maker of glass facades
By Andrei Skvarsky. Moscow-based buyout fund Unicorn Capital Partners with target capitalisation of $500m has announced its first acquisition, the purchase of controlling interest in Constanta Group, one of Russia’s largest designers and manufacturers of translucent façade systems and other glass products. Unicorn, whose main objective is to buy out undervalued small and medium enterprises… Continue Reading
CBRE acquired Sogesmaint-CBRE
CBRE Group, the global commercial real estate services and investment firm, today announced that it has acquired full ownership of SOGESMAINT-CBRE, a property and asset management specialist operating in Belgium. CBRE has held a minority interest in the company since 2006. SOGESMAINT-CBRE was established in 1973 and today it is one of the leading property… Continue Reading
CBRE Global Investors names head of value-add investments for EMEA
CBRE Global Investors named Jean Lamothe as head of value-add investments in Europe, the Middle East and Africa. Lamothe’s role will be to provide clients with a new range of investment opportunities across Europe. Lamothe, who has been with CBRE Global Investors since 2010, will continue to be based in London. CBRE Global Investors named Michael Ness as head… Continue Reading
Saudi Shariah-compliant Sedco to follow UN-suggested investment guidelines
By Andrei Skvarsky. Sedco, a Saudi Shariah-compliant private wealth manager, has pledged to follow environmental, social and governance (ESG) principles laid down by United Nations Principles for Responsible Investment (UNPRI), a set of voluntary guidelines on ESG issues. Sedco Capital US Equities Fundamental Indexing Fund and Sedco Capital Global Higher Dividend Yield Fund have become the first… Continue Reading
Unicorn Capital PE fund raises $100m since 2012
By Andrei Skvarsky. Unicorn Capital Partners, an emerging markets-focused private equity fund set up last year, has carried out the first phase of its capitalisation plan by raising $100m. Unicorn, which is based in Vienna and has a target size of $500m, seeks to invest in small and medium enterprises and middle-market companies in sectors… Continue Reading
Sberbank taking over Citi’s retail business in Turkey
By Andrei Skvarsky. DenizBank, a Turkish operation of Russia’s biggest lender Sberbank, has clinched a deal to buy Citibank’s retail business in Turkey. DenizBank is taking over a network which, as of December 31, had gross assets and deposits that totalled 1.2bn Turkish lira (more than $650m) and 1.5bn lira (over $800m) respectively, more than… Continue Reading
Russia’s Renaissance Capital hires head of EMEA strategy
By Andrei Skvarsky. Renaissance Capital has handed the role of chief strategist for Europe, the Middle East and Africa (EMEA) to Daniel Salter, whom the Moscow-based emerging markets investment bank hired from UniCredit. Salter, whose 15-year investment banking career has comprised a series of jobs in London and Moscow, was head of EMEA equity strategy… Continue Reading
Saudi Arabia’s Sedco launches Luxembourg platform for Islam-compliant investments
By Andrei Skvarsky. Sedco Capital, a Saudi Arabian asset manager, has launched a one-stop shop platform in Luxembourg for institutional investments compliant with Shariah {{{*}}}, the Islamic moral code and religious law. The Sedco Capital Global Funds platform offers access to seven investment funds with total assets under management exceeding $1bn. The funds accessible through… Continue Reading
Abraaj considering selling stake in Turkish health insurer Acibadem – Invest IQ
Abraaj Capital, the largest private equity firm in the Middle East, is considering the sale of its 50% stake in Turkish health insurer {{{*}}} Acibadem Sigorta, according to investment intelligence website Invest IQ. Last year Abraaj sold its stake in Acibadem Saglik, Turkey’s largest hospital chain, to Integrated Healthcare Holdings, a division of Malaysian government… Continue Reading
VTB Capital sells bond worth $169.5m in Turkey
VTB Capital has sold a two-year bond in Turkey to a total of 300m Turkish lira ($169.5m). {{{*}}} Garanti Bank, one of Turkey’s biggest private lenders, organised the placement of the bond on the Istanbul Stock Exchange. The bond, sold to qualified investors, had a semi-annual coupon of 3.89%, the investment arm of Russia’s VTB… Continue Reading
Sberbank says Russia’s economic growth driven by consumer sectors
{{{?}}} By Andrei Skvarsky. Sberbank has released an extensive body of research arguing that Russia’s economic growth is driven by consumer-related sectors and not by oil and gas, and that those sectors offer vast opportunities to investors. While extractive industries account for two-thirds of Russia’s stock market, and oil and gas dominate the country’s exports,… Continue Reading
Swiss PE firm to invest €100 mln in Russian e-commerce
{{{?:0}}} Pluribus Optimum, a Swiss PE firm, has earmarked EUR 100 mln for investments in Russia and CIS countries over the next three years. The funds will target e-commerce platforms to improve certain operational aspects such as order processing, document handling, billing and payment acceptance. They will also be targeting the third-party logistics market, popularly… Continue Reading
RenCap hires sales traders for EMEA platform
By Andrei Skvarsky. Renaissance Capital has hired two sales traders for its Europe, Middle East and Africa (EMEA) platform. Shu-Ming Peng, who arrives from Morgan Stanley, and Aimee Crane, who previously worked at ING and JPMorgan Chase, will be based at the London office of the Moscow investment bank, according to a statement from RenCap.… Continue Reading
RenCap makes two promotions in Africa equity products team
By Andrei Skvarsky. Renaissance Capital has announced two promotions in its Africa-focused equity products group, with Ali Khalpey being appointed as head of South Africa and Sub-Saharan Africa equities and Stanley Kariuki as head of equities for Kenya. Khalpey, who joined Renaissance in January 2010 and is based in Johannesburg, was head of equities for… Continue Reading
RenCap boosts presence in Turkey by taking over Istanbul broker
By Andrei Skvarsky. Renaissance Capital has clinched a deal to buy out Istanbul-based brokerage Mira Menkul Degerler in building up its presence in Turkey. Burak Akbulut, who has been in charge of RenCap’s business in Turkey, has been appointed as acting chief executive of the emergent Renaissance Capital Turkey, the Russian firm said… Continue Reading
COMMENT: Russia and the WTO
By Daniel Salter, Head of EMEA Equity Strategy at UniCredit Securities. Russia is by far the largest global economy outside the WTO. Entry negotiations have been going on for eighteen years, since Russia applied to join the WTO’s predecessor, GATT, in 1993. However, after numerous false starts, progress appears to have accelerated recently – we… Continue Reading
Ernst & Young hires Deutsche Boerse’s Steinbach to run IPOs
By Andrei Skvarsky. Ernst & Young has hired Martin Steinbach, a former senior figure at Deutsche Boerse, to run its initial public offerings and listings centre for Europe, the Middle East, India and Africa. Steinbach spent nearly a decade as head of issuer and investor markets at Deutsche Boerse, the stock exchange based in Frankfurt-am-Main,… Continue Reading
BRIC exchanges join up the dots for alliance
By Marcus Williams. The exchanges of the emerging markets bloc of Brazil, Russia, India and China are forming an alliance to help deepen their liquidity and offer investors pooled exposure to their markets. This initiative was announced at the 51st AGM of the World Federation of Exchanges (WFE) in Johannesburg yesterday. The initiative brings together… Continue Reading
BNP Paribas replaces chief operating officer in Moscow
By Andrei Skvarsky. French bank BNP Paribas has appointed Palle Larsen as chief operating officer at its Russian subsidiary, having moved him over from a similar job in Paris. In his Moscow-based position Larsen, who is Danish, replaces Kieran MacMahon, who has been transferred to the French lender’s representative office in Turkey, according to Russian… Continue Reading
GOLDMAN COMMENT: Swissy never lies
By Jim O’Neil, Chairman of Goldman Sachs Asset Management. In the context of the ongoing challenges in the US, the Euro Area and elsewhere, this week I have chosen to focus on the Swiss Franc currency. Throughout the market mayhem of August, and its subsequent carry over into the start of September, the Swiss Franc… Continue Reading
State Street appoints Raynes for senior EMEA role
State Street Global Advisors, the US fund giant, has recruited Susan Raynes as head of its UK, and EMEA institutional business. Raynes, who was previously head of SSgA’s San Francisco office, replaces Kanesh Lakhani, who worked at the firm for 13 years. Raynes will report to EMEA head Greg Ehret and will be responsible for identifying institutional business… Continue Reading
Renaissance taps Credit Suisse's Salaheddin in fifth hiring this month
Renaissance Capital has hired Saydam Salaheddin from Credit Suisse where he headed real estate and consumer investment banking for Russia, CEE and Turkey for 13 years. He joins RenCap on August 1 to to cover real estate, consumer and agriculture investment banking across the CIS and Central and Eastern Europe. Renaissance has been expanding this… Continue Reading
GOLDMAN SACHS COMMENT: A messy start to July
By Jim O’Neill, Chairman, Goldman Sachs Asset Management. Just when it seemed things were shifting back to the optimists’ camp, Friday’s news about the state of the world threw another spanner in the works. In addition to a very disappointing US nonfarm payrolls report, Italy came into the spotlight in the European crisis. Subsequently, the earliest of the June… Continue Reading
BofA Merrill Lynch boost EMEA research with three hires
By Marcus Williams BofA Merrill Lynch has beefed up its EMEA research platform with three hires as part of a new EMEA economics and fixed income strategy group. Arko Sen joins the group with seven years of experience in emerging EMEA fixed income strategy, most recently at Barclays Capital, along with Jean-Michel Saliba who has… Continue Reading