Monday, 26 May 2008

Deutsche Bank names head for Russia

Financial News

Harry Wilson and Jason Corcoran in Moscow

19 May 2008

Deutsche Bank has ended months of speculation over the leadership of its Russian business by rehiring the former head of its sales and origination team in the country to run its Moscow office, as Charlie Ryan, the current head of the group, prepares to step back from running the operation.

Igor Lojevsky resigned on Friday as chairman of Dresdner Kleinwort’s Russian business to return to Deutsche Bank, only 13 months after he quit the firm to join its arch rival, which has been hit in recent months by a wave of senior defections.

He will join Deutsche Bank in August as chief country officer for Russia, replacing Ryan, who is the last remaining founder of United Financial Group, the Moscow-based broker the bank bought in 2005, to be working in the business.

Ryan will retain what one source described as an “honorary” title within the business.

It is hoped the hire of Lojevsky will draw a line under a series of departures from Deutsche Bank’s Moscow office, mainly to the nascent investment banking business of state-owned Russian bank VTB.

Yuri Soloviev, the deputy head of Deutsche Bank’s Russian business who was viewed as a potential successor to Ryan, quit to head VTB’s Moscow-based investment banking team in March.

He was followed by co-head of investment banking Dmitri Snesar, head of real estate and infrastructure, Victor Makshantsev, head of research Alexei Yakovitsky and chief strategist Alexei Zabotkin, as well as several other senior bankers.

Deutsche Bank has the largest Russian investment banking operation of any international bank, employing around 900 people in the country, making it an obvious hiring target for rivals looking to build their own businesses.

Deutsche Bank and Dresdner Kleinwort declined to comment

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