Financial News: Dow Jones International News
14 November 2008
By Jason Corcoran in Moscow
French bank BNP Paribas is understood to be in advanced talks about a partnership with one of Russia's top 20 banks, three months after the head of its securities business in Asia revealed it was exploring possible deals to strengthen its presence in developing economies.
Representatives from BNP Paribas have been conducting due diligence at the Moscow headquarters of Trust Bank for the past three weeks, according to three sources close to the Russian group.
A spokeswoman for Trust Bank denied talks were taking place. BNP Paribas declined to comment. Pierre Rousseau, chief executive of BNP Paribas' securities unit in Asia, announced plans in August to acquire a brokerage in the country and strengthen its foothold in the developing market.
Trust Bank three weeks ago received 7 billion rubles ($260 million) in emergency funding from the state banks.
It is also on approved list of banks that can tap the state development bank VEB, although the bank declines to say whether it has applied for additional funding.
Trust's main shareholders are Russia's Ilya Yurov, Nikolai Fetisov and Sergey Belyaev, who control about 80% of the holding group's shares. U.S. bank Merrill Lynch bought a 10% stake in the bank a year ago.
The holding company comprises of National Bank Trust, one of the leaders in retail banking with a presence in 200 cities across Russia, and Trust Investment Bank, a mid-tier broker.
BNP first arrived in Russia in 1974, but has made less impact than French rival Societe Generale (13080.FR), which boosted its stake in local bank Rosbank to more than 50% in February. It unsuccessfully bid for Russian Standard Bank, the country's leading consumer leader, in 2005. The French bank is rumored to have looked at buying Moscow brokerage Antanta Capital and Glitnir's Russian operation.
Showing posts with label Antanta. Show all posts
Showing posts with label Antanta. Show all posts
Saturday, 15 November 2008
Tuesday, 14 August 2007
Antanta to sell stake in Russian asset arm
Financial News
Jason Corcoran in Moscow
13 August 2007
Russian investment bank Antanta is lining up private equity buyers to take a 25% stake in its asset management business Pioglobal.
But Denis Matafonov, director for investments at Antanta Pioglobal, denied market speculation in Moscow that 100% of the company was being touted for sale with the UK's Standard Bank, the leading suitor. He said: “We need money, western experience and a western brand name for our asset management business and we are talking to a number of private equity firms with experience in this field.”
According to analysts, a 25% holding in Pioglobal Asset Management, which has about €500m ($685m) in assets under management, could be worth about $30m (€21.9m). It also has a 52% stake in a $150m real estate fund, which is not part of the sale. The company owns internet broker Net Trader as well as internet cafe chain Net City.
A Moscow private equity source suggested Troika, Alfa Capital or Baring Vostok could be interested. All three have recently raised significant funds to invest in Russia.
Pioglobal’s team runs six mutual funds and private portfolios, but it has struggled to gain scale in a competitive and fast-growing market, which is dominated by Troika, Renaissance Capital, Alfa and new foreign entrants such as Benelux bank Fortis and German insurer Allianz.
www.efinancialnews.com
Jason Corcoran in Moscow
13 August 2007
Russian investment bank Antanta is lining up private equity buyers to take a 25% stake in its asset management business Pioglobal.
But Denis Matafonov, director for investments at Antanta Pioglobal, denied market speculation in Moscow that 100% of the company was being touted for sale with the UK's Standard Bank, the leading suitor. He said: “We need money, western experience and a western brand name for our asset management business and we are talking to a number of private equity firms with experience in this field.”
According to analysts, a 25% holding in Pioglobal Asset Management, which has about €500m ($685m) in assets under management, could be worth about $30m (€21.9m). It also has a 52% stake in a $150m real estate fund, which is not part of the sale. The company owns internet broker Net Trader as well as internet cafe chain Net City.
A Moscow private equity source suggested Troika, Alfa Capital or Baring Vostok could be interested. All three have recently raised significant funds to invest in Russia.
Pioglobal’s team runs six mutual funds and private portfolios, but it has struggled to gain scale in a competitive and fast-growing market, which is dominated by Troika, Renaissance Capital, Alfa and new foreign entrants such as Benelux bank Fortis and German insurer Allianz.
www.efinancialnews.com
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