Financial News
Jason Corcoran in Moscow
03 April 2009
The head of Russia’s state-controlled VTB Bank, Andrei Kostin, has told Financial News that energy giant Gazprom’s placing yesterday of a Sfr400m ($351m) Eurobond will not open the market for the wider economy.
Russia’s foreign banking debt amounts to about $500bn (€370m), with $130bn due to mature this year. Gazprom’s bond sale represents he first international corporate debt issue from the country in nine months.
Russian issuers are hoping the placement could help unlock the Eurobond market for other borrowers, who are currently engaged in restructuring negotiations with western creditors.
But Kostin, the chief executive of Russia’s second lender VTB, said he didn’t see the international bond market opening up beyond large oil companies.
In a Moscow media briefing, Kostin told Financial News: "Gazprom is on a roadshow at the moment. If it’s successful, it could lead to the opening of the international credit markets for Russian issuers. But I think it will only open for oil companies and it's too soon to see unsecured borrowing to take place for the rest of the economy. I don't see anything opening this year in terms of lending from the west."
Gazprom, Russia's most indebted company with consolidated outstanding debt of $60bn, last tapped the market in July 2008 with a $500m five-year bond priced at 7.51%.
Earlier this month, the Russian government warned it will not take on the debt burden of companies that are under stress, but will support their restructuring negotiations with lenders to ease funding pressure on the corporate sector and minimise debt defaults.
Bankers from VTB and Otkritie are involved in restructuring distressed companies in the financial and real estate sectors. VTB is set to take a 51% stake in London-listed Sistema Hals for $2 in exchange for cancelling the property developer's debt.
VTB and rival state lender Sberbank could become Russia's largest property portfolio owners as loan defaults increase and the banks are left with the collateral. However, banking insiders suggest they might have to wait five years to recoup their loans.
VTB, which last week took a 20% stake in Moscow brokerage Otkritie, is understood to be looking at banking targets in Wall Street and in Asia.
Kostin said VTB’s international expansions is continuing unheeded by the crisis. He added: "Now, we are opening in May in Kazakhstan where we had a meeting last week about getting a licence for our operations. We have a branch in Dubai opening in June which will report to VTB Capital in London."
Showing posts with label VTB. Show all posts
Showing posts with label VTB. Show all posts
Monday, 13 April 2009
Tuesday, 28 October 2008
VTB opens overseas offices
Financial News
Jason Corcoran in Moscow
28 October 2008
Russian state bank VTB is defying the global downturn and dismal domestic markets by opening new sales and representative offices for its investment banking arm in New York and Dubai.
Yulia Chupina, the VTB board member responsible for the expansion of its investment banking subsidiary, said the bank would open offices shortly in the US and Dubai.
She said: "We are being cost conscious by freezing hiring and development in some areas while continuing to develop in other areas."
VTB has already established three investment banking hubs in Moscow, London, and Singapore. It has dominated this year's hiring war in Russia by recruiting bankers from Deutsche Bank and key figures from a number of banks in Moscow.
In response to the crisis, the bank said it was considering cutting costs by between 15% and 20%, and had postponed a move into its new offices in Federation Tower, the tallest skyscraper in the emerging business district of Moscow City.
Chupina confirmed that VTB was no longer interested in buying a stake in Renaissance Capital's troubled consumer lending arm Renaissance Credit.
The bank is believed to have abandoned the deal after Renaissance Capital founder Stephen Jennings declined to cede control.
—Write to Jason Corcoran at jasonwcorcoran@googlemail.com
Jason Corcoran in Moscow
28 October 2008
Russian state bank VTB is defying the global downturn and dismal domestic markets by opening new sales and representative offices for its investment banking arm in New York and Dubai.
Yulia Chupina, the VTB board member responsible for the expansion of its investment banking subsidiary, said the bank would open offices shortly in the US and Dubai.
She said: "We are being cost conscious by freezing hiring and development in some areas while continuing to develop in other areas."
VTB has already established three investment banking hubs in Moscow, London, and Singapore. It has dominated this year's hiring war in Russia by recruiting bankers from Deutsche Bank and key figures from a number of banks in Moscow.
In response to the crisis, the bank said it was considering cutting costs by between 15% and 20%, and had postponed a move into its new offices in Federation Tower, the tallest skyscraper in the emerging business district of Moscow City.
Chupina confirmed that VTB was no longer interested in buying a stake in Renaissance Capital's troubled consumer lending arm Renaissance Credit.
The bank is believed to have abandoned the deal after Renaissance Capital founder Stephen Jennings declined to cede control.
—Write to Jason Corcoran at jasonwcorcoran@googlemail.com
Wednesday, 17 September 2008
Analysts fear contagion as first Russian broker fails
Financial News Online
Jason Corcorcan in Moscow
17 September 2008
Russian brokerage KIT is holding talks with strategic investors after defaulting on its debt as analysts suggested a number of small to medium-sized bank are facing similar difficulties refinancing on the repo market.
KIT, a second tier investment bank, was forced to look for a buyer after it defaulted on a repo deal. Investment banking sources said a buyer had been found and announcement would be made by close of play today.
A KIT spokeswoman declined to comment and said a statement would be made at 5pm Moscow time.
Analysts said KIT's problems were contagious and the state would have to intervene quickly to restore liquidity and confidence in the market.
David Nangle, director of financial research at Renaissance Capita, said: "There are other banks and boutiques with exposure to repos whereby their clients are not repaying back their debt in time. There is a risk that there are more KITs in the system unless this can be contained."
Under repo agreements, KIT advances credit to clients with stock being offered collateral. A number of clients failed to meet their liabilities which resulted in KIT not meeting its own liabilities with some of its counteragents.
Discussions over KIT's future came as Russia RTS and MICEX stock exchanges both halted trading at about 12.10 in Russia as the Ministry of Finance rushed to provide loans to the country's banking system. It was the second time in two days the exchanges had halted trading.
Trading was stopped on the dollar-denominated RTS on the orders of a government agency after sliding 6.39% in the first two hours. The index has shorn 57% since May, while the Micex was also halted after falling 3%.
The financial sector was the worst hit, led by state-run savings bank Sberbank which plummeted 17%.
Moscow traders said rumours of banking bankruptacies were rife and they were trying to reassure international investors by telephone.
One trader: "Investors are ringing us and we are trying to keep them calm. All we can do now is focus on where GDR prices in New York and London are going."
Ivan Ivanchenko, head of investment strategic at VTB, dismissed reports in the Russian press that the state-controlled back was stepping in to acquire KIT.
He said: "We are holding a lot of cash on our balance sheet and we feel comfortable in this position. That's not to say we are buying KIT but we don't exclude an acquisition at a later stage.
Ivanchenko said confidence in the market had evaporated yesterday and small brokers had unwound all their positions.
Analysts agreed that the leading state banks and top-tier investment banks like Troika Dialog and Renaissance were well capitalised and would not be affected.
With KIT Finance in trouble, and liquidity drying up, Finance Minister Kudrin is depending on VTB and its fellow state banks Sberbank Gazprombank to shore up the system.
Kudrin says Russia's three biggest banks, of which Sberbank and VTB are state-controlled, should be able to support the country's medium and smaller banks by virtue of their broader access to budget funds.
In a statement to state press agency Intefax, Kudrin said: "Essentially we're counting on them as core banks to be able to lend to small and medium banks."
To strengthen the three largest banks, the Finance Ministry said today it was allowing them to hold federal budget funds on deposit for terms of three months and more.
A government press release today described the banks "linchpins able to provide liquidity in the banking system." Budget funds available to the banks has been increased to 754.2bn rubles (€20bn) for Sberbank, 268.5bn rubles for VTB and 103.9bn rubles for Gazprombank, totaling 1.1266 trillion rubles.
KIT has grown rapidly in the past 18 months due to success of its mergers and acquisitions team in the utility sector.
The bank, which has its origins in St Petersburg, was previously a top five mortgage lender and also has a joint asset management venture with Beneleux bank Fortis. It was planning an initial public offering at the end of this year, or start of next year.
www.efinancialnews.com
Jason Corcorcan in Moscow
17 September 2008
Russian brokerage KIT is holding talks with strategic investors after defaulting on its debt as analysts suggested a number of small to medium-sized bank are facing similar difficulties refinancing on the repo market.
KIT, a second tier investment bank, was forced to look for a buyer after it defaulted on a repo deal. Investment banking sources said a buyer had been found and announcement would be made by close of play today.
A KIT spokeswoman declined to comment and said a statement would be made at 5pm Moscow time.
Analysts said KIT's problems were contagious and the state would have to intervene quickly to restore liquidity and confidence in the market.
David Nangle, director of financial research at Renaissance Capita, said: "There are other banks and boutiques with exposure to repos whereby their clients are not repaying back their debt in time. There is a risk that there are more KITs in the system unless this can be contained."
Under repo agreements, KIT advances credit to clients with stock being offered collateral. A number of clients failed to meet their liabilities which resulted in KIT not meeting its own liabilities with some of its counteragents.
Discussions over KIT's future came as Russia RTS and MICEX stock exchanges both halted trading at about 12.10 in Russia as the Ministry of Finance rushed to provide loans to the country's banking system. It was the second time in two days the exchanges had halted trading.
Trading was stopped on the dollar-denominated RTS on the orders of a government agency after sliding 6.39% in the first two hours. The index has shorn 57% since May, while the Micex was also halted after falling 3%.
The financial sector was the worst hit, led by state-run savings bank Sberbank which plummeted 17%.
Moscow traders said rumours of banking bankruptacies were rife and they were trying to reassure international investors by telephone.
One trader: "Investors are ringing us and we are trying to keep them calm. All we can do now is focus on where GDR prices in New York and London are going."
Ivan Ivanchenko, head of investment strategic at VTB, dismissed reports in the Russian press that the state-controlled back was stepping in to acquire KIT.
He said: "We are holding a lot of cash on our balance sheet and we feel comfortable in this position. That's not to say we are buying KIT but we don't exclude an acquisition at a later stage.
Ivanchenko said confidence in the market had evaporated yesterday and small brokers had unwound all their positions.
Analysts agreed that the leading state banks and top-tier investment banks like Troika Dialog and Renaissance were well capitalised and would not be affected.
With KIT Finance in trouble, and liquidity drying up, Finance Minister Kudrin is depending on VTB and its fellow state banks Sberbank Gazprombank to shore up the system.
Kudrin says Russia's three biggest banks, of which Sberbank and VTB are state-controlled, should be able to support the country's medium and smaller banks by virtue of their broader access to budget funds.
In a statement to state press agency Intefax, Kudrin said: "Essentially we're counting on them as core banks to be able to lend to small and medium banks."
To strengthen the three largest banks, the Finance Ministry said today it was allowing them to hold federal budget funds on deposit for terms of three months and more.
A government press release today described the banks "linchpins able to provide liquidity in the banking system." Budget funds available to the banks has been increased to 754.2bn rubles (€20bn) for Sberbank, 268.5bn rubles for VTB and 103.9bn rubles for Gazprombank, totaling 1.1266 trillion rubles.
KIT has grown rapidly in the past 18 months due to success of its mergers and acquisitions team in the utility sector.
The bank, which has its origins in St Petersburg, was previously a top five mortgage lender and also has a joint asset management venture with Beneleux bank Fortis. It was planning an initial public offering at the end of this year, or start of next year.
www.efinancialnews.com
Tuesday, 10 June 2008
VTB recruits 20 for sovereign wealth unit
Financial News
Jason Corcoran in Moscow
09 June 2008
Russian state-controlled bank VTB has created a dedicated unit of 20 bankers to act as a conduit for sovereign wealth funds looking to tap the global capital markets.
Ivan Ivanchenko, who has joined VTB from Deutsche Bank’s global markets team, is in charge of building the operation and developing links to sovereign wealth funds in the Middle East and Asia.
The operation is expected to be involved in managing a large amount of Russia’s $32.6bn (€21bn) National Prosperity Fund, which is scheduled to begin investing in foreign stocks and corporate bonds from October.
Ivanchenko said: “The sovereign funds and their counterparties are considering big allocations to Russian corporations. So far, we have 20 staff involved from sales and trading, research and global markets but it is a floating number and in the set-up stage.”
Sovereign wealth funds hold $2 trillion in assets globally, and are forecast to grow sixfold by 2015.
Goldman Sachs and Morgan Stanley have moved staff to the Middle East to target funds based in the region.
Barclays Capital named Gay Huey Evans, formerly a top banker in Citigroup’s alternative investments division, to a new post in March covering sovereign wealth funds.
Ivanchenko said Temasek, Singapore’s $100bn sovereign wealth fund, is closing in on investments in Russian energy and the infrastructure sectors.
While on a business trip to Singapore, he said: “Temasek’s previous experience of investing in Russian IPOs was mixed and they want to outsource investments to firms that can manage PR and overcome any local difficulties and prejudices that might exist.”
VTB is establishing investment banking hubs in Moscow, London, and Singapore and has recently recruited 60 bankers from Deutsche Bank.
It has hired Timofey Demchenko from Deutsche Bank to run its private equity and special situations department, along with Dmitry Skryabin as head of energy and utilities research from Aton Capital, the Russian banking business of Italy’s UniCredit.
Russian Finance Minister Alexei Kudrin has backed VTB’s bid to manage the National Prosperity Fund, which was spun off from its main oil stabilisation fund in January.
www.efinancialnews.com
Jason Corcoran in Moscow
09 June 2008
Russian state-controlled bank VTB has created a dedicated unit of 20 bankers to act as a conduit for sovereign wealth funds looking to tap the global capital markets.
Ivan Ivanchenko, who has joined VTB from Deutsche Bank’s global markets team, is in charge of building the operation and developing links to sovereign wealth funds in the Middle East and Asia.
The operation is expected to be involved in managing a large amount of Russia’s $32.6bn (€21bn) National Prosperity Fund, which is scheduled to begin investing in foreign stocks and corporate bonds from October.
Ivanchenko said: “The sovereign funds and their counterparties are considering big allocations to Russian corporations. So far, we have 20 staff involved from sales and trading, research and global markets but it is a floating number and in the set-up stage.”
Sovereign wealth funds hold $2 trillion in assets globally, and are forecast to grow sixfold by 2015.
Goldman Sachs and Morgan Stanley have moved staff to the Middle East to target funds based in the region.
Barclays Capital named Gay Huey Evans, formerly a top banker in Citigroup’s alternative investments division, to a new post in March covering sovereign wealth funds.
Ivanchenko said Temasek, Singapore’s $100bn sovereign wealth fund, is closing in on investments in Russian energy and the infrastructure sectors.
While on a business trip to Singapore, he said: “Temasek’s previous experience of investing in Russian IPOs was mixed and they want to outsource investments to firms that can manage PR and overcome any local difficulties and prejudices that might exist.”
VTB is establishing investment banking hubs in Moscow, London, and Singapore and has recently recruited 60 bankers from Deutsche Bank.
It has hired Timofey Demchenko from Deutsche Bank to run its private equity and special situations department, along with Dmitry Skryabin as head of energy and utilities research from Aton Capital, the Russian banking business of Italy’s UniCredit.
Russian Finance Minister Alexei Kudrin has backed VTB’s bid to manage the National Prosperity Fund, which was spun off from its main oil stabilisation fund in January.
www.efinancialnews.com
Monday, 26 May 2008
Deutsche begins Russian fightback with Moscow hires
Financial News
Harry Wilson and Jason Corcoran in Moscow
20 May 2008 updated 20 May 2008 at 08:32 GMT
Deutsche Bank has made 15 hires, promotions and internal transfers to its Russian business as it moves to repair the damage to its Moscow office wrought by a wave of senior departures in recent months.
The German bank has hired 11 staff to fill gaps left in its investment banking business by the departure of several bankers to state-owned rival VTB, including five for its Moscow-based equity research business.
The hires come just months before a change of senior management in Deutsche Bank’s Moscow office, with Igor Lojevsky, formerly head of Dresdner Kleinwort’s Russian business, joining the bank to replace Charlie Ryan as chief country officer.
Deutsche today confirmed Ryan is set to give up his day-to-day duties at the bank and become chairman of the operation when Lojevsky joins the business in late August. Financial News first reported the news yesterday.
Mikhail Seleznev has been hired from Citigroup as co-head of equity research along with Jaroslov Lissovolik. Seleznev was previously a metals and mining analyst at Citigroup, while Lissovolik was already a senior analyst in Deutsche Bank’s Moscow office.
The bank has made four other hires for the research business, with Tatiana Kopoustina joining from Aton Capital, the Russian business of Italy’s UniCredit, to cover the oil and gas industry; Bob Kommers from UBS to cover industrials and banking; Igor Semenov from ING to cover telecoms; and Brady Martin from Moscow-based broker Alfa Bank to cover retailers.
Dalinc Ariburnu, global head of emerging markets in Deutsche Bank’s global market business, said: “The Deutsche Bank business in Moscow is one of our most important emerging markets franchises, and having lost quite a few staff recently we wanted to move quickly to fill the gaps left.”
Pavel Dimitriev head of debt capital markets at Dresdner Kleinwort in Russia has been hired to head Deutsche Bank’s corporate coverage business in Russia and will be responsible for the bank’s global markets marketing operation in the country.
Deutsche Bank has also promoted its head of corporate equity derivatives trading for Russia and the CIS, Batubay Ozkan, to head of debt trading for the region, as well as hiring Alex Ponomorenko, from a Los Angeles-based private equity firm to run its illiquid credit, private equity and real estate trading business.
Tim Wiswell and Jack Busta have been appointed to run equity sales and trading in Moscow. Busta was a senior derivatives trader in Deutsche Bank’s London office and will oversee equity derivatives trading in Russia, while Wiswell was a senior salesman in Moscow for the bank.
Additionally, David Johnson has joined the equity sales trading desk from Alfa Bank, while Sergei Suverov has joined the domestic equity sales team from Citigroup.
Alexey Bolshakov and Patrick Vebel join the general Russian equity sales team from DWS and Deutsche Asset Management respectively. Yassine Rhalib, a derivatives structuring banker in London, transfers to Moscow to cover derivatives sales to corporates.
The hires will not be the last Deutsche Bank makes for its Russian business and the bank said it will add more staff in its Moscow office soon as it continues the process of filling jobs left by departed staff.
Ariburnu said: “We have been carefully choosing who we want to hire and expect to announce more appointments over the next couple of weeks.”
www.efinancialnews.com
Harry Wilson and Jason Corcoran in Moscow
20 May 2008 updated 20 May 2008 at 08:32 GMT
Deutsche Bank has made 15 hires, promotions and internal transfers to its Russian business as it moves to repair the damage to its Moscow office wrought by a wave of senior departures in recent months.
The German bank has hired 11 staff to fill gaps left in its investment banking business by the departure of several bankers to state-owned rival VTB, including five for its Moscow-based equity research business.
The hires come just months before a change of senior management in Deutsche Bank’s Moscow office, with Igor Lojevsky, formerly head of Dresdner Kleinwort’s Russian business, joining the bank to replace Charlie Ryan as chief country officer.
Deutsche today confirmed Ryan is set to give up his day-to-day duties at the bank and become chairman of the operation when Lojevsky joins the business in late August. Financial News first reported the news yesterday.
Mikhail Seleznev has been hired from Citigroup as co-head of equity research along with Jaroslov Lissovolik. Seleznev was previously a metals and mining analyst at Citigroup, while Lissovolik was already a senior analyst in Deutsche Bank’s Moscow office.
The bank has made four other hires for the research business, with Tatiana Kopoustina joining from Aton Capital, the Russian business of Italy’s UniCredit, to cover the oil and gas industry; Bob Kommers from UBS to cover industrials and banking; Igor Semenov from ING to cover telecoms; and Brady Martin from Moscow-based broker Alfa Bank to cover retailers.
Dalinc Ariburnu, global head of emerging markets in Deutsche Bank’s global market business, said: “The Deutsche Bank business in Moscow is one of our most important emerging markets franchises, and having lost quite a few staff recently we wanted to move quickly to fill the gaps left.”
Pavel Dimitriev head of debt capital markets at Dresdner Kleinwort in Russia has been hired to head Deutsche Bank’s corporate coverage business in Russia and will be responsible for the bank’s global markets marketing operation in the country.
Deutsche Bank has also promoted its head of corporate equity derivatives trading for Russia and the CIS, Batubay Ozkan, to head of debt trading for the region, as well as hiring Alex Ponomorenko, from a Los Angeles-based private equity firm to run its illiquid credit, private equity and real estate trading business.
Tim Wiswell and Jack Busta have been appointed to run equity sales and trading in Moscow. Busta was a senior derivatives trader in Deutsche Bank’s London office and will oversee equity derivatives trading in Russia, while Wiswell was a senior salesman in Moscow for the bank.
Additionally, David Johnson has joined the equity sales trading desk from Alfa Bank, while Sergei Suverov has joined the domestic equity sales team from Citigroup.
Alexey Bolshakov and Patrick Vebel join the general Russian equity sales team from DWS and Deutsche Asset Management respectively. Yassine Rhalib, a derivatives structuring banker in London, transfers to Moscow to cover derivatives sales to corporates.
The hires will not be the last Deutsche Bank makes for its Russian business and the bank said it will add more staff in its Moscow office soon as it continues the process of filling jobs left by departed staff.
Ariburnu said: “We have been carefully choosing who we want to hire and expect to announce more appointments over the next couple of weeks.”
www.efinancialnews.com
Sunday, 20 April 2008
VTB stages fresh Russian raid on Deutsche Bank
Financial News
Jason Corcoran in Moscow
16 April 2008
Russia's second largest lender, VTB, has poached 10 bankers from Deutsche Bank in Russia in its second raid on the German institution's Moscow operation.
The bank, which is setting up its own investment banking arm in Moscow, London and Singapore, has recruited personnel for management roles and positions in fixed income, equity sales and research. VTB confirmed the hires, while Deutsche confirmed the departures.
Investment banking sources said Deutsche has been "fighting tooth and nail" to retain staff and had been successful in keeping some people who were believed to have been offered jobs by VTB. Bankers in Moscow suggested as many as 40 bankers were leaving.
"What's actually quite impressive is that Deutsche have fought back and have retained people but VTB virtually has a blank cheque book and they couldn't prevent a number going," said a banker.
Andrey Girichev, head of equity trading for Russia/CIS at Deutsche, joins VTB in Moscow as co-leader of its new equity sales operation.
Nikolai Donzov will become chief operating officer and Svetlana Fedorenko financial director.
Vitaly Buzoverya has been appointed as the co-leader of the department of commercial operations for fixed income products. He will be responsible for the activity on the global markets for capital in Russia and the CIS, including trade in currencies, interest rates, derivative tools, bonds and structured financing. Aleksey Ivanov has been hired as his deputy.
Alexey Yakovitsky, previously hired from Deutsche, has been named as head of research. His team includes three of his former colleagues.
Alexandr Pukhaev will head the analysis of the industrial sector of metallurgy and ore extraction. Dmitry Dmitriev will head the financial and fixed income sector.
Elena Sakhnova will head the coverage of the transport sector, machine building, chemical and construction sectors.
Also arriving from Deutsche are Ekaterina Barinova as director of human resources and Alexey Emilyanov as director of IT.
The resignations are the latest to hit Deutsche Bank. Last month it suffered high-profile resignations after deputy head of its Russian business, Yuri Soloviev, left for to state-owned VTB, along with Victor Makshantsev, head of real estate and infrastructure and Alexei Zabotkin, its chief strategist and Yakovitsky, its head of research.
Financial News revealed that Charlie Ryan, chief executive of Deutsche Bank in Russia and a co-founder of UFG, Deutsche Bank's Russian business, could also join the exodus when his contract expires in the autumn. Discussions on renewing his employment with the business are yet to get underway.
Ryan was one of the co-founders of UFG along with former Russian finance minister Boris Fedorov and Ilya Sherbovich, Deutsche's former head of investment banking in Russia, who left last year to found his own Moscow-based advisory and investment boutique.
Deutsche this month hired Alexander Pugovkin from Renaissance Capital as international sale trader and Sergey Suverov as senior equity sales director from Citibank.
A spokeswoman for VTB said it had so far hired 15 bankers from Deutsche.
Jason Corcoran in Moscow
16 April 2008
Russia's second largest lender, VTB, has poached 10 bankers from Deutsche Bank in Russia in its second raid on the German institution's Moscow operation.
The bank, which is setting up its own investment banking arm in Moscow, London and Singapore, has recruited personnel for management roles and positions in fixed income, equity sales and research. VTB confirmed the hires, while Deutsche confirmed the departures.
Investment banking sources said Deutsche has been "fighting tooth and nail" to retain staff and had been successful in keeping some people who were believed to have been offered jobs by VTB. Bankers in Moscow suggested as many as 40 bankers were leaving.
"What's actually quite impressive is that Deutsche have fought back and have retained people but VTB virtually has a blank cheque book and they couldn't prevent a number going," said a banker.
Andrey Girichev, head of equity trading for Russia/CIS at Deutsche, joins VTB in Moscow as co-leader of its new equity sales operation.
Nikolai Donzov will become chief operating officer and Svetlana Fedorenko financial director.
Vitaly Buzoverya has been appointed as the co-leader of the department of commercial operations for fixed income products. He will be responsible for the activity on the global markets for capital in Russia and the CIS, including trade in currencies, interest rates, derivative tools, bonds and structured financing. Aleksey Ivanov has been hired as his deputy.
Alexey Yakovitsky, previously hired from Deutsche, has been named as head of research. His team includes three of his former colleagues.
Alexandr Pukhaev will head the analysis of the industrial sector of metallurgy and ore extraction. Dmitry Dmitriev will head the financial and fixed income sector.
Elena Sakhnova will head the coverage of the transport sector, machine building, chemical and construction sectors.
Also arriving from Deutsche are Ekaterina Barinova as director of human resources and Alexey Emilyanov as director of IT.
The resignations are the latest to hit Deutsche Bank. Last month it suffered high-profile resignations after deputy head of its Russian business, Yuri Soloviev, left for to state-owned VTB, along with Victor Makshantsev, head of real estate and infrastructure and Alexei Zabotkin, its chief strategist and Yakovitsky, its head of research.
Financial News revealed that Charlie Ryan, chief executive of Deutsche Bank in Russia and a co-founder of UFG, Deutsche Bank's Russian business, could also join the exodus when his contract expires in the autumn. Discussions on renewing his employment with the business are yet to get underway.
Ryan was one of the co-founders of UFG along with former Russian finance minister Boris Fedorov and Ilya Sherbovich, Deutsche's former head of investment banking in Russia, who left last year to found his own Moscow-based advisory and investment boutique.
Deutsche this month hired Alexander Pugovkin from Renaissance Capital as international sale trader and Sergey Suverov as senior equity sales director from Citibank.
A spokeswoman for VTB said it had so far hired 15 bankers from Deutsche.
Monday, 31 March 2008
Deutsche hit by more Russian departures
Financial News
Jason Corcoran in Moscow and Harry Wilson
31 March 2008
Charlie Ryan, the chief executive and country head of Deutsche Bank in Russia, is expected to join the exodus from the German bank in Moscow when his contract expires in the autumn, according to Moscow market sources.
Ryan has been at the helm since Deutsche Bank bought a stake in UFG, the investment boutique he set up with former Russian finance minister Boris Fedorov, which was taken over by the bank for $700m (€443m) in 2004.
Plans to appoint Yuri Soloviev, the bank’s deputy head in Russia, as Ryan’s successor were thrown into disarray last week after he left to lead state-run bank VTB’s investment banking business.
Last week, VTB recruited four senior staff from Deutsche Bank’s Moscow office. Soloviev was joined by Deutsche’s head of real estate and infrastructure projects Victor Makshantsev, head of research Alexei Yakovitsky and chief strategist Alexei Zabotkin.
The bank was also hit by the resignation of Dmitri Snesar, co-head of investment banking in Russia, who left to join United Capital Partners, the Moscow-based investment boutique set up by Ilya Sherbovich, Deutsche’s former head of Russian investment banking, who left last year.
A source close to Deutsche Bank dismissed rumours that Andrew Chulack, who was left as sole head of investment banking following Snesar’s exit was also set to leave.
www.efinancialnews.com
Jason Corcoran in Moscow and Harry Wilson
31 March 2008
Charlie Ryan, the chief executive and country head of Deutsche Bank in Russia, is expected to join the exodus from the German bank in Moscow when his contract expires in the autumn, according to Moscow market sources.
Ryan has been at the helm since Deutsche Bank bought a stake in UFG, the investment boutique he set up with former Russian finance minister Boris Fedorov, which was taken over by the bank for $700m (€443m) in 2004.
Plans to appoint Yuri Soloviev, the bank’s deputy head in Russia, as Ryan’s successor were thrown into disarray last week after he left to lead state-run bank VTB’s investment banking business.
Last week, VTB recruited four senior staff from Deutsche Bank’s Moscow office. Soloviev was joined by Deutsche’s head of real estate and infrastructure projects Victor Makshantsev, head of research Alexei Yakovitsky and chief strategist Alexei Zabotkin.
The bank was also hit by the resignation of Dmitri Snesar, co-head of investment banking in Russia, who left to join United Capital Partners, the Moscow-based investment boutique set up by Ilya Sherbovich, Deutsche’s former head of Russian investment banking, who left last year.
A source close to Deutsche Bank dismissed rumours that Andrew Chulack, who was left as sole head of investment banking following Snesar’s exit was also set to leave.
www.efinancialnews.com
Tuesday, 18 March 2008
Russian bank hires in Europe and Asia
Financial News
Jason Corcoran in Moscow
10 March 2008
Russian state-controlled bank VTB has hired senior western bankers before the launch of its subsidiary’s full investment banking services.
Nick Reilly, former global head of global operations in investment banking at Deutsche Bank, has joined as chief operating officer of VTB Europe and Peter Cardosa has joined as managing director of VTB Singapore from Deutsche's Asian business.
The board of directors has also been bolstered by former diplomat Anthony Loehnis and former Citigroup banker Julian Simmonds as non-executives.
Loehnis, who served in Moscow as a diplomat, is a former executive director of the Bank of England and a former vice-chairman of SG Warburg’s investment banking division. Simmonds was global head of foreign exchange and structured products businesses at Citigroup until retiring in 2005.
VTB is closing in on a high-profile appointment for the chief executive role of VTB Europe, the London-based investment banking business. The bank established its London office late in 2006 and received authorisation from UK regulators last year.
The business, with the working name of “Investment Banking 21st Century”, will have two main hubs in London and Moscow, along with staff in Singapore.
A spokeswoman for VTB said its growing London personnel were expecting to move into new offices on 14 Cornhill in September or October. The 6,360sq m space is double that of its King William Street offices and is sufficient for a trading floor.
Jason Corcoran in Moscow
10 March 2008
Russian state-controlled bank VTB has hired senior western bankers before the launch of its subsidiary’s full investment banking services.
Nick Reilly, former global head of global operations in investment banking at Deutsche Bank, has joined as chief operating officer of VTB Europe and Peter Cardosa has joined as managing director of VTB Singapore from Deutsche's Asian business.
The board of directors has also been bolstered by former diplomat Anthony Loehnis and former Citigroup banker Julian Simmonds as non-executives.
Loehnis, who served in Moscow as a diplomat, is a former executive director of the Bank of England and a former vice-chairman of SG Warburg’s investment banking division. Simmonds was global head of foreign exchange and structured products businesses at Citigroup until retiring in 2005.
VTB is closing in on a high-profile appointment for the chief executive role of VTB Europe, the London-based investment banking business. The bank established its London office late in 2006 and received authorisation from UK regulators last year.
The business, with the working name of “Investment Banking 21st Century”, will have two main hubs in London and Moscow, along with staff in Singapore.
A spokeswoman for VTB said its growing London personnel were expecting to move into new offices on 14 Cornhill in September or October. The 6,360sq m space is double that of its King William Street offices and is sufficient for a trading floor.
Monday, 10 December 2007
Warnig steps down from Dresdner board
Financial News
Jason Corcoran in Moscow
10 December 2007
German banker Mattias Warnig has stepped down from the board of Dresdner Kleinwort in Russia to concentrate on leading the construction of Gazprom’s natural gas pipeline to Germany.
Warnig had remained on Dresdner’s board since resigning as chairman and becoming chief executive of Gazprom’s Nord Stream venture last year.
A spokeswoman for Nord Stream in Moscow said: “This is the private decision of Warnig to step down from the board of directors at Dresdner where he remains in contact. Nord Stream is the biggest infrastructure project in Europe and he is very much driving the project, due to start in 2009.”
Dresdner confirmed Warnig was no longer on its staff but said: “He maintains an ongoing relationship with the bank… in an advisory and consultancy basis.”
Warnig, who has known President Vladimir Putin since the early 1990s when he set up Dresdner’s office in St Petersburg, also sits on the board of Gazprom and was appointed a director of state-run bank VTB before its summer listing. Under Warnig, Dresdner became one of the most successful investment banks during Putin’s presidency.
It advised Gazprom on its $13bn (€8.9bn) acquisition of a majority stake in oil company Sibneft from oligarch Roman Abramovich and the Russian Government on its controversial valuation of Yuganskneftegaz, the main subsidiary of oil company Yukos.
It was also joint bookrunner and joint global co-ordinator on last year’ $10.7bn initial public offering by oil company Rosneft.
Nord Stream, a joint venture between Gazprom and Germany’s BASF and E.On, is building a 1,200km gas pipeline beneath the Baltic Sea near St Petersburg to the German town of Greifswald.
It last month selected Dresdner, Société Générale and ABN Amro as consultants on raising €5bn ($7.3bn) and said it would seek financing on capital markets at the end of the first quarter.
Jason Corcoran in Moscow
10 December 2007
German banker Mattias Warnig has stepped down from the board of Dresdner Kleinwort in Russia to concentrate on leading the construction of Gazprom’s natural gas pipeline to Germany.
Warnig had remained on Dresdner’s board since resigning as chairman and becoming chief executive of Gazprom’s Nord Stream venture last year.
A spokeswoman for Nord Stream in Moscow said: “This is the private decision of Warnig to step down from the board of directors at Dresdner where he remains in contact. Nord Stream is the biggest infrastructure project in Europe and he is very much driving the project, due to start in 2009.”
Dresdner confirmed Warnig was no longer on its staff but said: “He maintains an ongoing relationship with the bank… in an advisory and consultancy basis.”
Warnig, who has known President Vladimir Putin since the early 1990s when he set up Dresdner’s office in St Petersburg, also sits on the board of Gazprom and was appointed a director of state-run bank VTB before its summer listing. Under Warnig, Dresdner became one of the most successful investment banks during Putin’s presidency.
It advised Gazprom on its $13bn (€8.9bn) acquisition of a majority stake in oil company Sibneft from oligarch Roman Abramovich and the Russian Government on its controversial valuation of Yuganskneftegaz, the main subsidiary of oil company Yukos.
It was also joint bookrunner and joint global co-ordinator on last year’ $10.7bn initial public offering by oil company Rosneft.
Nord Stream, a joint venture between Gazprom and Germany’s BASF and E.On, is building a 1,200km gas pipeline beneath the Baltic Sea near St Petersburg to the German town of Greifswald.
It last month selected Dresdner, Société Générale and ABN Amro as consultants on raising €5bn ($7.3bn) and said it would seek financing on capital markets at the end of the first quarter.
Monday, 24 September 2007
VTB hires for new global markets arm
Financial News
Jason Corcoran in Moscow
24 Septembe 2007
Russian state-run bank VTB has appointed a former McKinsey consultant to develop its move into investment banking following the defection last week of Vasily Kirpichev to Dresdner Kleinwort.
Julia Chupina, a VTB board member, has replaced Kirpichev, who moved to London four months ago to take responsibility for VTB Europe, the investment banking start-up.
Steve Thunem, head of VTB’s newly created global markets group, said the bank plans to hire 60 staff in London and between 20 and 30 people in Moscow, for the new venture. VTB’s London team is moving into new offices next year at 14 Cornhill. The 6,360 sq m space is double that of its King William Street offices and is sufficient for a trading floor.
He said: “Investment banking will not be solely London-based. There will be two hubs in Moscow and in London. The intent is to manage Moscow-based investment banking activities in a separate entity, integrated with the London hub. Logically, it would make sense to locate activities such as equity trading and domestic sales, research, rouble bond trading and distribution in Moscow. We are also likely to develop sales and distribution in New York and Singapore.”
Thunem, who came from Dutch-owned bank ABN Amro in April, has been joined by former colleagues George Niedringhaus and Edward Bungey as head of fixed income and senior fixed income sales person, respectively. Martin Pasek, formerly at Credit Suisse, has been hired as head of structured products.
VTB is also seeking a head of investment banking, a head of equity markets and a team of 20 analysts and plans to build a small M&A advisory group. Russian banks are locked in a fight for talent with western rivals, such as Goldman Sachs and Lehman Brothers, which are building teams in Moscow.
One senior banker who was approached for a job, said: “I am not sure the $50m (€35.4m) earmarked for between 15 and 20 bankers’ salaries is enough to work for a Kremlin-controlled bank. The headhunters, the Rose Partnership, do not have anyone in Moscow and do not seem overly familiar with the Russian banking scene.”
The battle to secure top bankers has resulted in a merry-go-round among leading investment banks. Dresdner hired Kirpichev after the defection last year of its senior rainmaker Bob Foresman, head of the bank’s Moscow office, to Renaissance Capital, the leading independent investment bank operating in Russia.
www.efinancialnews.com
Jason Corcoran in Moscow
24 Septembe 2007
Russian state-run bank VTB has appointed a former McKinsey consultant to develop its move into investment banking following the defection last week of Vasily Kirpichev to Dresdner Kleinwort.
Julia Chupina, a VTB board member, has replaced Kirpichev, who moved to London four months ago to take responsibility for VTB Europe, the investment banking start-up.
Steve Thunem, head of VTB’s newly created global markets group, said the bank plans to hire 60 staff in London and between 20 and 30 people in Moscow, for the new venture. VTB’s London team is moving into new offices next year at 14 Cornhill. The 6,360 sq m space is double that of its King William Street offices and is sufficient for a trading floor.
He said: “Investment banking will not be solely London-based. There will be two hubs in Moscow and in London. The intent is to manage Moscow-based investment banking activities in a separate entity, integrated with the London hub. Logically, it would make sense to locate activities such as equity trading and domestic sales, research, rouble bond trading and distribution in Moscow. We are also likely to develop sales and distribution in New York and Singapore.”
Thunem, who came from Dutch-owned bank ABN Amro in April, has been joined by former colleagues George Niedringhaus and Edward Bungey as head of fixed income and senior fixed income sales person, respectively. Martin Pasek, formerly at Credit Suisse, has been hired as head of structured products.
VTB is also seeking a head of investment banking, a head of equity markets and a team of 20 analysts and plans to build a small M&A advisory group. Russian banks are locked in a fight for talent with western rivals, such as Goldman Sachs and Lehman Brothers, which are building teams in Moscow.
One senior banker who was approached for a job, said: “I am not sure the $50m (€35.4m) earmarked for between 15 and 20 bankers’ salaries is enough to work for a Kremlin-controlled bank. The headhunters, the Rose Partnership, do not have anyone in Moscow and do not seem overly familiar with the Russian banking scene.”
The battle to secure top bankers has resulted in a merry-go-round among leading investment banks. Dresdner hired Kirpichev after the defection last year of its senior rainmaker Bob Foresman, head of the bank’s Moscow office, to Renaissance Capital, the leading independent investment bank operating in Russia.
www.efinancialnews.com
Subscribe to:
Posts (Atom)
Posts
