Feb. 13 (Bloomberg) -- Trust National Bank, a Russian lender, said it’s closing its fixed-income research division as the bank focuses on retail clients.
“The strategy of the bank involves strengthening its market position in retail banking and hence, the proportion of clients who need complex analytical products will decline,” the bank said in an e-mailed statement. “A small portion” of the research unit’s employees will leave the company, Trust National said.
The seven-member team is led by Leonid Ignatiev, who declined to comment when reached by phone. The analysts earlier sent out an e-mail indicating clients were receiving their last research.
Trust uses Hollywood actor Bruce Willis to front its advertising campaign in Russia. Merrill Lynch & Co. acquired a 10 percent stake in the bank in 2007 for an undisclosed amount.
--Editors: Keith Campbell, Jon Menon
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