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Troika Dialog hired Andrey Chuprin from Credit Suisse Group AG to lead fixed-income sales as the investment banking arm of OAO Sberbank (SBER), Russia’s largest lender, boosts staff to challenge VTB Capital.
Chuprin is one of as many as 11 bankers Troika may hire to almost double its sales team for fixed-income and derivative products, Maxim Safonov, head of fixed income, currencies and commodities at the Moscow-based bank, said today by e-mail.
State-run Sberbank merged its fixed-income trading operations with Troika this week after its bankers moved into Troika’s offices in central Moscow, Safonov said. Sberbank completed its acquisition of Russia’s oldest investment bank Jan. 23, paying at least $1 billion.
“Thanks to the merger we are experiencing an increase in new business and in order to take full advantage of this we are looking to add people,” Safonov said. “There will be no redundancies.”
Sberbank Chief Executive Officer German Gref, a former economy minister, is seeking to turn what was once the Soviet Union’s savings bank into a full-service financial firm that can compete at home and abroad in areas from bond underwriting to stock trading. Troika plans to increase its staff of about 100 bankers by about 40 percent this year, Todd Berman, head of investment banking, said in a Nov. 29 interview.
Troika last month hired mergers and acquisitions specialists Dirk Werner and Angelo Morganti, who previously worked for Renaissance Capital and Bank of America Corp. (BAC), respectively. Safonov, previously a portfolio manager at hedge fund Finisterre Capital, joined the bank on Jan. 10.
VTB Capital, created from scratch three years ago by VTB Group, Russia’s second-largest bank, was the biggest organizer of Russian debt sales last year, according to data compiled by Bloomberg. State-controlled Gazprombank was second, Troika third and Sberbank fourth.
Sberbank is to start meeting with investors on April 16 to promote a share sale valued at about $5.7 billion, three people with knowledge of the process said today, asking not to be identified because they weren’t authorized to comment. Troika is one of the five organizers of the sale, along with Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley (MS) and Credit Suisse Group AG.
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