VTB plots raid on Wall Street

VTB Capital, the Russian state-controlled investment bank, is to acquire a brokerage on Wall Street in an effort to gain a foothold stateside.

The burgeoning operation, which has it main hubs in Moscow, London and Singapore, is also considering targets in the UK and Asia. The Russian player is believing to be looking at a number of investment boutiques on Wall Street where valuations for brokerages have bombed out over the past year.

VTB Capital, which is the first investment bank to be created by the Russian state, is also planning a strategic alliance with a major Chinese bank that will help Chinese investors invest in Russian assets.

Back on home turf, VTB last week completed a long-touted deal in which the bank acquired a 20% stake in local brokerage Otkritie Financial for $150m.

A senior source said VTB was likely to avail of Otkritie’s expertise in financial restructurings although there is no place to increase their stake in the future.

VTB launched VTB Capital in early 2008 with an assured $500bn in funding from its parent company. Since then, the company has been one of the few national investment banks to continue expanding during the crisis.

VTB Capital, the Russian state-controlled investment bank, is to acquire a brokerage on Wall Street in an effort to gain a foothold stateside. The burgeoning operation, which has it main hubs in Moscow, London and Singapore, is also considering targets in the UK and Asia. The Russian player is believing to be looking at a ...