SocGen buys VTB’s Rosbank stake in Russia turnaround October 7, 2013 FRANCE’S Societe Generale is raising its stake in Russia’s Rosbank to above 90 per cent, betting it can turn around the troubled Russian banking unit even as rivals have quit a country where they could not compete. While players such as Citi and Austria’s Raiffeisen thrive, many have found post-Soviet Russia too hard to crack: [...]
SUPERMODELS AND SHY TYCOONS LAUNCH THE SCOTCH AND JALOUSE | City A.M. October 7, 2013 TWO PARTIES in one evening. Just a usual Thursday night out for supermodel Kate Moss, who started last Thursday evening at Arjun Waney’s Arts Club before moving on to the re-opening of The Scotch the other side of Piccadilly in St James’s. The Capitalist had been informed that the venue’s opening night would be a [...]
VTB Bank in talks to sell stake in Rosbank to Societe Generale October 6, 2013 RUSSIA’S second-largest bank VTB has agreed to sell its stake of around 10 per cent in Societe Generale’s Russian unit Rosbank to the French bank, while SocGen will sell VTB a number of Russian assets, a source close to the deal told Reuters yesterday. State-controlled VTB, which bought into Rosbank in 2010, said in May [...]
Recovery could still be extinguished by Washington’s antics October 3, 2013 THINGS are either going very well or they are going very badly, depending on your point of view. The fact that it is possible to take such diametrically opposed views of the global economy is extraordinary, an unmistakeable sign of the extreme uncertainty facing the international financial system, courtesy of the preposterous shenanigans of American [...]
What the other papers say this morning – 4 October 2013 October 3, 2013 FINANCIAL TIMES China to invest £650m in Manchester China’s biggest bank will invest in a new £650m business district at Manchester airport in a deal the government believes will mark a fresh wave of investment by Beijing in UK infrastructure. The state-owned Industrial and Commercial Bank of China is to sign the deal when George [...]
Russian credit card firm plans London listing October 3, 2013 RUSSIAN credit card supplier TCS Group yesterday became the latest overseas company to tap London’s burgeoning initial public offering (IPO) market with plans to raise up to $750m (£464m) in a float. TCS, which owns top three Russian credit card issuer Tinkoff Credit Systems, said it will use the cash to help boost its expanding [...]
Alrosa readies flotation plan October 3, 2013 PRE MARKETING for Russian diamond producer Alrosa’s upcoming flotation began yesterday, City A.M. understands. Alrosa confirmed on Wednesday that the Russian government is looking to sell a 14 per cent stake in the firm, which is the world’s largest diamond miner based on volume. The shares will be traded in Moscow. Alrosa is targeting a [...]
Russian government sells 14pc stake in diamond miner Alrosa October 2, 2013 THE RUSSIAN government plans to sell off a 14 per cent stake in Alrosa, the state-owned diamond miner said yesterday. A Moscow public offering for the world’s largest diamond miner based on volume has been in the pipeline for over a decade, as the Russian government looks to bolster its coffers. Russian federal and regional [...]
Russia cuts stake in world’s largest diamond producer Alrosa October 2, 2013 The Russian government will be selling a 14 per cent stake in Alrosa, the world's largest diamond producer. Wargan Holdings Limited, a subsidiary of Alrosa will sell an additional two per cent of shares. The deal which has been int pipeline for more than a decade is expected to be worth over £600m. The Russian [...]
What the other papers say this morning – 2 October 2013 October 1, 2013 FINANCIAL TIMES Euro banks undervalued Europe’s banks are just as strong as US rivals and are being unjustly undervalued by investors, according to the vice-president of the European Central Bank (ECB) – the man in charge of setting up safety testing of the Eurozone’s banking system. Vitor Constancio’s comments come as the ECB prepares for [...]