Third largest bank from Russia prices stock for London listing October 3, 2012 PROMSVYAZBANK took another big step towards listing shares in London yesterday, setting the price range for its initial public offering. Russia’s third largest bank is joining the flood of firms from the country rushing to the UK, following larger compatriot Sberbank which listed in London last month, and coming ahead of VTB, another bank looking [...]
Shell opens Russia lubricants plant October 3, 2012 Shell yesterday opened a new lubricants blending plant in the Tver region north-west of Moscow, the first to be built by an international oil company in Russia. The new plant will supply a range of finished consumer, transport and industrial lubricants, blending up to 200m litres a year and creating 150 Russian jobs when at [...]
FTSE 100 down on poor Chinese data October 3, 2012 The leading share index slipped back under the 5,800 mark this morning, as weak Chinese services sector data weighed on investor sentiment. Mining stocks were hit, as the poor outlook from Asia raised concerns about raw demand. Leading the fallers in early trade was Lamprell, down more than 32 per cent, as it issued its [...]
ING to close its emerging markets equities business October 1, 2012 THERE was further sign of retrenchment in the City’s financial services sector yesterday as ING Bank, which employs around 900 people in London, announced that it is closing its emerging markets equities business. ING, which acquired much of its expertise in eastern Europe when it bought Barings in 1995, is closing all its central eastern [...]
MD Medical prices London float October 1, 2012 MD Medical Group, a Russian healthcare provider, yesterday revealed a price range of between $11.25 and $13.50 for a forthcoming float in London worth up to $343m (£212.7m). The initial public offering, in the form of global depositary receipts, values the company at between $855m and $995m. The offer, overseen by joint book runners Deutsche [...]
Who’s switching jobs October 1, 2012 Barclays Jim Murphy has been appointed director of financial institutions trade in Barclays’s trade and working capital team. He joins from HSBC, where he was a director in its project and export finance team. Murphy has also worked at Deutsche Bank. BlackRock James Wilkinson has been appointed European chief investment officer for BlackRock’s global real [...]
Jefferies advises First Quantum on its $350m high-yield issue September 27, 2012 FIRST Quantum, the London and Canada-listed copper and nickel miner, yesterday said it was raising $350m through the issue of interest-bearing notes. The coupon will be determined through a bookbuilding process led by Jefferies, the bank which now owns the UK corporate broker Hoare Govett. First Quantum was one of the long-standing clients of Jefferies’ [...]
City Moves | Who’s switching Jobs September 27, 2012 Smith & Williamson Nick Murphy has been appointed as investment management director in the professional and financial services firm’s London office. He joins from Quilters, where spent 13 years and was most recently co-manager of gross funds. Murphy also sat on the asset allocation and charity committees at Quilters, and he is an associate of [...]
BP’s oligarch partners raise the stakes as they seek bankers to help buy out TNK-BP September 26, 2012 THE RUSSIAN partner of oil giant BP is holding a banking beauty parade as it gears up to bid for BP’s entire 50 per cent stake in oil explorer TNK-BP. AAR, the vehicle used by a quartet of Russian billionaires to hold the other half of TNK-BP, is willing to raise its offer to BP [...]
TNK-BP seals $675m finance September 25, 2012 RUSSIA’S third-largest oil company TNK-BP has signed a $675m loan with a group of banks, falling short of its targeted $750m after one bank was unable to commit to the financing, banking sources said yesterday. The firm, which is in the middle of a tug-of-war between the Kremlin and shareholders BP and AAR, will use [...]