The Russian Bankers Are Coming

Russia's largest bank in terms of capital, VTB, has just opened an office in New York and wants to earn 66 percent of its revenues outside the Russian market by the end of this year. This does not mean, however, that it’s planning any particularly big hiring.

Financial News has been talking to Atanas Bostanjiev, chief executive for VTB Capital UK and international. Atanas didn’t exactly give the impression that VTB is embarking upon a huge hiring spree.

“We have 20 people in New York and expect the number to grow to between 30 and 40 over the next one to two years,” Atanas said.

Therefore, this year, VTB might hire five people in New York. At most, it might hire 10.

Its focus will apparently be on offering Russian equities and sovereign and corporate debt to U.S. emerging markets investors. At some point, it might offer U.S. investors other Russian and emerging markets products too.