VTB Capital, the investment banking unit of Russia’s second-biggest lender, is expanding its equities division in Dubai as brokerages retreat from the region.
The bank started trading Middle East, Turkish and Polish shares in February and plans to expand its investment banking services in the Gulf Cooperation Council region, Makram Abboud, chief executive officer of the Middle East and Africa said in e- mailed responses to questions from Bloomberg yesterday. The company declined to say how many people it employs in Dubai.
“VTB Capital does not have the legacy issues that are impacting many other firms,” said Abboud, who was appointed in January. “We are able to grow our business at a time when many others are downsizing, reducing their capabilities and withdrawing from specific markets and businesses.”
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