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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Qatar turns to Orcel’s UBS for VTB bank deal

Posted on 02 May 2013

Russia’s second largest bank VTB yesterday announced that a group of sovereign wealth funds has backed a $3.3bn (£2.13bn) fundraising that will take the government’s stake in the lender down from 75 per cent to 60 per cent or less.
In a surprise to investment bankers, VTB used Citi and its own investment banking department to advise on the deal rather than UBS, which had been expected to win the mandate. Andrea Orcel, head of the UBS investment bank, has previously enjoyed a close relationship with VTB and most bankers expected him to get a role………………………………………..Full Article: Source


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