| Sberbank CIB boosted commodities staff as a slump in oil and metals spurred demand from Russian companies for a protection from volatile prices. The bank’s commodities trading team now consists of 20 people, up from four 18 months ago, said Francois Mantion, head of commodity trading at Sberbank.
As global lenders from JPMorgan Chase & Co. to Deutsche Bank AG trim or exit raw materials operations, Russia needs a bank with expertise in the field, he said. Russia, the world’s biggest energy exporter, gets about half of its budget revenue from oil and gas. “Commodities is a natural asset class for a bank in Russia,” Mantion, who joined the corporate and investment banking arm of Russia’s biggest lender from JPMorgan in 2013, said..............................................Full Article: Source
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