Putin Defeating UBS to Deutsche Bank With Oligarchs as Lever
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Russian investment banks controlled by the government of President Vladimir Putin are squeezing out foreign competitors, helped by a bailout of the country’s richest men five years ago.
OAO Sberbank, the nation’s biggest lender, and VTB Group have increased investment-banking fee income more than fivefold since 2005, according to data compiled by Freeman & Co., a New York-based consulting firm. European financial institutions including UBS AG, Deutsche Bank AG and Royal Bank of Scotland Group Plc lost almost half their market share during the period.