Gazprombank, Russia’s third-largest lender and a unit of the natural gas export monopoly, hired Erik DePoy as an equity strategist as it expands into investment banking.
DePoy, who was chief research editor at Troika Dialog and previously an equity strategist at Alfa Bank, joined the Moscow-based lender three weeks ago, he said in an interview by telephone today.
“We will start putting out English language research dailies in the coming weeks as the bank expands its coverage from Russian,” DePoy said.
Russian investment banking is dominated by state lenders VTB Group and OAO Sberbank. VTB Capital, a unit of Russia’s second-largest bank, became the top organizer of domestic debt and equity sales in 2010, two years after hiring more than 100 bankers from Deutsche Bank AG. Sberbank, the nation’s largest lender, acquired Moscow’s oldest brokerage Troika Dialog in January for an initial $1 billion. Renaissance Capital, the brokerage partly owned by billionaire Mikhail Prokhorov, has been losing market share to both VTB Capital and Sberbank.
DePoy was approached for the position by Gazprombank’s head of research Andrei Bogdanov, a former Alfa Bank colleague who was recently named deputy head of the bank’s asset management unit, he said. Alexey Demkin has since been appointed acting research chief, DePoy said.