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VTB to Start Saudi Equity Sales ‘Any Week,’ Considers Nigeria

Oct. 2 (Bloomberg) -- VTB Capital, the investment-banking arm of Russia’s second-biggest bank, will start equity sales trading in Saudi Arabia “any week,” according to Makram Abboud, chief executive officer for the Middle East and Africa.

“We’re almost ready to start trading Saudi, which was the only remaining market in the Middle East,” Abboud said in an interview at an investment conference organized by VTB in Moscow today. “In Africa there aren’t that many developed equity markets, but we’re looking at Nigeria for equity trading and a few other markets.”

VTB has offices in Angola and Dubai in the United Arab Emirates, Abboud said.

The bank will limit the size of its equity sales team in the Middle East until the market recovers and liquidity increases, Abboud said.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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