UBS and Credit Suisse wanted to help Russia in the “big privatization”


Swiss banks UBS and Credit Suisse responded to the invitation of the Ministry of economic development to participate in the organization of privatization of “Bashneft”, ALROSA and VTB, if it does not violate the sanctions regime, said Friday the Agency Reuters citing three sources.

Another source said about the readiness to provide consulting services also said the Italian Bank UniCredit. No American Bank on the proposal of the MAYOR did not respond, reported the news Agency. Official representatives of Credit Suisse, UBS and UniCredit declined to comment. Press Secretary of the Ministry of economic development refused to name the banks that responded to the proposal of the Ministry.

That UBS intends to participate in the contest by the organizer of privatization, also said a source at one of the European banks. “We have submitted a request to the government,” he said, without specifying the parameters of the proposal.

Switzerland is not an EU member, but still in 2014 he joined the sanctions the bloc imposed against Russia because of the situation in Ukraine.

Earlier in March the Ministry of economic development sent to Russian and foreign banks the proposal to take part in the organization of the sale of shares 50,08% of shares of “Bashneft”, 10.9 per cent of ALROSA and 10.9% VTB as consultants. The answer they should have given until March 21.

A source in one of the Western banks previously told me that American banks are afraid to participate in the forthcoming privatization. “They are not willing to take the risk that it will not be approved by the state Department,” — said the source. “Banks simply have not submitted their applications for fear of history repeating with Russian Eurobonds,” confirmed a top Manager of an American Bank.

The participation of American banks in the organization of privatization transactions in Russia, said the Minister of economic development Alexei Ulyukayev on March 28. According to him, he discussed this issue at a meeting with U.S. Ambassador to Russia John Tefft. “I believe fundamentally correct that the procedure of privatization came out as transparent, as clear for any investor, and in this regard the participation of qualified international consultants is very important,” Ulyukayev said (quoted by RIA Novosti).

One of the sources noted that to participate in the privatization of state-owned companies wants one of the American banks. Another market heard that it might be Citi, which had planned to apply. Filed it and the person does not know. In the Citibank declined to comment on the possibility of participation in privatisation deals.