Russian bankers will remain in London after Brexit

A survey of Russian banks with a subsidiary in London, showed that the credit institution does not plan to curtail British business. Now in London, work division, Sberbank CIB, VTB Capital, Alfa Bank, BCS and “Opening Capital”.

Chief Executive officer of BCS Global Markets, a novel Suckers is confident that the exit of Britain from the European Union will require more than one year. “So we are not going in the medium term to revise the strategy in the London office, move it to another jurisdiction or to reduce there the state”, — said Suckers. This is now 20% of Russian stock market turnover goes through the BCS office in London, resulting in 30% of the revenues of the institutional business of the group falls on the BCS London office.

Head of capital markets, “Opening the Capital” Pavel Dubovets also assured that plans for the reorganization of the London office or change its strategy there, despite the fact that after Brexit the emphasis slightly shifted towards Russia. All operations are carried out through the investment Bank’s London office, yet half the customers are residents of Russia, and the other half — British, Dubovets said. However, according to him, the scale of the group’s share of London’s business is not decisive.

Head of global markets Sberbank CIB Andrey Shemetov also said that plans to change to office work in London no. However, the head Bank is now closely monitoring the situation, said Shemetov. At Sberbank CIB, the share of British units in the total business does not exceed 3%, said Vice President of the investment Bank Igor Bulantsev. The press service of VTB Capital said that the office continues to operate normally in all areas of the business.

Chief financial officer of Alfa Bank Alexey Kuhlow said that in the London office of alpha Bank and so work only a few people and close the office in connection with the Brexit, the Bank’s management, certainly not going.

26 Jun CNBC, citing the Financial Times reported that a number of investment banks — JP Morgan Chase, Goldman Sachs, Bank of America, Citigroup and Morgan Stanley — are preparing to move part of the London operations to Dublin, Paris and Frankfurt.

Finance Minister Anton Siluanov on June 24 said that the vote in the UK demonstrated that “hopes for a clear recovery and the markets and the world economy was too optimistic”. The result will be two key consequences — a sharp increase in volatility and uncertainty about the future development of the global economy, said Siluanov.