Sberbank chose a new head of its corporate and investment business

Former CEO of Nordea Bank Igor Bulantsev: appointed acting head of Sberbank CIB, Sberbank announced following the Supervisory Board meeting on Tuesday, June 28.

Promoted Bulantsev has worked in Nordea Bank for 12 years, leaving him in the middle of February 2016 for the positions of Director of client management Department, Sberbank CIB. In his new position, he was responsible for working with the largest corporate customers of Sberbank. Prior to that, he was senior Vice-President Guta-Bank, where he was responsible for trading operations, asset management clients and corporate Finance.

In 2015 due to the imposition of Western sanctions and falling oil prices, the revenues of investment banks from serving Russian deals fell by a third. Compared to the record year 2007 revenues fell by almost seven times, according to a study by the new York based firm Freeman & Co. President of Sberbank German Gref in March in an interview with Bloomberg said that he does not consider the investment banking business of the future. “Investment banking is our historical business, but not business future,” he said, adding that Sberbank CIB has a chance to get a very good result in 2016, as in the Russian market there is strong competition.

Bulantsev in conversation with the correspondent noted that “corporate and investment banking is alive.” “We need to find opportunities to do business in any market, now we are going to focus on non-lending income, on the one hand, we have such a strategy, on the other — now the demand for loans is not very high. We are trying to sell other products, for example, transactional”, — said Bulantsev.

The previous head of Sberbank CIB Oleg Ganeev will be head of unit territorial development of the savings Bank, and will supervise the work with troubled assets, according to a press release of Sberbank. Ghana was headed by Sberbank CIB in November 2014. In the savings Bank he works since 2010: he first headed the Bank’s branch in Bashkortostan, since the end of 2012 he held the position of senior Vice President of the Bank since the autumn of 2013 was responsible for the development of its regional network.

In mid-June, Sberbank reported about the reshuffle in Sberbank CIB. The team corporate and investment “daughter” of the country’s largest Bank joined a former Deputy Chairman of Moscow exchange Andrey Shemetov, who took over as managing Director. On a new post Shemetov will lead the Department’s global markets.