Since its build-out from Russia’s second largest bank in 2008, VTB Capital has quickly established itself as the country’s largest investment bank in terms of deal flow. That status was confirmed in the first half of 2013, when Dealogic data showed VTB Capital as the largest player in Russia for debt capital markets (DCM) and equity capital markets, with market shares of more than 30%. It also had the largest market share for DCM in the central and eastern Europe (CEE) region, at 10%, and for mergers and acquisitions advisory, at 18%.
Activity in Russian capital markets continues to pick up after a very quiet period in 2011 and the first half of 2012, and VTB benefits from its state ownership and the second largest corporate loan book in Russia. But with such a substantial market share and growing competition from other state-owned banks moving into investment banking, VTB Capital is understandably broadening its horizons.
