Uralsib's London business vanishes to stardust after sale

The Uralsib name in London has gone up in a puff of smoke after the Russian lender sold its subsidiary for an undisclosed sum to an emerging markets brokerage firm.

bne IntelliNews had reported exclusively in October last year that the parent lender had put its London business up for sale, effectively uprooting the mysticism-laden legacy of its ex-billionaire founder Nikolai Tsvetkov.

As part of the sale, the Uralsib brand – synonymous with the unconventional world of Tsvetkov – has been dropped in favour of ITI Capital. The deal was co-financed by Da Vinci Capital, a private equity manager based in Moscow headed by Oleg Jelezko, who made a mint punting on the RTS before its merger with Micex.

According to its website, Guernsey-based ITI Group is a brokerage firm focusing on technology and algorithmic trading, and providing “selected buy-side products” in the partnership with ITI Funds. As part of the deal, filings show that Jelezko will become a director at ITI Capital.

To read the full story, please, visit bne IntelliNews