Financial News OnlineJason Corcoran in Moscow18 September 2008 Energy giant Gazprom's pension fund manager Leader is close to buying up troubled Russian brokerage KIT Finance as the government drew up a "red list" of 15 banks requiring urgent capital injections.In a statement late on Wednesday night, KIT said it was in the final stages of selling a controlling stake to Leader Asset Management with credit support from state-controlled banks Gazprombank and VTB.The rescue of KIT comes as Moscow's stock markets were suspended for the second day in a row and as the state pledged $60bn (€41.9bn) to save banks as a spreading liquidity crisis threatened to push the sector into insolvency.Minister for Finance Alexei Kudrin told Russian media several banks were have difficulties with meeting their obligations and were now holding talks with strategic investors.KIT, a ...

Financial News OnlineJason Corcorcan in Moscow17 September 2008 Russian brokerage KIT is holding talks with strategic investors after defaulting on its debt as analysts suggested a number of small to medium-sized bank are facing similar difficulties refinancing on the repo market.KIT, a second tier investment bank, was forced to look for a buyer after it defaulted on a repo deal. Investment banking sources said a buyer had been found and announcement would be made by close of play today.A KIT spokeswoman declined to comment and said a statement would be made at 5pm Moscow time.Analysts said KIT's problems were contagious and the state would have to intervene quickly to restore liquidity and confidence in the market.David Nangle, director of financial research at Renaissance Capita, said: "There are other banks and boutiques with exposure to repos whereby ...