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Analysts fear contagion as first Russian broker fails
Jason Corcoran (September 17th, 2008) Writes:
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 ...
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Bank, David Nangle, EUR, finance ministry, Fortis, Gazprombank, Intefax, Investment banking sources, Ivan Ivanchenko, Jason Corcorcan, KIT, Kudrin, London, medium banks, medium-sized bank, Ministry of Finance, Mortgage Lender, Moscow, New York, press agency, Renaissance, Renaissance Capita, RUB, Russia, Russia, Sberbank, Sberbank Gazprombank, St. Petersburg, state-run savings bank, tier investment bank, Troika Dialog, VTB, www.efinancialnews.com
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