Vneshtorgbank will focus on so-called structured finance, providing a full range of services in project financing, syndicated loans, and leasing operations, according to a new plan to develop investment banking that was drawn up with the help of McKinsey & Co, Vice President Alexei Obozintsev said.
A bank must have good contacts with its clientele to develop these operations, and McKinsey says that Vneshtorgbank`s solid clientele was one of the bank`s key competitive advantages, he said
The bank`s existing project finance department and a new division that will specialize in corporate finance and asset management will carry out the bank`s plans to develop structured finance operations. The new division will organize corporate securities issues and provide consulting on mergers and takeovers. "The fuel and energy sector, transport and precious metals production still have the greatest need for investment," Obozintsev said.
The bank will help organize syndicated loans for the oil, gas, nuclear power, and special machine building industries. It plans much more impressive financing for gold mining, although it has already provided more than $100 million.