Russia’s third largest bank, Gazprombank, is currently looking to appoint a South African CEO to prepare for its opening in the country.
Sandton will be the home of Gazprombank’s new southern Africa division which will focus on investment banking primarily with Russian firms looking to gain access in the continent. Gazprombank will fund projects between $10 million and $250 million.
The move could signal to more cooperation between BRICS countries although China is already well established in southern Africa’s financial system. However, Gzprombank’s deputy chairman Oleg Vaksman said, “First to the party does not mean the person has the most fun [at] the party. And the first-mover advantage sometimes exists, sometimes it does not.” He added that the bank will need to walk before it runs.
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