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07/06/2010 / RUSSIAN FEDERATION
Roman Serov: "Our cross-selling efforts proved successful"
Roman Serov, Head of Russia Fixed Income Markets, presents its activity in the country.
What is your role within Crédit Agricole CIB in Moscow?
My mandate as the Fixed Income Markets (FIM) country manager is to cover FIM activities in Russia for the entire Crédit Agricole Group, and not only for Crédit Agricole CIB in Moscow.
The missions are to:
- develop onshore platform in sales and trading across FIM products,
- ensure FIM cross-selling of lending activities of Structured Finance / Coverage,
- develop the RUB franchise. It means trading though proper trading set-up in London and RUB sales flow from Moscow to enable further RUB contribution from other Crédit Agricole Group locations like Germany, Switzerland, Nordic countries. It also requires to enable Hedge FundCollective investment scheme that sets its targets in terms of absolute return. It aims to generate a maximum return on invested capital by using hedging, arbitrage and leverage techniques. (Source : FBF - AFEI) flows in foreign exchange/rates/bonds and to integrate Amundi (asset manager) in our platform,
- assist all FIM product lines not directly represented in Moscow with access to information, customer trades.
How are organised Fixed Income Markets activities in Russia?
FIM activities in Russia include:
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- a Moscow-based team of treasury trading within Moscow / St Peterburg balance sheet,
- local sales team of Foreign Exchange and Interest Rates Derivatives product lines working with local corporates, financial institutions, multinational customers,
- Commodities teams in London and Geneva becoming more active in Russia, Debt & Credit Markets in London and now in Moscow.
Our efforts during the past two years helped the Bank globally to develop further the cross-selling and create global franchise recognition. We always work as one team and try to make our efforts benefiting to other locations or product lines.
What are Crédit Agricole CIB's strengths in the capital markets activities in Russia?
Our ability to provide large-scale financing and our strong client relationship have been the basis of cross-selling efforts. These efforts have been reinforced during the last two years by adding new persons in the local FIM team (Interest Rates Derivatives and Foreign Exchange sales, Treasury, Debt & Credit Markets…). This translated into good rankings in the Debt and Credit Markets league table, notably thanks to Vimpelcom, Evraz and Home Credit in 2008 and to the opening with TNK-BP benchmark bond in 2010.In the derivatives business the Bank was one of the leading hedge provider of RUB bonds for exporters in 2009-2010 through onshore and offshore cross-currency swaps and Foreign Exchange forwards. Crédit Agricole CIB embedded into the syndicated or export finance loans interest rate swaps.
Crédit Agricole CIB has been and remains in the top 3 lenders on syndicated loans in Russia. In the local market Crédit Agricole CIB is known as a strong balance sheet provider to selected large corporates across all structured finance products.
What are the perspectives for 2010?
Our objective is to invest in local rates / foreign exchange trading and bond trading, FIM research and Debt & Credit Markets. The automation of accounting and front office systems is challenging and essential. Integration into the Group in other areas such as private equity, asset management, private banking, trade finance remains important for FIM in Russia.
Roman Serov, Head of Russia Fixed Income Markets