NEW YORK — Credit Agricole Cheuvreux, the European brokerage arm of Credit Agricole, will expand into Russia next year driven by demand from its clients for more emerging market coverage. The brokerage firm will hire at least 25 sales and research staff in London to cover the region.
“A number of global players are retrenching in Russia while some of the Russian brokers are not what they used to be,” said Francois Simon, chairman and CEO of Cheuvreux. “We are trying to take a slot there.”
Cheuvreux hired Ronald Smith, former head of research at privately owned Alfa Bank, to lead the broker’s Europe Middle East and Africa research team, according to two industry sources that declined to be identified. Smith joins Cheuvreux in January. Cheuvreux may also hire 10 senior and three junior analysts as well as a similar number of sales and distribution staff to cover the region from London, said Simon.
From next year, Cheuvreux aims to cover 150 stocks in the EMEA region, with Russian companies making up a third. Cheuvreux may open an office in Moscow if the new business goes well, said Simon. Parent Credit Agricole has had a presence in Moscow since 1991 through its ownership of Calyon Rusbank.
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