VTB Capital, an investment banking unit of Russia’s second-biggest bank, closed its equity trading activity in Dubai, two people familiar with the matter said, as sanctions hindered its international business.
Bloomberg News reports that VTB cut the number of staff at its Dubai office by more than half from a peak of about 15 bankers, said one of the people, asking not to be identified because the information is private.
Trading for the Middle East will now be covered from London, two of the people said. The Dubai office will continue to cover asset management and fixed income, one person said.
VTB Capital is shrinking its Dubai operations three years after it boosted its team with hires from competitors including Credit Suisse and Deutsche Bank.
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