OREANDA-NEWS. May 31, 2007. Deutsche Bank has announced new appointments to its Russian-based management team as the Bank broadens its coverage in the country’s expanding market. Andrew Chulack and Dmitry Snesar have been promoted to Deputy Heads of Global Banking in Russia and will be based in Moscow reporting to Ilya Sherbovich.

Chulack joined Deutsche Bank from Merrill Lynch in 2006, and has been working as a managing director within the London-based mergers and acquisitions team. Snesar, who is responsible for corporate coverage in the metals and mining sector, is already a senior member of Deutsche’s Russian team and has been working in Moscow for Deutsche Bank since its acquisition of United Financial Group (UFG).

Ilya Sherbovich will remain in his role as Head of Global Banking in Russia and President of Deutsche UFG. Ilya will also join local Deutsche Bank supervisory board subject to prior confirmation.

As one of the original founders of UFG, Sherbovich has been with Deutsche since the acquisition of the business in 2006. He will continue to report to Charlie Ryan and David Fass. Charlie Ryan remains as chief country officer and chief executive officer of Deutsche Bank in Russia.

Commenting on the changes Sherbovich said: “Andrew and Dmitry bring a wealth of talent and experience to their new roles that will help us build on our position as the leading investment bank in Russia.”

Commenting on the changes, David Fass, Deutsche’s head of Global Banking in Europe, Middle East and Africa, said: ‘We have developed a very powerful Russian team and have an impressive record in Russia. These new appointments show the depth of our bench strength in Russia. We continue to remain market leaders with 21% of market share in M&A last year and have an equally impressive Equity Capital Markets record in Russia. We see these appointments as an opportunity to build upon an existing and successful business platform.’

According to Dealogic, in 2006 Deutsche Bank was the number one bookrunner in the Russian ECM sector (including IPO deals). Deutsche Bank is a leader in both number and volume of deals in ECM (including IPO deals) among other investment banks. Its market share in ECM by the end of 2006 was as large as 15-16%. In 2006 Deutsche Bank participated in 12 deals raising over $ 15 bn for its Russian clients. Also in 2006, Deutsche kept its number one position in the Russian M&A sector. The Bank participated in more than $25bn of deals, ensuring market share of 21%.