OREANDA-NEWS. September 3, 2007. Deutsche Bank today announced the appointments of Andrew Chulack and Dmitry Snesar as co-Heads of Global Banking in Russia.

In May 2007, Chulack and Snesar took on the roles of deputy co-Heads of Global Banking in Russia. Both will continue to be based in Moscow.

The appointments come as Ilya Sherbovich, Head of Global Banking in Russia and President of Deutsche UFG, steps down to pursue opportunities outside Deutsche Bank. As one of the original founders of UFG, Sherbovich has been with Deutsche since the bank's acquisition of UFG in 2006.

Sherbovich will continue to act in an advisory capacity to senior Russian-based bankers within Deutsche Bank. The day to day management of Deutsche's Global Banking business will continue with the co-Heads of Global Banking in Russia, Chulack and Snesar. They will report to Charlie Ryan, Chief Country Officer and Chief Executive Officer of Deutsche Bank Group in Russia and David Fass, Deutsche Bank’s Head of Global Banking in Europe, Middle East and Africa.

Commenting on the appointments David Fass said, 'The appointment of both Andrew and Dmitry underscores our commitment to the continued success of Global Banking in Russia. From what I saw when I was in Moscow recently, continued focus on expanding our coverage and delivering innovative investment banking solutions services both our local and cross-border clients.'

Russia is a strong and growing part of Deutsche Bank's Global Banking franchise. 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%.