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Financial News online on the appointment of Andrew Cornthwaite as Head of International Coverage and Head of International Global Banking at VTB Capital

19 July 2013

VTB Capital calls on UK banker for international push

VTB Capital has continued its hiring spree in the UK with the appointment of Andrew Cornthwaite, the former deputy chief executive of Russian rival Renaissance Capital, to help lead its expansion in banking outside its home market.

VTB Capital has appointed Cornthwaite as its head of international coverage and head of international global banking in London, a role in which he will attempt to grow the operations outside the home market of Russia and the Commonwealth Independent States.

The appointment sees Cornthwaite returning to his home country after a stint of over seven years at Renaissance Capital, where he worked in Moscow as both deputy chief executive and head of the investment banking franchise. He also worked for the bank in Hong Kong and Africa.

Cornthwaite joined Renaissance in 2005 to establish the firm’s equity capital markets businesses, and also launched the bank’s push into Africa, according to his LinkedIn profile. He left the bank in late 2012.

In an emailed response to Financial News, Cornthwaite said that the bank would target regions where they can provide an alternative to international banks which are often retrenching to their home markets.

“We have already made good progress in Eastern European markets such as Bulgaria and Serbia and we are paying specific attention to the Asian region, notably China, hence our Hong Kong and Singapore offices,” he said.

He also said the bank would attempt to capitalise on memorandums of understanding the bank has signed with local firms in foreign markets, including CITIC Securities in China and Brazilian bank BTG Pactual in Latin America.

Cornthwaite began his career as a solicitor with Herbert Smith in 1988 after graduating fr om Oxford with a first in law, according to LinkedIn. His career in banking began in 1993 with a four year stint at Barclays investment banking business BZW. In 1997, he joined Credit Suisse First Boston, wh ere he worked in the technology banking group and later became head of European equity corporate finance.

VTB Capital was one of the few London-based investment banks hiring last year, with the UK subsidiary recording an increase in personnel expenses from £145.7 million to ?191.9 million as part of its 2012 results.

As previously reported by Financial News, accounts show that VTB increased the average number of employees group-wide to 439 in 2012 from 350 a year earlier, while Herbert Moos, chairman of VTB Capital Plc, said in the accounts that the branch had grown its team by 17.5%.

Senior London hires include Marco Huber as head of debt capital markets for the central and eastern Europe, Middle East and Africa region, and Raza Agha as chief economist for Middle East and Africa.  

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