Evercore Announces Cross Border Partnership With VTB Capital ?
Evercore Partners Inc. (EVR), the advisory firm founded by former Deputy U.S. Treasury Secretary Roger Altman, said it reached a "strategic cooperation agreement" with VTB Capital ?to develop cross-border deals between Russia and North America. Evercore said the arrangement with VTB Capital --the investment banking unit of VTB Group--will provide opportunities for cross border transactions and other projects involving Russian and North American companies, funds, government agencies, individuals and assets.?
Evercore Chief Executive Ralph Schlosstein said in a statement: "This alliance is another step in the globalization of our firm and adds to the strong network of relationships Evercore has formed with leading financial services firms in other markets." VTB Group, Russia's second largest bank, offers capital markets services to Russian and international clients from offices in countries including Moscow, London, Singapore and New York.?
The announcement – terms of which weren't disclosed--is the latest in a series of alliances established by Evercore in regions such as Japan, South Korea, and India. In those countries, the investment bank works with companies including Mizuho Securities, Woori Investment & Securities Co. (005940.SE), and Kotak Investment Banking, respectively.?
VTB Group Deputy Chief Executive Riccardo Orcel said, "This arrangement further advances our key objective of providing Russian clients with the best possible insights and advice when looking at growth opportunities in key global markets." Last Thursday, Evercore said its third-quarter adjusted profit fell 13%, to $17.3 million, or 40 cents a share, though results beat analysts' estimates.?
The firm, which has gained market share from larger banking rivals over the past few years, has advised on notable deals this year including Kraft Foods Inc.'s spin-off of its North American grocery food business and Ally Financial Inc.'s $4.1 billion agreement to sell its Canadian assets to Royal Bank of Canada (RY, RY.T). Shares of Evercore closed Friday down 0.6% at $27.49. The stock has climbed 3.3% year-to-date.?