RRuussssiiaa’’ss AAllffaa BBaannkk kkeeeeppss CCyypprruuss bbrraanncchh

Alfa Bank, the Russian lender that boasts billionaire Mikhail Fridman as its largest shareholder, is shutting its New York capital markets office and cutting headcount in London, “which is a reflection of the level of interest in the Russian market,” said Moscow-based spokesman Leonid Ignat.

“We will be maintaining our London there will be some adjustments.”

Ignat said the staff cuts will not extend to Alfa’s bank in Cyprus, which employs 40.

assets to demonstrate their loyalty to Putin and secure state contracts, Russians with $100 mln to $200 mln are still seeking offshore havens where property rights are guaranteed, according to Igor Lojevsky, former deputy chairman at Deutsche Bank for Eastern Europe.

The number of Russian clients interested in changing their residence to avoid disclosing their foreign interests has increased, with the most popular destinations being the U.K. and Switzerland, said Toropov of Goltsblat.