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Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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