Mr. Cheporov was unreachable to explain his plans of reorganizing the equity operations of the Italian bank.

Yury Plechenko, the banks head of Structured Products and Derivatives at the Moscow office told Emergingmarkets.me that the bank has been growing since last December when Sergei Sidorov became the Chief Executive Officer of the bank's Russian subsidiary.

The bank has undergone major restructuring and though lost some important employees over the last year; still it managed to hire some key talents.

Notable among them are Daniel Salter – Chief Strategist for Eastern Europe and Jan Plesar – Director of Equity Trading. Both were with ING previously.