- Tuesday's Heavy Dose of Data to Dictate 'Risk' Behavior
- Obama says Boosting US Jobs is Top Priority
- More Consumers Giving 'Black Friday' the Cold Shoulder
- Prepare For Large Decline In Stocks, Next Year?
- Appeals Court Denies Microsoft's Alcatel Petition
- HP Comes in As Expected; Is It Time to Buy?
- Cramer: What Monday’s Housing Number Really Means
- Why the Dollar Will Likely Stay Weak for Some Time
- US Officials Press Pay Czar to Ease AIG Curbs: Report
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- HP's Mark Hurd
- HP Comes in As Expected; Is It Time to Buy?
- 9 Stocks That Play Rising Water Costs: Strategists
- Weis' Deal Likely Won't Change Big Money Contracts
- Gold Prices Can Double in 3 Years: Portfolio Manager
- Nov. 23: Unusual Volume Leaders
- Help Wanted—Please Run $4 Billion University
- Apple Comes to AT&T's Rescue
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Why Amazon Rules Retail
- Wave of Debt Payments Facing US Government
- China Eastern to Complete Shanghai Air Buy by End '09
- The Social Media Gaming Threat
- Paul: Audit the Fed
- Prepare For Large Decline In Stocks, Next Year?
- JAL Slides to Record Low on Bankruptcy Jitters
- Gold Will Collapse Like Oil Did in 2008: Charts
- Lyondell Urged to Consider Reliance Takeover Offer
Bank shares rose on Wednesday after a report that Russian billionaire Suleiman Kerimov is buying stakes in major Western banks and wants other tycoons to join him.
Kerimov has been selling his Russian assets, including stakes in the country's biggest bank Sberbank and gas giant Gazprom, to buy stakes in Deutsche, UBS, Morgan Stanley [MS
Loading...
()
] and Credit Suisse, Kommersant business daily said, quoting sources.
Deutsche shares rose 1.7 percent to 62.99 euros, UBS was up 0.8 percent and Credit Suisse gained 0.6 percent.
One source in a major investment bank told Kommersant that Kerimov, Russia's 8th richest man and a member of the upper house of the Russian parliament, owned 3 percent of Deutsche at the end of last year.
"Kerimov now continues to increase his stake in Deutsche Bank and plans to take it to 9 percent," a source familiar with Kerimov's plans told Kommersant.
Other sources said Kerimov's holdings in other banks amount to about 1 percent.
Deutsche Bank said it was aware of only two shareholders with stakes of more than 3 percent, British bank Barclays and French insurer AXA.
The spokesman declined further comment on a report.
A Deutsche spokesman in Moscow said the bank is obliged to disclose when someone buys more than 3 percent of the shares.
"We have not made such disclosures," he said.
Kerimov's investment vehicle Nafta Moskva declined to comment.
Kommersant sources said Kerimov is discussing plans to buy stakes in Western banks with other tycoons and wants to bring them on board.
Top Russian officials recently called on businessmen to buy cheap Western assets.
Oil-rich Russia does not yet have its own sovereign wealth fund capable of large-scale private equity investment.
However, tycoons who made fortunes during hasty privatizations in the 90s, often act with Kremlin's blessing.
- The show attracts a big TV audience every year, but this year it may take on even more importance.
- …you'll want to be prepared. Tips for getting the most out of the post-Thanksgiving shopping frenzy.
- Congressman Ron Paul explains to Squawk Box why he’s pushing legislation to audit the Federal Reserve.
- CNBC’s Phil LeBeau took a test drive of GM’s flagship electric car. Here’s what he thought of the Volt.
- The energy company Power Efficiency is building tools that regulate the power electric motors use.
- CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.












