Gazprombank Deputy Chairman Oleg Vaksman said in an interview in Johannesburg a few days ago:

"We're looking for someone with corporate credit and project finance skills. We need local flavor and a CEO who understands both finance and the public sector."

Gazprombank started operations in Luxembourg last year and expanded in Switzerland, Cyprus and Hong Kong. According to sources, a U.K. regulator blocked its bid to open an investment bank in London.

Sources say that Gazprombank plans to apply for a license for a representative office in South Africa and hopes to have central bank approval by the end of the year.

The bank plans hiring from six to 60 people in South Africa. Mr. Vaksman said that Gazprombank will also seek partnerships with as many as three of the country's major banks to help access financing opportunities in South Africa, Mozambique, Angola, Tanzania and Uganda.