Russia's Gazprombank says setting up first formal African presence

JOHANNESBURG (Reuters) - Gazprombank, Russia's third largest lender by assets, is setting up a representative office in South Africa, its first on the continent, seeking a piece of the resource and infrastructure pie on the richly endowed continent. The bank has helped arrange project and structured finance for resource-based deals in Africa but has not had a formal presence until now, Oleg Vaksman, Gazprombank's deputy chairman, told Reuters. "Briefcase banking is possible especially in a deal by deal basis, but if you have a strategic intent and you believe in the growth story of the continent, you need to have some presence on the ground to build up a business of substance," Vaksman said. The Russian company expects the South African Reserve Bank to grant it a representative banking licence before the end of the year.