The return of Merrill Lynch to Moscow six years after it closed its office in the city illustrates the faith which international banks continue to show in Russia.

Merrill, whose office had only been open for a few weeks in 1998 when the Russian crisis erupted, will reopen for business in the capital during the second quarter of the year. However, the bank has yet to find staff and according to headhunters, recruiting star bankers to Moscow is a protracted and costly business. A source at the bank said: "Merrill Lynch has not yet decided on the staff. However, if it follows its usual course it will hire internally."