Credit Suisse and Merrill Lynch have emerged at the centre of the biggest Russian deal of the year so far, advising Rusal, the world’s largest aluminium producer, on its acquisition of a 25% holding in domestic rival Norilsk Nickel.

The pair are also among a consortium of 11 banks, including Goldman Sachs and Morgan Stanley, which have provided a $4.5bn (€7.1bn) loan to Rusal to help it pay for the 25% plus one share stake.